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June 17, 2018
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Progression REI Secures $5.5 Mil in Joint Venture Equity for Port Hueneme Retail Asset


HFF has arranged $5.54 mil in joint venture equity for the acquisition of Oliveira Plaza, a 116k sf retail center in the Ventura County community of Port Hueneme. The financing was provided through an institional equity investor on behalf of the borrower, Progression REI.

Oliveira Plaza is situated on 9.31 acres at the intersection of Victoria Ave and Channel Islands Blvd. 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.

HFF’s Greg Brown and Jamie Kline arranged the transaction.

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