Bonita Point is a 59,000 square foot grocery and drug anchored neighborhood shopping center highlighted by the tenancy of Rite Aid, Starbucks, Wells Fargo, Chipotle and shadow anchored by grocery store, Ralphs. The center is situated in a highly desirable trade area with 29,000 residents in a one-mile radius with average annual incomes of $105,000.
- Purchased a 58,761 SF grocery and drug anchored shopping center in Chula Vista, San Diego County, California, in an “off-market” acquisition from the original developer for $30.65M ($522/SF) and 6.00% cap rate in December 2019
- Located in the affluent submarket of Eastern Chula Vista, adjacent to Southwestern College and Bonita Vista High School (combined in excess of 20,000 students) and sits at signalized intersection of Otay Lakes Road and East H Street averaging 60,000+ cars a day
- National credit tenant roster including Rite Aid, Wells Fargo, Chipotle, Starbucks, Navy Federal Credit Union and Ralph’s* (not a part)
- Invested over $2M in property to address critical maintenance (i.e., roof replacements) and reimagine the asset’s curb appeal and brand including a comprehensive exterior painting scope and enhanced signage punctuated by refreshed marketing materials (logo, website, etc.)
- Repositioned a former bank pad building into two dynamic spaces for acclaimed fast-casual restaurants, The Habit Burger Grill and Urbane Cafe, which represents a 32% increase over original underwriting assumptions at acquisition and brings significant pedestrian traffic and sales to the center
- Completed several lease extensions in 2023 with credit tenants such as Wells Fargo, Jamba Juice, Subway and Chipotle
- Successfully achieved the 100% leased milestone while increasing the net operating income (NOI) by 30% in less than 5 years since acquisition
