Nuveen Real Estate has acquired Marigold Center, a grocery-anchored community shopping center in San Luis Obispo, in a transaction arranged by JLL Capital Markets. The 174,428-square-foot property, located at 3900 Broad St., traded for $58,250,000. JLL Capital Markets handled the disposition on behalf of the seller, First Washington Realty, with senior managing directors Gleb Lvovich and Geoff Tranchina and managing directors Daniel Tyner and Eric Kathrein representing the seller in the sale.
The open-air center is a grocery-anchored retail asset serving the surrounding San Luis Obispo community. At the time of the transaction, Marigold Center was 91.6% leased, reflecting a largely stabilized occupancy profile. The tenant roster is led by anchor tenants Vons, CVS Pharmacy and Planet Fitness, which are complemented by a mix of additional retail categories.
In addition to its primary anchors, Marigold Center includes tenants spanning grocery, pharmacy, fitness, sporting goods, restaurant, medical and service-oriented uses. This blend of daily-needs and service retailers positions the center as a neighborhood hub, drawing consistent traffic from shoppers seeking essential goods and services. The tenant diversification also helps distribute occupancy risk across multiple categories.
JLL Capital Markets has a prior sales history with the property. The firm previously arranged the sale of Marigold Center to First Washington Realty in 2017, and has now overseen its latest change in ownership to Nuveen Real Estate. The repeat assignment highlights continued institutional interest in the asset over multiple ownership cycles.
Commenting on the latest transaction, JLL managing director Daniel Tyner noted that grocery-anchored neighborhood retail with potential for net operating income growth and strong anchor performance generated broad investor interest during the marketing process. He added that the team expects Marigold Center to continue performing well under the new ownership structure. The combination of high occupancy, established anchors and perceived NOI upside were key factors in drawing attention from prospective buyers.
The sale of Marigold Center underscores ongoing demand from institutional investors for stabilized, grocery-anchored shopping centers with diversified tenant bases. With Nuveen Real Estate taking ownership and First Washington Realty exiting, the property continues its track record as an institutionally held community retail asset in San Luis Obispo.
