Forge Capital Partners and The Sembler Co. have sold a 555,061-square-foot retail portfolio in Puerto Rico that includes Juncos Plaza in Juncos, Plaza Los Prados in Caguas, Manatí Centro Plaza in Manatí and University Plaza in Mayagüez. — Courtesy: JLL
By Joshua Burd
A partnership that includes a Fairfield-based real estate firm has acquired four retail centers in Puerto Rico for more than $80 million, in a newly announced deal by JLL.
Brokers with the firm represented the seller, a joint venture of Forge Capital Partners and The Sembler Co., in a transaction that spans more 555,000 square feet across four properties. Lamar Cos., which is based in Fairfield, acquired the 91 percent leased portfolio alongside CCM Puerto Rico and Real Capital Solutions.
The assets include Juncos Plaza in Juncos, Plaza Los Prados in Caguas, Manatí Centro Plaza in Manatí and University Plaza in Mayagüez, according to JLL, which noted that each sits within a high-barrier-to-entry market within Puerto Rico’s most populous cities, drawing from extended trade areas that average 176,881 residents.
“The Plazas of Puerto Rico represent some of the island’s top-performing neighborhood retail centers,” JLL’s Danny Finkle said. “The combination of high-quality, tenured tenancy and in-fill, high visibility locations place these centers in an amazing position to continue to thrive.”
Finkle, a senior managing director and co-head of JLL’s U.S. retail capital markets team, completed the deal alongside Senior Director Eric Williams, Vice President Kim Flores and Senior Vice President Andrew Carlson, the firm’s market lead for the Caribbean and retail lead for Latin America. They noted that the portfolio is home to a tenant roster led by national and regional necessity-based retailers, including Supermercado Amigo, Supermercardo Selectos, National Lumber & Hardware, Marshalls, Walgreens, Grand Way and Capri.
