3 new stores to open at parcel next to Outlets at Montehiedra in ’22
Urban Edge Properties announced it has signed leases with Walgreens, Global Mattress and Arby’s for a new parcel currently under development at The Outlets at Montehiedra in San Juan.
This development, adjacent to K-mart, will feature a 10,305 square-foot Walgreens, a 3,695 square-foot Global Mattress in a single building and on the same parcel. Arby’s will construct a 2,400 square-foot standalone restaurant with drive-thru windows. They should be open for business in Spring 2022.
The new parcel is the last piece of developable land along the PR-52 highway, Urban Edge Properties, which operates shopping center, confirmed.
“We’ve invested more than $21 million at Montehiedra over the past six years, and it’s exciting to confirm these leases for this premium outparcel of the property,” said Scott Auster, senior vice president of leasing for Urban Edge.
“We’re committed to bringing essential resources to the community, while providing a wide range of retail, dining and entertainment choices making The Outlets at Montehiedra a compelling destination both for neighbors and visitors,” he added.
Arby’s is fairly new to the Puerto Rico market, while Walgreens is well-known and adds an “important essential retail resource for this part of the island,” the company stated.
Global Mattress is a home-grown vertically integrated Puerto Rican company, that manufactures its own mattress brand in its Dream Factory located in Juana Diaz and has more than 18 retail locations in Puerto Rico and the US mainland.
The new openings aim to create a total of 18 full-time, and 40 part-time jobs in support of the local economy, the mall operator said.
The Outlets at Montehiedra underwent a $21 million renovation and repositioning in 2016 and as a result, is now the closest outlet center to San Juan.
Concurrent with the repositioning, Caribbean Cinemas invested more than $10 million to create the island’s first IMAX, 4DX amusement concept with 14 screens and stadium seating while existing dining offerings include Chili’s and Macaroni Grill, as well as local favorite Cayo Caribe. IHOP and El Meson round out the mix.
Andy Carlson of JLL Puerto Rico worked with Urban Edge on the transaction, the company confirmed.