 |
| Kim Flores |
MIAMI, FL, Feb. 23, 2022 – 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.
 |
| Danny Finkle |
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.
 |
| Eric Williams |
“The combination of high-quality, tenured tenancy and in-fill, high visibility locations place these centers in an amazing position to continue to thrive.”
JLL
Capital Markets is a full-service global provider of capital solutions for real
estate investors and occupiers.
The
firm's in-depth local market and global investor knowledge delivers the
best-in-class solutions for clients — whether investment sales and advisory,
debt advisory, equity advisory or a recapitalization.
The
firm has more than 3,000 Capital Markets specialists worldwide with offices in
nearly 50 countries.
 |
| Andrew Carlson |
About
Forge Capital Partners
Forge Capital
Partners is a diversified, commercial real estate investment
and investment management company.
Forge
has built a strong track record as an acquirer and operator of commercial real
estate, specializing in socially responsible projects throughout the Southeast.
Since
2000, Forge and its principals have successfully sponsored and managed four
real estate oriented, closed-end private equity funds, and executed over a
billion dollars in retail and multifamily real estate transactions.
 |
| The Plazas of Puerto Rico |
The
Sembler Company is celebrating 60 years of creating retail real estate value.
Sembler
provides a full array of retail real estate services, including development and
redevelopment, acquisition, property and asset management, leasing and other
related services throughout the Southeastern United States and Puerto Rico.
Sembler
has developed more than 350 projects totaling 28 million square feet and
currently leases and manages almost 8 million square feet.
Contact:
Kimberly Steele,
JLL Manager
Public Relations
Phone: +1
713 852 3420
Email: Kimberly.Steele@am.jll.com
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