JLL Capital Markets recently arranged a $12.05 million refinancing of 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 the 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 including El Super -a Latino supermarket chain-, Grocery Outlet (accounting for 59% of total rentable square feet) as well as dd’s Discounts (part of Ross Dress for Less). The center is situated at 1527-1547 Mission Ave., on an infill 9.5 acre site along the primary commercial corridor of Mission Avenue which generates 66% net operating income from its anchor stores alone.
