JLL Arranges $30.4M Sale of Terra Nova Plaza in Chula Vista, California
JLL Capital Markets has arranged the $30.4 million sale of Terra Nova Plaza, a fully leased 96,114-square-foot retail property located at 390 E H St. in Chula Vista, California. The transaction closed Aug. 11, 2026, and was brokered by a JLL team led by Senior Managing Director Gleb Lvovich, Managing Director Daniel Tyner, and Senior Managing Director Geoff Tranchina on behalf of the seller, a global investment manager. A public REIT acquired the asset.
Property and Tenant Profile
Terra Nova Plaza sits within a 301,000-square-foot regional shopping center that draws more than 5.3 million annual visits. The 96,114-square-foot asset is fully leased to two national tenants under long-term agreements: Dick's Sporting Goods occupies 44,477 square feet, and Floor & Decor occupies 51,637 square feet. The implied sale price of approximately $316 per square foot reflects the asset's full occupancy and long-term lease structure.
Co-tenants within the broader shopping center include Smart & Final, CVS, Marshalls, JPMorgan, Taco Bell, Jack in the Box, and Shell, creating a necessity-based tenant mix that supports consistent foot traffic across the center.
Market and Demographics
Chula Vista is the second-largest city in San Diego County, with a population exceeding 285,000 residents. The property's immediate trade area carries average household income above $131,000 within a one-mile radius and average home values approaching $809,000. The asset serves the residential communities of Terra Nova and Rancho Del Rey and benefits from freeway visibility and proximity to ongoing residential growth in the submarket.
JLL noted that Chula Vista's retail market is supported by limited new supply and continued demand from national tenants seeking high-traffic, infill locations — conditions that contributed to investor interest in the asset.
Broker Commentary
"The combination of long-term lease security, exceptional freeway visibility and proximity to one of the region's most dynamic residential growth corridors made this an extremely compelling opportunity," Lvovich said. "Chula Vista's retail fundamentals remain strong with limited new supply and continued demand from quality tenants seeking high-traffic locations."
"Infill anchored retail with long-term leases made Terra Nova Plaza a very attractive opportunity for investors today," Tyner added. "National credit tenancy alongside strong demographics of San Diego continues to drive strong demand."
Transaction Context
The deal reflects continued institutional demand for grocery-anchored and necessity-based retail assets in Southern California, particularly those combining credit tenancy, long lease terms, and dense suburban demographics. A public REIT acquiring a stabilized, fully leased asset aligns with a broader preference among institutional investors for predictable retail cash flow in supply-constrained markets.
JLL Capital Markets operates as a full-service global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists in offices across nearly 50 countries. Jones Lang LaSalle Americas, Inc. is a real estate broker licensed with the California Department of Real Estate, license No. 01223413.