JLL Capital Markets recently arranged a $12.05-million refinancing for Mission Promenade, a 105,700-square-foot dual grocery-anchored shopping center located in the San Diego area of Oceanside. Senior managing director Jeff Sause and managing director John Chun represented borrower Milan Capital Management to secure the 10 year loan through a regional bank.
Built in 1972 and renovated in 1999, Mission Promenade is currently 97% occupied by national and regional tenants with El Super (a Latino supermarket chain) along with Grocery Outlet accounting for 59% of total rentable square feet and 66% of total net operating income respectively; it is also anchored by 22,000 square foot dd’s Discounts (part of Ross Dress for Less). The 9.5 acre infill site on primary commercial corridor Mission Avenue provides excellent visibility to shoppers passing through the area.
This successful refinancing highlights JLL’s expertise when it comes to arranging financing solutions tailored towards individual client needs while taking into account market conditions at any given time
