Key Takeaways
- • Nuveen Real Estate acquired Marigold Center in San Luis Obispo, California, for $58.25 million from First Washington Realty, representing approximately $334 per square foot for the 174,428-square-foot property.
- • The grocery-anchored shopping center was 91.6% leased at closing, anchored by Vons and located at 3900 Broad Street in one of San Luis Obispo's primary retail corridors.
- • JLL Capital Markets arranged the transaction, led by Senior Managing Directors Gleb Lvovich and Geoff Tranchina, who noted strong investor demand for grocery-anchored retail assets with NOI growth potential and performance anchors.
- • The center, built in 1995 and situated on approximately 17.55 acres at the intersection of Broad Street and Tank Farm Road, generated broad investor interest during marketing, indicating market appetite for well-performing neighborhood retail in secondary markets.
Summary
Nuveen Real Estate completed the $58.25 million acquisition of Marigold Center, a 174,428-square-foot grocery-anchored shopping center in San Luis Obispo, California, purchasing the asset from First Washington Realty. JLL Capital Markets announced the transaction on October 2, 2026. The purchase price equates to approximately $334 per square foot for the property located at 3900 Broad Street, a prominent intersection in the city's retail corridor.
The center demonstrated strong operational performance at the time of sale, with 91.6% occupancy and Vons as its primary anchor tenant. Built in 1995 and situated on approximately 17.55 acres, Marigold Center serves as a neighborhood retail destination anchored by daily-needs retailers. The JLL transaction team, led by Senior Managing Directors Gleb Lvovich and Geoff Tranchina with support from Managing Directors Daniel Tyner and Eric Kathrein, leveraged prior market familiarity—having represented the property's 2017 sale and having closed the SLO Promenade transaction—to position the asset's lease-up and mark-to-market upside to prospective investors.
According to Lvovich, assets of Marigold Center's caliber rarely reach the market in San Luis Obispo, particularly grocery-anchored properties with embedded community anchors. The marketing process attracted substantial investor demand, reflecting continued institutional appetite for grocery-anchored neighborhood retail with NOI growth potential and proven operating anchors. Tyner noted that the center's continued strong performance under new ownership underscores the quality of the acquisition for Nuveen's portfolio.
The center demonstrated strong operational performance at the time of sale, with 91.6% occupancy and Vons as its primary anchor tenant. Built in 1995 and situated on approximately 17.55 acres, Marigold Center serves as a neighborhood retail destination anchored by daily-needs retailers. The JLL transaction team, led by Senior Managing Directors Gleb Lvovich and Geoff Tranchina with support from Managing Directors Daniel Tyner and Eric Kathrein, leveraged prior market familiarity—having represented the property's 2017 sale and having closed the SLO Promenade transaction—to position the asset's lease-up and mark-to-market upside to prospective investors.
According to Lvovich, assets of Marigold Center's caliber rarely reach the market in San Luis Obispo, particularly grocery-anchored properties with embedded community anchors. The marketing process attracted substantial investor demand, reflecting continued institutional appetite for grocery-anchored neighborhood retail with NOI growth potential and proven operating anchors. Tyner noted that the center's continued strong performance under new ownership underscores the quality of the acquisition for Nuveen's portfolio.
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