Grocery-anchored regional center secures $84.7M in financing

LOS ANGELES, Dec. 15, 2022 – JLL Capital Markets announced today that it has closed the $84.7 million refinancing for Janss Marketplace, a 456,390-square-foot, grocery-anchored regional retail center located in Thousand Oaks, California.

JLL represented the borrower, an affiliate of Maxxam Enterprises, to secure the financing with TerraCotta Credit Fund, LP.

Built in phases from 1959 to 1999 and renovated in 2007 and 2020, the 90-percent-occupied center currently attracts four million visitors annually. Janss Marketplace offers a diverse tenant mix of destination entertainment tenants, unique restaurants and experiential and daily needs retailers. The property is currently anchored by Aldi, a grocer with over 10,000 locations across 20 countries, ULTA, Petco, Old Navy, Five Below and Golds Gym.

Situated at 165-401 N Moorpark Rd. within Ventura County, the center is ideally located near the 101 freeway and is easily accessible to/from a variety of markets in Southern California.

The JLL Capital Markets Debt Advisory team was led by Senior Director Matt Stewart, Director Alethia Halamandaris and Analyst Chris Jaffe.

“Janss Marketplace is located in one of the strongest sub-markets in Southern California and will be one of the premier mixed-use destinations in the region.  This was an amazing execution in today’s market environment; we worked with TerraCotta to structure a bespoke financing solution that met all of the sponsor’s objectives,” said Stewart.

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.

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Founded in 1979, Beverly Hills-based Maxxam Enterprises began converting older warehouses and industrial buildings into desirable retail, wholesale and showroom space in what is today the Fashion District of downtown Los Angeles. Over time the company developed nearly 4 dozen such properties in the area, with several of the developments winning design awards.

Since those early days, Maxxam has diversified across property types and regional markets. With over 120 years of collective experience, the principals of Maxxam have built an impressive track record identifying undervalued properties and maximizing profit potential through creative repositioning, capital improvements, active management and/or disposition. To date, the company has acquired or developed more than 200 properties totaling over 4,000,000 SF throughout California, Hawaii, Western United States and other select markets.

Founded in 2004, TerraCotta has pioneered the application of data-driven methodologies in commercial real estate credit investment. The unique blend of their advanced data analytics and deep real estate credit experience enables them to offer credit solutions tailored to meet the unique needs of individual borrowers, for the benefit of all stakeholders. Over the past 17 years, TerraCotta have continuously refined and expanded their methodology to yield actionable, investable insights into middle market real estate credit opportunities, delivering stable, attractive, risk-adjusted returns across all market cycles. TerraCotta Credit Fund, LP is an open ended bridge lending fund which originates middle market, senior loans on transitional commercial real estate transactions.