|Olivera Plaza, Victoria Avenue and Channel Islands Boulevard, Port Hueneme, CA|
Wednesday, October 12, 2016
NEWPORT BEACH, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $5.54 million in joint venture equity for the acquisition of Oliveira Plaza, a 116,000-square-foot retail center in the Southern California community of Port Hueneme.
HFF worked on behalf of Progression REI to arrange joint venture equity with an institutional equity investor.
Oliveira Plaza is situated on 9.31 acres at the premier intersection of Victoria Avenue and Channel Islands Boulevard. The center, which is located in an affluent area of Ventura County, is directly adjacent to the Channel Islands Marina and is surrounded by 133,276 residents within a three-mile radius.
Partially renovated between 2012 and 2013, Oliveira Plaza comprises six single-story buildings that are 92 percent leased. Approximately 80 percent of the property income is generated by national credit tenants, including Big Lots, Bank of America, Rite Aid, Citibank, West Marine, Dollar Tree, Panda Express and Carl’s Jr.
The HFF equity placement team representing Progression REI was led by director Greg Brown and associate Jamie Kline.
“Oliveira Plaza meets our objectives because it is a great location within its market, it has a terrific lineup of tenants and it produces attractive returns for our investors,” said Jim Howard, Progression REI’s managing partner.
“HFF played an integral role in successfully completing this transaction. We were extremely impressed by Greg and Jamie’s execution, professionalism and perseverance throughout a long and challenging acquisition process.”
For a complete copy of the company’s news release, please contact:
Kristen M. Murphy
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com