Oliveira Plaza is a ~116k square foot community shopping center located in Port Hueneme, California. We acquired the property in 2007 for ~$16MM and sold the property in 2015 for ~$33MM.
We redeveloped the property and implemented a value-added strategy which resulted in a new occupancy of ~98% occupancy. This strategy included curating a new tenant mix anchored by Rite Aid, Big Lots and Dollar Tree. Other national tenants includedBank of America, Citibank, IHOP, H&R Block, Carl’s Jr. and Panda Express. The Property is located across the street from Channel Islands Harbor, with over 22,000 boat slips, and Port Hueneme Naval Base, which is the largest employer in Ventura County with over 19,000 personnel on-site.
The Property was subject to a long-term ground lease that we renegotiated and extended to 2093, with no FMV adjustments.