555 Broadway, Chula Vista, CA, 91910-5339, US

Chula Vista Center

Asset description

Jones Lang LaSalle Americas, Inc. (“JLL”), as exclusive advisor, is pleased to present the opportunity to acquire the 100% fee simple interest in Chula Vista Center (the “Property” ), a regional shopping center encompassing 633,553 square feet on ~54.2 acres (~31.6 owned) of irreplaceable real estate in Chula Vista, California. Chula Vista Center is 92.4% leased to a diverse and complementary lineup of national and credit tenants.

The re-development of the former Sears parcel into 244 residential units and an adjacent ~76,000 square foot medical office building (both scheduled for delivery in Fall 2025), along with the recent addition of popular Hispanic big-box retailer Curacao, are transforming Chula Vista Center into a premier, 24-hour, mixed use asset. Combined with a notable lineup of strong performing national tenants, the Property offers investors durable in-place cash flow supported by high sales volumes with additional upside potential.

Chula Vista Center sits adjacent to the San Ysidro Land Port of Entry between San Diego and Tijuana. This port is considered the busiest land border crossing in the entire world with over 50 million people crossing each year which includes more than 70,000 northbound vehicle passengers per day. This unique yet ideal location provides a super-regional draw and exceptional foot traffic from both tourists, workers, and the surrounding communities.

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Attributes

Building area net

633,553 sf

Occupancy

92.4%

Year built

1962

Year renovated

2012

Land area net

54.2 acres

Media

Investment highlights

Strong Occupancy

Chula Vista Center is currently 92.4% occupied overall when accounting for the demolished Sears box, which is currently slated for redevelopment, with an inline occupancy of approximately 84.1%.

Notable Tenant Addition

Curacao, a popular and growing shopping destination for Hispanic and Latino communities, opened at the center in Q1 2024 committing to a long-term, 10-year lease with 3, 5-year options.

Exceptional Outparcels

Chula Vista Center features four owned outparcels leased to popular national tenants including Chick-fil-A (under construction), Olive Garden, Red Lobster, and Burger King.

Minimal "At-Risk" Income

Chula Vista Center’s small shop sales productivity coupled with its sustainable occupancy cost, healthy occupancy and current anchor line-up, mitigate “At Risk” revenue typically seen at centers with co-tenancy exposure and substantial high occupancy cost tenancy.

Retail Centerpiece of Dynamic, Mixed-Use Development

The former Sears parcel at Chula Vista Center is currently undergoing redevelopment, with plans to include approximately 244 residential units and a 75,884 square-foot medical office building.