Forge Capital Partners and The Sembler Co. have sold 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.
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. 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 by 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-barrier-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–leased
