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Former Sagrado Corazón Urban Train station parking lot sold for $3.3M

The five-acre lot formerly used as a parking facility for the Sagrado Corazón Urban Train station in Santurce has been sold — for a fraction of what the government was seeking, according to the listing information.

The lot known as Parcel B, Santurce Sur Ward — located between Ponce de León and Muñoz Rivera Avenues — was listed for $6.5 million but was sold for $3.3 million. In 2017, the property had an appraisal value of $13.5 million, according to government records.

Information about the buyer was not available as of press time.

However, this property was one of 15 real estate assets formerly held by the defunct Government Development Bank, the majority of which it acquired in exchange for a $150 million loan on Dec. 30, 2008, used by the central government to cover a portion of the FY2008-2009 deficit, according to the Fiscal Plan.

The GDB created an REO Management and Disposition Working Group Committee to move the properties through an “open, transparent, and orderly process since calendar year 2017.” The GDB engaged real estate brokerage firm Christiansen Commercial to assist in the property preservation and sales efforts.

Of those properties listed, the government has unloaded the former “Codremar” property, located in San Juan, directly across from Paseo Caribe and next to the Club Naútico and Bahía Urbana on Fernández Juncos Avenue at the entrance to Old San Juan. It sold for $1.9 million, a significant discount from the $4.4 million appraisal value the government reported.

It also sold a commercial lot, known as the “former Sears property” in Hato Rey for $11.6 million, as this media outlet reported in September.

That same month, the brokerage firm sold another government property on the list — a vacant lot on the corner of Las Cumbres and San Ignacio Avenues in Guaynabo. The property was listed for $700,000 but sold for $625,000.

Currently, there are three other properties under contract:

  • Río Bayamon North Community, comprising about 90 acres of land separated into 19 individual parcels and located off State Road PR-177, next to the Jardines de Caparra Urban Train Station. The development has infrastructure in place allowing for the construction of 2,888 Basic Living Units, 112,000 square feet of commercial space and 5,000 square feet of institutional-use space. Investment in current infrastructure surpasses $80 million, according to the listing. The government is seeking $25 million for the property, which the government said was appraised at $19.6 million.
  • An 85-acre lot adjacent to the San Lucas Hospital in Ponce. The asking price is $6 million, according to the listing. The appraisal value was set at $5 million.
  • The former Ruiz Soler Hospital in Bayamón, an 81,137 square-foot property that sits on nearly 5 acres of land on Route 2. The listing price is $1,875,000, which is less than the $2.47 million appraisal value.

Author Details
Business reporter with 25 years of experience writing for weekly and daily newspapers, as well as trade publications in Puerto Rico. My list of former employers includes Caribbean Business, The San Juan Star, and the Puerto Rico Daily Sun, among others. My areas of expertise include telecommunications, technology, retail, agriculture, tourism, banking and most other areas of the economy.

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