Gateway Plaza & Courtyard in California refinance for $38M

LOS ANGELES, Oct. 21, 2025 – JLL Capital Markets announced today that it has arranged a $38 million refinancing for Gateway Plaza & a portion of Gateway Courtyard, two adjacent retail properties with loan collateral totaling 203,100 square feet located in Fairfield, California.

Gateway Plaza is a 100%-occupied retail center anchored by Trader Joe's and featuring prominent national tenants including Ross Dress for Less, Michaels, Big 5 and Petco. Additionally, it is shadow anchored by a 42,000 square-foot Hobby Lobby. The center is positioned at 1300-1350 Gateway Blvd with direct access to I-80, which carries more than 208,000 vehicles per day. Gateway Courtyard is located at 1570-1630 Gateway Blvd and includes tenants such as Panera Bread, Wingstop, Panda Express and T-Mobile and is now 100% leased after recent leases with Picklr and Nick the Greek.

Both properties are strategically located in Fairfield, the administrative center of Solano County with a population exceeding 121,000. The city serves as a major commuter community between San Francisco and Sacramento, benefiting from proximity to Travis Air Force Base, the county's largest employer with more than 13,000 personnel and an annual economic impact exceeding $1.6 billion.

Fairfield sits at the center of the Bay Area's thriving life sciences ecosystem, with the expanding Vaca Valley Business Park attracting major biotechnology companies. The Fairfield Retail Submarket has demonstrated consistent performance with 10-year average rent growth of 2.5% and minimal new construction, with inventory under construction averaging just 0.2% annually.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Director Alex Olson and Analyst Danny Ryan.

"These properties represent high-quality retail assets with strong tenant rosters in one of Northern California's most stable retail submarkets," commented Olson. "The combination of excellent highway access, strong demographics and proven tenant performance made these attractive financing opportunities in today's market."

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.

Tellefsen Investments, Inc. is a private investment company founded and solely owned by Thomas R. Tellefsen. Tom manages a diverse portfolio of investments, with a strong focus on real estate development, public market financial instruments and innovative technology startups. In the real estate sector, Tom has been involved in several significant projects across California and is not slowing down. He recently received California Coastal Commission approval for a Frank Gehry designed redevelopment of Gladstones Restaurant in Malibu, CA in partnership with Wolfgang Puck and is working with JLL on the capitalization of the project.

Barclays is a British universal bank with over 325 years of history that operates as a UK-centered leader in global finance across over 40 countries. The company employs approximately 83,500 people and operates through five key divisions: UK consumer banking, corporate banking, wealth and private banking, investment banking and a specialist US consumer bank. Barclays moves, lends, invests and protects money for customers and clients worldwide while working toward a better financial future for the communities it serves.