JLL Capital Markets announced today that it has closed the $80.25 million sale of The Plazas of Puerto Rico, a portfolio of four market-dominant retail centers totaling 555,016 square feet across the island of Puerto Rico.
JLL marketed the portfolio on behalf of the seller, Forge Capital Partners and The Sembler Company. A joint venture between Lamar, CCM Puerto Rico and Real Capital Solutions acquired the assets.
Puerto Rico is home to 3.2 million residents spread out over 5,324 square miles. Due to its undulating topography, dense population, restrictive zoning and complex entitlement process, development of new inventory is limited, making existing supply highly sought after for investors and tenants alike.
The portfolio comprises Juncos Plaza in Juncos, Plaza Los Prados in Caguas, Manatí Centro Plaza in Manatí and University Plaza in Mayagüez. The centers are strategically located in high barriers-to-entry markets within Puerto Rico’s most populous cities and draw from extended trade areas that average 176,881 residents.
The 91.3-percent-leaed portfolio is home to a roster of high-quality tenants led by national and regional necessity-based retailers, including Supermercado Amigo, Supermercardo Selectos, National Lumber & Hardware, Marshalls, Walgreens, Grand Way and Capri.
The JLL Retail team representing the seller was led by Senior Managing Director and Co-Head of U.S. Retail Capital Markets Danny Finkle, Senior Director Eric Williams, Vice President Kim Flores and Senior Vice President Andrew Carlson, JLL Market Lead for the Caribbean and Retail Lead for Latin America.
“The Plazas of Puerto Rico represent some of the island’s top-performing neighborhood retail centers,” Finkle said. “The combination of high-quality, tenured tenancy and in-fill, high visibility locations place these centers in an amazing position to continue to thrive.”