Black Lion is pleased to announce the sale of the fifth and final parcel of its Vista Terrace Marketplace investment to Crow Holdings, a privately-owned real estate investment management and development firm based in Dallas, Texas. Vista Terrace Marketplace is a successful retail center in the dynamic community of Vista, California, with tenants that include successful national brands such as Jersey Mike’s, Pacific Dental, Sports Clips and Discovery Preschool. The $13.3 million sale of the remaining 2 acres with 28,440 square feet of retail space brings the total sellout of the shopping center to approximately $40 million and was the culmination of Black Lion’s renovation and impressive lease-up of the property in recent years.
“The success of our Vista Terrace Marketplace investment is emblematic of our broader strategy,” commented Robert Rivani, president of Black Lion. “We modernized the property through renovations and other improvements that added value and attracted internet-resistant tenants on NNN leases. The continued success of this shopping center will generate meaningful NOI for the new owners for the duration of their ownership.”
Black Lion Investment Group’s purchase of Vista Terrace Marketplace in 2017 and subsequent renovation in 2019 was representative of the company’s enthusiasm for investing in dynamic, growing markets such as Vista. Proceeds from the sale will be applied to Black Lion’s strategic focus on investing in luxury retail, dining and nightlife properties in South Florida. Gleb Lvovich, Managing Director of Capital Markets and Daniel Tyner, Director of Capital Markets, both with JLL’s Orange County office, facilitated the transaction.