$29.55M bridge loan secured for Ventura County neighborhood retail center

IRVINE, Calif., Sept. 8, 2025 - JLL Capital Markets announced today that it has arranged $29.55 million in financing for Oliveira Plaza, a 116,035-square-foot neighborhood retail center in the Ventura County community of Port Hueneme, California.

JLL worked on behalf of the borrower, Align REI, to secure the three-year bridge loan with a debt fund. Loan proceeds are being used to reposition a big box space at the property for a new Sprouts Farmers Market.

Positioned on 9.34 acres at 693-749 Channel Islands Blvd., Oliveira Plaza is approximately 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, busy thoroughfares that see more than 46,000 vehicles per day. Oliveira Plaza is directly across the street from The Port Hueneme Naval Base and is surrounded by numerous residential neighborhoods, driving traffic to the center.

The Oxnard/Port Hueneme retail submarket has maintained its strong performance over the past 12 months with a vacancy rate at just 5.9% as of Q2 2025, which outpaces 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 originally 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, Carl's Jr. and more.

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.

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

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm 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.