Centro Grand Caribe Mall, Vega Alta, Puerto Rico

Savills represented a local Puerto Rican partnership in arranging the sale of a leasehold interest in this 400,000 square foot mall located approximately 10 miles west of San Juan.

Anchored by Kmart, Amigo Supermarket (Wal-Mart) and a Caribbean Cinema, the mall was approximately 97% leased with tenant sales averaging approximately $300 per square foot. Savills was able to secure a US based investor by educating investors on the favorable Puerto Rican retail market.

Savills overcame the obstacles of selling a leasehold interest in a property owned by a governmental agency, which required a lengthy period of time to approve an assignment of the ground lease.

The sale closed at a price of $60 million.