CRE: $30M loan secured for Ventura County plaza
A $29.55 million bridge loan has been arranged in financing for Oliveira Plaza, a 116,035-square-foot neighborhood retail center in the Ventura County community of Port Hueneme. Announced Sept. 8, JLL Capital Markets secured the bridge loan for the plaza.
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, according to the press release.
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.
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.
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, according to the press release.
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, according to the press release.
VENTURA COUNTY RETAIL MARKET
A new report from J.C. Casillas, managing director at NAI Capital, found that Ventura County’s retail market recovery, five years post-pandemic, remains gradual. In the second quarter of 2025, the vacancy rate edged up 10 basis points quarter-over-quarter and 140 basis points year-over-year to 6.2%, according to the report.
Moreover, market growth has been restrained by population out-migration tied to housing affordability challenges, with the county’s population dipping from 736,428 in 2024 to 735,772 in 2025, according to the California Department of Finance.
This growth has supported new retail development, with 97,285 square feet delivered in the first half of 2025, though construction activity slowed sharply, down 62.8% year-over-year to 49,076 square feet, the report read.
Leasing activity this quarter totaled 197,254 square feet, led by tenants such as Daiso, opening a new store at the Marketplace at Oxnard; Goodwill, set to open at Carmen Plaza in Camarillo; Spirit Halloween, leasing space at Camarillo Village Square; and Five Below, planning a new location in Newbury Park, according to the report.
Average rents showed signs of stabilizing, holding flat quarter-over-quarter at $2.17 per square foot per month triple net — just 0.5% above Q2 2020 at the onset of the pandemic and down one cent year-over-year, according to the report.
Development activity reflects caution as higher construction costs, inflation’s impact on consumer spending, rising interest rates, and slower rent growth temper momentum. Year-to-date sales volume reached nearly $47.9 million, down 76.8% from the first half of 2024, though the second quarter was nearly twice the first quarter pace after a slow start to 2025, according to the report.
Despite the rebound, the average sale price per square foot fell 20.4% year-over-year to $485, while total square footage sold increased 7.3%. The average capitalization rate rose 140 basis points to 5.6%. Investors are weighing retail class quality, pricing disparities, tighter credit, and shifting market fundamentals, which continue to drive fluctuations in transaction activity, the report said.
NEW HOME, SAME FIRM
As of Sept. 8, Brownstein Hyatt Farber Schreck’s Santa Barbara office has relocated to 1020 State Street. To celebrate the occasion, the law firm is hosting a get-together at the new office on Oct. 8 from 5 p.m. to 7 p.m.
During the event, the firm will unveil its “Legacy Wall,” a tribute to its founding partners and the contributions that “defined Brownstein’s story.”
“Given our longstanding presence in Santa Barbara, we are excited about this next chapter and proud to be part of the ongoing revitalization of downtown Santa Barbara and State Street,” said Amy Steinfeld, Brownstein’s Santa Barbara office managing partner.
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