RVI sells Plaza Palma Real in Humacao for $50M
Retail Value Inc. closed on the sale of the Plaza Palma Real shopping center in Humacao on Dec. 22, for $50 million prior to closing costs, prorations and other closing adjustments, it announced.
The buyer was undisclosed. The net proceeds were used to repay mortgage debt associated with RVI.
Last year, the mall marked its 25th anniversary with the unveiling of a $20 million renovation to its facilities, which were significantly damaged by Hurricanes Irma and María in September 2017, as this media outlet reported.
Plaza Palma opened in 1995 and has about 30 retail tenants across the property — anchored by Walmart, Marshalls, Me Salvé and Pep Boys — that has long been a go-to for commercial activity in Humacao and eastern Puerto Rico.
In addition to Plaza Palma Real, owns interest in 11 properties in Puerto Rico, and the same number across the US mainland, the company confirmed.
In related news, RVI confirmed that on Dec. 7, it made a $65 million voluntary prepayment of the mortgage debt with unrestricted cash on hand.
“Pursuant to the its mortgage agreement loan agreement, there was no prepayment penalty associated with the repayment,” the company announced.