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Jones Lang LaSalle Americas, Inc. (“JLL”), in partnership with JLL Puerto Rico Realty & Co. S en C, a Puerto Rico licensed real estate brokerage firm, is pleased to exclusively offer the opportunity to acquire Plazas of Puerto Rico (the “Portfolio”), a portfolio of four market-dominant retail centers located throughout the island of Puerto Rico. The Portfolio totals 555,016 square feet and is currently 91.3% leased to a high-quality tenant roster led by national/regional and necessity-based retailers, including Supermercado Amigo (Walmart subsidiary), Supermercado Selectos, Walgreens, Marshalls, and National Lumber & Hardware, among others.
The Plazas of Puerto Rico is being offered as a portfolio and unencumbered of any existing financing.
PRIME LOCATIONS IN HIGHLY DESIRABLE PUERTO RICO MARKETS
- Four market-dominant, strategically located retail centers situated within Puerto Rico's most populous cities that draw from extended trade areas.
- Extraordinary high barriers-to-entry market. Given the island’s undulating topography, dense population, restrictive zoning, and complex entitlement process, development of new retail inventory is limited. This coupled with favorable retail spending patterns results in high occupancy for existing retail inventory.
SEASONED, WELL-ESTABLISHED TENANCY WITH STRONG HISTORICAL OCCUPANCY
- Over 76% of the tenancy is comprised of leading retailers, including Supermercado Amigo (Walmart subsidiary), Supermercado Selectos, Marshalls, Walgreens, National Lumber & Hardware, Grand Way, Tiendas Capri, Starbucks, Wendy’s, and Burger King, to name a few.
- Impressive weighted average tenure of 14.5 years across the Portfolio and a weighted Portfolio average occupancy of 96.3% since 2016. Over 65% of the GLA has a tenure of 10 years or greater, a testament to the tenant demand for the Portfolio and resiliency of the income.
36.5% NOI GROWTH VIA CONTRACTUAL RENT INCREASES, LEASE-UP AND MARK-TO-MARKET OPPORTUNITIES
- Robust growth profile with 36.5% projected NOI growth over the next 10 years resulting in a 3.5% CAGR.
- Over 38% of the GLA (197,210 SF) is at least 10% below current market rental rates and over 46% of the GLA (256,965 SF) expires without options at weighted average rents 19.8% below market, over the next decade. These mark-to-market opportunities provide the potential to increase top-line rental revenue by nearly $1 million throughout the hold period.
ATTRACTIVE YIELD PROFILE AT DISCOUNT TO REPLACEMENT COST
- The Portfolio offers the opportunity to acquire four dominant assets at pricing more than 40% below replacement cost while also providing highly attractive risk-adjusted yields +200 bps above comparable US mainland investments opportunities.