JLL Capital Markets Arranges $17.35M Financing For Mixed-Use Retail/Self-Storage Center
JLL Capital Markets has arranged a $17.35 million acquisition loan for Westland Plaza, a 110,000-square-foot mixed-use retail and self-storage center in Hialeah.
JLL worked on behalf of the borrower, Volta Global, to secure a two-year, floating-rate acquisition loan through Shelter Growth Capital Partners (SGCP).
“Westland Plaza is a great example of the opportunities we are seeking in the current environment. Acquiring the combined uses of self-storage and essential retail, at a highly attractive basis and located in a growing, high-barrier submarket, gives us a strong foundation to create value in two of the core asset classes we have been executing for the past decade. We are excited about the potential of the asset and were happy to partner with JLL and SGCP to bring that opportunity to life,” said Jeff Evans, President of Volta Global.
Westland Plaza was built in 1979 and renovated in 2008. The site comprises 50,000 square feet of retail across three buildings, along with a 60,000-square-foot, three-story self-storage facility. Notable tenants include Office Depot, Sherwin-Williams, Avis Budget and American Dollar Pharmacy.
Located at 5301-5315 W 20th Ave, the property sits just east of the Palmetto Expressway, granting direct and nearby access to I-75, I-95, the Florida Turnpike, Miami International Airport and the $500 million phase IV expansion of the Countyline industrial park. Next door, Codina Partners is redeveloping the south-adjacent Westland Mall into a mixed-use community with more than 800 residential units.
The JLL Capital Markets Debt Advisory team was led by Senior Director Michael DiCosimo, Director Joshua Odessky and Analyst Miguel Pedersen.
“The Hialeah retail market continues to demonstrate some of the tightest fundamentals in South Florida, with constrained supply meeting persistent tenant demand,” said Odessky. “Volta Global’s comprehensive business plan for Westland Plaza, leveraging their operational expertise across both retail and self-storage, positions the asset to outperform as these submarket conditions strengthen further. The property’s strategic location adjacent to major infrastructure and the Westland Mall redevelopment made this an attractive financing opportunity that enabled us to secure competitive terms supporting their value-add strategy.”
Key Facts
- Asset Type: Mixed-use retail and self-storage
- Transaction Type: Financing
- Financing: $17.35 million
- Financing Arranger: JLL Capital Markets