JLL arranges $58.25M sale of Marigold Center in San Luis Obispo

ORANGE COUNTY, Calif., Oct. 2, 2026 - JLL Capital Markets announced today that it arranged the $58.25 million sale of Marigold Center, a 174,428-square-foot grocery-anchored shopping center located at 3900 Broad St. in San Luis Obispo, California.

JLL represented the seller, First Washington Realty, in the transaction. Nuveen Real Estate acquired the asset.

Marigold Center is a community shopping center situated on approximately 17.55 acres and was 91.6% leased at the time of sale. The property is anchored by Vons, CVS Pharmacy and Planet Fitness and features a diverse mix of grocery, pharmacy, fitness, sporting goods, restaurant, medical and service-oriented tenants. The center benefits from full site control, with all shop space and pad buildings under common ownership, providing flexibility for future leasing and asset management initiatives.

Positioned at the intersection of Broad Street and Tank Farm Road, the property offers exceptional visibility and accessibility in one of San Luis Obispo's primary retail corridors. Located just north of San Luis Obispo County Regional Airport and near the gateway to the Edna Valley wine region, the center serves both local residents and visitors.

Marigold Center serves an affluent trade area characterized by high household incomes, strong residential demographics and a highly educated workforce. The property is located near California Polytechnic State University and is surrounded by emerging residential developments including master-planned communities, industrial facilities and senior housing projects.

The JLL Capital Markets team was led by Senior Managing Directors Gleb Lvovich and Geoff Tranchina, along with Managing Directors Daniel Tyner and Eric Kathrein.

"Assets of this caliber rarely come to market in San Luis Obispo, particularly those anchored by daily-needs retailers with deep roots in the community," said Lvovich. "Investor demand for grocery-anchored retail with embedded NOI growth remains strong, and Marigold generated extremely strong demand. Our team's history with the property, having represented the sale in 2017, along with our previous success in the sale SLO Promenade, gave us a distinct advantage in positioning the center's lease-up and mark-to-market upside for investors."

"Grocery-anchored neighborhood retail with NOI growth potential and high-performing anchors drew broad investor interest throughout our marketing process," said Tyner. "We are pleased to see Marigold Center continue to perform at a high level under new ownership."

JLL's Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.