Dealmaker: JLL Secures $30M Bridge Loan for Neighborhood Retail Center

(Photo courtesy of JLL)

JLL Capital Markets, Chicago, arranged $29.5 million in financing for Oliveira Plaza, a 116,035-square-foot neighborhood retail center in the Ventura County community of Port Hueneme, Calif.

JLL represented borrower Align REI to secure the three-year bridge loan from a debt fund. Loan proceeds will reposition a big box space at the property for a new Sprouts Farmers Market.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Greg Brown, Director Spencer Seibring and Analyst Nick Englhard.

Positioned on 9.3 acres at 693-749 Channel Islands Blvd., Oliveira Plaza is 60 miles northwest of Los Angeles in the port city of Port Hueneme. The property sits at the intersection of W. Channel Island Blvd and Victoria Ave, both of which see nearly 50,000 vehicles per day. Oliveira Plaza is directly across the street from The Port Hueneme Naval Base.

The Oxnard/Port Hueneme retail submarket has maintained strong performance over the past 12 months with a 5.9% vacancy rate as the second quarter–lower than the broader Ventura market. There is little to no new construction in the pipeline, strengthening the position of existing, well-performing centers.

Oliveira Plaza was built in 1975 and has been updated over the years. The multi-tenant center is 80% leased to tenants, including West Marine Products, Dollar Tree, Bank of America, Panda Express and Carl’s Jr.

“Oliveira Plaza had maintained strong historical occupancy through the pandemic and continues to see tenant demand due to its excellent location,” Brown noted.