JLL Capital Markets has arranged the sale of Terra Nova Plaza in Chula Vista, a fully leased retail property that traded for $30.4 million. The 96,114-square-foot asset is part of a larger 301,000-square-foot regional shopping center and is described as being positioned within a high-performing, grocery-anchored environment. JLL senior managing director Gleb Lvovich, managing director Daniel Tyner and senior managing director Geoff Tranchina represented the seller, identified as a global investment manager.
Terra Nova Plaza is located at 390 E H St. within a regional retail node that benefits from strong traffic and freeway visibility. The property sits in a center anchored by a grocery concept and is surrounded by a mix of national retailers and daily-needs tenants that help drive consistent customer visits. According to JLL, the asset is fully leased, underscoring durable occupancy and tenant demand at the time of sale.
The property is anchored by two large-format retailers on long-term leases. Dick’s Sporting Goods occupies 44,477 square feet at the center, serving as a key traffic generator for the broader project. Floor & Decor leases 51,637 square feet, adding a home-improvement and renovation component that complements the rest of the tenant mix. The combination of these large-format tenants with long-term lease commitments provides income visibility for the new ownership.
Terra Nova Plaza sits within a grocery-anchored shopping center that also includes several other national brands as co-tenants. Within the broader 301,000-square-foot complex, retailers and service providers include Smart & Final, CVS, Marshalls, Chase Bank, Taco Bell, Jack In the Box and Shell. This mix of soft goods, daily-needs, financial services and quick-service restaurants supports cross-shopping and recurring visits across the center.
Lvovich noted that several factors contributed to investor interest in the transaction, including the property’s long-term lease security, its prominent freeway exposure and its proximity to a residential corridor described as one of the region’s most dynamic growth areas. He added that retail fundamentals in Chula Vista remain strong, with limited new supply and continued demand from quality tenants targeting high-traffic locations. Those dynamics, combined with the center’s fully leased status and national credit tenant roster, framed the sale as a compelling opportunity for capital seeking stabilized retail in the market.
