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| Mission Promenade, a 105,700-square-foot, dual grocery-anchored shopping center in Oceanside, CA. |
IRVINE, CA – JLL Capital
Markets has arranged the $12.05 million refinancing of Mission
Promenade, a 105,700-square-foot, dual grocery-anchored shopping center
located within the San Diego area in Oceanside, California.
JLL represented the borrower, Milan Capital
Management, to secure the ten-year loan through regional bank.
The JLL team that represented the borrower was
led by Senior Managing Director Jeff Sause and Managing Director John
Chun.
Jeff Sause
Built in 1972 and renovated in 1999, Mission Promenade is currently 97% occupied to a diverse mix of national and regional tenants.
It is grocery-anchored by El Super, a Latino supermarket
chain, as well as a grocery outlet, which combined account for roughly 59% of
the total rentable square feet and 66% of the total net operating income.
It is
also anchored by a 22,000-square-foot dd's Discounts (part of Ross Dress for
Less).
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| John Chun |
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Set 1.1 miles from the intersection of the I-5
and CA-76, as well as 1.3 miles from the Pacific Ocean, the property is
strategically positioned adjacent to major arterial transportation nodes that
offer excellent accessibility to the Greater San Diego region, Orange County
and the Inland Empire.
Additionally, Mission Promenade is just 1.2
miles east of the Oceanside Transit Center, a major railway interchange serving
both intercity and commuter services. Area demographics are robust, with a
population of nearly 180,000 within a five-mile radius and a median household
income of $75,600.
CONTACT:
Jenna Sharp
JLL, Public Relations
Dallas, Texas
M +1 214 394 3356
