4-mall portfolio, including Plaza Los Prados in Caguas, sells for $80.25M
Miami-based JLL Capital Markets announced it has closed the sale of a four-property portfolio of shopping centers known as The Plazas of Puerto Rico to Lamar Companies and Commercial Centers Management Realty, for $80.25 million.
The portfolio comprises 555,016 of square feet of commercial space in 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.
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.
The 91.3%-leased portfolio is home to a roster of tenants led by national and regional necessity-based retailers, including Supermercado Amigo, Supermercardo Selectos, National Lumber & Hardware, Marshalls, Walgreens, Grand Way and Capri.
“The Plazas of Puerto Rico represent some of the island’s top-performing neighborhood retail centers,” said Danny Finkle, senior managing director and co-head of US Retail Capital Markets at JLL.
“The combination of high-quality, tenured tenancy and in-fill, high visibility locations place these centers in an amazing position to continue to thrive,” he said.
The JLL Retail team also included 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.
