Legacy neighborhood strip retail center The Convoy is not only fully leased, but it’s fully refinanced, as well.
JLL Capital Markets arranged an $11.7-million loan that will serve to refinance the bridge loan used to acquire the property in 2017. The JLL Capital Markets Debt Advisory team representing the borrower, CEG Capital Partners, was led by senior director Chris Collins and associate Daniel Pinkus.
The single-story property, built in 1973 in Kearny Mesa, was renovated after the borrower’s purchase, including an “extensive property improvement plan,” according to a news release.
The single-story property is home to a popular national and local tenant mix that includes Bank of Hope, Hive, Convoy Strength, Ichibanya and Axe Thro, Manna Heaven BBQ, Synergy Dental Group and Da Nang Corner.
“After undergoing an extensive repositioning process, The Convoy demonstrated its durability with strong performance throughout the COVID-19 pandemic,” said Pat Geary, managing partner of CEG.
Located near Interstate 805 – and only 10 minutes drive from San Diego – Kearny Mesa has seen a continuing uptick in population, clocking in at nearly 325,000 in the San Diego submarket.