Three-Property Retail Portfolio in Orange County Receives $68.9MM in Financing 

JLL, Sprouts, Ralphs, Target, Costa Mesa, Fullerton, Newport Beach

LOS ANGELES, June 28, 2022 – JLL Capital Markets announced today that it has arranged $68.9 million in financing for a three-property retail portfolio anchored by Sprouts, Ralphs and Target, totaling 194,753 square feet in the Orange County cities of Costa Mesa and Fullerton, California.

JLL represented the borrower, a private company, in securing the 10-year, fixed-rate loans with a correspondent insurance company.

The properties are fully leased to a mix of investment grade credit-tenants and national retail tenants, including Sprouts Farmers Market, Rite Aid, Target and Ralphs.

Two of the three properties are located along the highly trafficked 17th Street commercial corridor, which is at the epicenter of Costa Mesa’s infill row of premier retail and offers direct proximity to Newport Beach. The two properties are positioned with direct access to State Route-55 and California-1 which connects the properties with the adjacent coastal beach cities in Orange County. The third property is ideally situated within proximity to the 91 Freeway and State Route-57 which both connect to the nearby Interstate-5.

The immediate Costa Mesa/Newport Beach proximity offers superior demographics with a five-mile radius, with a population of 300,000 residents, median annual income exceeding $104,000 per year and median home prices exceeding $900,000. The portfolio draws in an expansive customer base that extends across the entire South Orange County region, including areas such as Corona Del Mar, Newport Beach, Irvine and Costa Mesa for the properties in Costa Mesa, and areas such as Northwest Anaheim, Fullerton and Placentia the Fullerton property.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Greg Brown, Senior Director John Marshall and Analyst Jordan Leake.

“JLL appreciated the opportunity to arrange financing for some of the best real estate in Orange County. The borrower’s commitment to operating best-in-class shopping centers and maintaining close relationships with national credit tenants allowed JLL to create a competitive financing market,” 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 and sales 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.