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6/05/23
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Milan Capital Management has obtained a $12.05 mil refi loan on Mission Promenade, a 105.7k sf, dual grocery-anchored shopping center in Oceanside.
Built in 1972 and renovated in 1999, Mission Promenade is currently 97% occupied by 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 22k sf dd's Discounts (part of Ross Dress for Less).
Located at 1527-1547 Mission Ave, the center sits on an infill, 9.5-acre site along the primary commercial corridor of Mission Ave. 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.
Jeff Sause and John Chun with JLL Capital Markets arranged the 10-year loan, which was funded through a regional bank.
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