STACY PLAZA

INVESTMENT HIGHLIGHTS

IN-PLACE TENANCY & VALUE-ADD OPPORTUNITY

• CURRENT OCCUPANCY: 75.86% with less than 3 years of term remaining on Gross Leases
• LEASE EXPIRATIONS: ±31% of GLA expiring in the next 18 months, allowing near-term rent resets to market levels
• BELOW MARKET RENTAL RATES:
  • In-place average rent: $1.28 PSF/month (Gross)
  • Effective Rent: ±$.66 PSF due to gross leases
  • Estimated operating expenses per SF is $0.66
  • Avg. asking rent in submarket: $2.31 PSF/month
  • Estimated Strip Center Submarket vacancy rate: 4.3%
• VALUE-ADD POTENTIAL:
  • Near-Term NOI Enhancement – ability to grow the NOI by more than 125% by converting lease to NNN and resetting rents to market
  • Potential to Lot Split – Creating Retail and Light -Industrial use.
  • Low-Basis – Offered at $144 per sq ft, potential to lot parcel to create higher and better use
  • Average remaining lease term of 3.2 years, allowing near term NOI growth through converting gross leases (+/-32%) to NNN at lease maturities
• MANUFACTURING SECTOR: Vista’s manufacturing industry is a cornerstone of its economy, contributing significantly to North County’s $18 billion annual economic impact. The city hosts over 900 companies within its 14 million square foot Business Park, employing nearly 20,000 individuals. Notable firms such as Applied Membranes, Aqua Lung, Dr. Bronner’s, and Aptera are based here, underscoring the sector’s vitality
• CRAFT BEER AND BEVERAGE INDUSTRY: Earning the title of “78 Corridor’s craft beer capital,” Vista boasts 24 breweries as of 2022, the highest per capita in California and fifth nationwide. Renowned establishments like Eppig Brewing, Booze Brothers Brewery, and Belching Beaver Brewery contribute to a thriving ecosystem that also includes wineries, distilleries, and cider producers.
• REVITALIZED DOWNTOWN AND OPPORTUNITY ZONES: The city’s concerted efforts to rejuvenate its downtown area have transformed it into a vibrant commercial, social, and cultural hub. Investments totaling approximately $12 million since the 1990s have enhanced infrastructure, attracting diverse businesses and fostering a lively arts and culture scene. Additionally, the designation of Opportunity Zones has spurred further development, offering tax incentives to investors and stimulating economic growth.
• STRATEGIC ECONOMIC DEVELOPMENT INITIATIVES: Vista’s proactive economic development strategies, such as the Vista C.A.R.E.s. Business Walk, facilitate direct engagement with local businesses to address their needs and promote retention. This approach has been instrumental in attracting and supporting industries, including the burgeoning craft beer sector
• STRONG CONSUMER DEMAND: Strong nearby average household incomes:
  • Avg. HHI 5 miles: ±$105K
  • Avg. HHI 10 miles: ±$120K
  • ±65,000 households within a 5-mile radius
• RECENT NEARBY RETAIL DEVELOPMENTS (2024): McDonald’s, Popeyes, Arco/AmPm, Magic Brush Car Wash (all within 0.5 miles)