JLL Arranges $17.35M Acquisition Loan for Volta Global's Westland Plaza in Hialeah

JLL Capital Markets has arranged a $17.35 million acquisition loan from Shelter Growth Capital Partners (SGCP) for Volta Global's purchase of Westland Plaza, a 110,000-square-foot mixed-use retail and self-storage center located at 5301–5315 W 20th Ave in Hialeah, Florida, the firms announced Sept. 14.

JLL worked on behalf of the borrower, Volta Global, to secure the two-year, floating-rate loan. The deal marks a value-add play in one of South Florida's tightest retail submarkets, with the buyer budgeting more than $2 million in capital expenditures to upgrade the asset.

Property Overview

Westland Plaza was built in 1979 and renovated in 2008. The property comprises approximately 50,000 square feet of retail space 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, positioning the center as an essential retail destination serving neighborhood and commuter demand.

The property sits just east of the Palmetto Expressway (SR 826), providing proximity to I-75, I-95, the Florida Turnpike and Miami International Airport. The site is also near the $500 million phase IV expansion of the Countyline industrial park, underscoring the broader investment activity in northwest Miami-Dade County.

Adjacent Redevelopment Adds Strategic Value

A key element of the investment thesis is Westland Plaza's position immediately north of Westland Mall, a long-standing regional mall that is now the subject of a large-scale mixed-use redevelopment. Codina Partners is redeveloping the south-adjacent Westland Mall site into a mixed-use community with more than 800 residential units, which is expected to bring a significant influx of new residents and workers to the immediate area.

Plans for the Westland Mall redevelopment, which center on a former Sears parcel, include approximately 815 apartments, 15 townhomes, roughly 33,000 square feet of new commercial space, two parking garages totaling around 1,559 spaces and a 1.5-acre public plaza. That density positions Westland Plaza as a convenient retail and storage amenity for incoming residents.

Hialeah Market Fundamentals

The Hialeah retail market has demonstrated some of the tightest supply-demand dynamics in South Florida, with constrained new construction meeting persistent tenant demand. Occupancy rates across Miami-Dade have generally remained above 96% in recent years, reflecting resilient leasing activity despite broader macroeconomic pressures.

"The Hialeah retail market continues to demonstrate some of the tightest fundamentals in South Florida, with constrained supply meeting persistent tenant demand," said Joshua Odessky, Director at JLL Capital Markets. "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."

Jeff Evans, President of Volta Global, described the acquisition as consistent with the firm's core investment approach. "Westland Plaza is a great example of the opportunities we are seeking in the current environment," Evans said. "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."

Deal Team and Firm Backgrounds

The JLL Capital Markets Debt Advisory team was led by Senior Director Michael DiCosimo, Director Joshua Odessky and Analyst Miguel Pedersen.

Volta Global is a vertically integrated owner, developer and operator of value-add real estate across U.S. and European markets. The firm manages an active portfolio of approximately 2.9 million square feet of self-storage across the United States and Europe, in addition to multifamily, office, hospitality and retail holdings. Volta Global operates from offices in Miami, Raleigh, Amsterdam and Toulouse.

Shelter Growth Capital Partners is an SEC-registered investment advisor that manages private investment funds and separately managed accounts focused on residential and commercial real estate. SGCP and its affiliates have directly sourced and funded more than $4 billion in commercial real estate investments since inception.

JLL Capital Markets is a global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists worldwide and offices in nearly 50 countries.