IRVINE – JLL Capital Markets announced today that it 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.
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).
Situated at 1527-1547 Mission Ave., the center is located on an infill, 9.5-acre site along the primary commercial corridor of Mission Avenue. 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.
The JLL team that represented the borrower was led by Senior Managing Director Jeff Sause and Managing Director John Chun.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
About Milan Capital Management
Milan Capital Management is a real estate investment and management company that focuses on value-add investments in southern California, with over 3 million square feet under management, predominantly in the daily needs retail sector. By focusing on the fundamentals of real estate investing and taking a hands-on approach, Milan has consistently delivered outsized risk adjusted returns for its investors through multiple cycles since 1999. Milan specializes in difficult situations where value can be added through proactive management, aggressive leasing tactics, and accretive capital improvements.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.