BISON Partners joint venture acquires Bernal Plaza in San Jose with $29M financing arranged by JLL

LOS ANGELES, Sept. 29, 2025 – JLL Capital Markets announced today that it has arranged $29 million in financing for Bernal Plaza, a 139,559-square-foot, open-air retail shopping center on approximately 16 acres in Silicon Valley, San Jose, California.

JLL worked on behalf of the borrower, a joint venture of BISON Partners and PCCP, to secure the floating-rate acquisition financing with Forbright Bank.

Bernal Plaza, located at 101 – 125 Bernal Road, is shadow-anchored by Lucky Supermarkets, a top-performing grocer attracting more than 700,000 annual visitors. The property is positioned in a busy commercial corridor at the confluence of the US-101 and 85 Freeway in a densely populated area of San Jose, with annual average household incomes of nearly $200,000.

Bernal Plaza features a seasoned mix of national tenants such as Ross, McDonalds, Shell, and a Tesla Charging Station. Bison Partners acquired the asset off-market from a private seller that had owned the 94%-leased property for nearly 20 years. BISON plans to invest in property level improvements, improve the merchandising plan and tenant mix and establish Bernal Plaza as the dominant retail center in the trade area in the years ahead.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Director Alex Olson, Managing Director Todd Sugimoto, Associate Lauren Sackler and Analyst Danny Ryan.

“We had a tremendous amount of interest from the lending community for this property given its sponsorship, exceptional location and long-term tenancy,” said Olson. “We continued to be impressed by the amount of available capital and retail continues to be one of the most in-demand asset classes, particularly for necessity-based retail like Bernal Plaza. We have seen incredible spread compression in recent months and were able to source a very attractive conventional loan for this asset.”

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 sales and 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.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

BISON Partners, LLC, founded in 2022 by Brad Rable and Wil Smith, is a commercial real estate investment operating company based in southern California. BISON’s acquires retail properties in the western U.S. BISON’s senior team has over 60 years of combined experience in property investment and development, involving projects totaling more than $15 billion in value. For more information, visit BISON’s LinkedIn pageor bisonpartnersllc.com.

PCCP is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $26.8 billion in assets under management on behalf of institutional investors as of March 31, 2025. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 27-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $44.1 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.