Description

JLL Puerto Rico Realty & Co., S. En C., (Puerto Rico Real Estate Company License E-297), in cooperation with JLL Americas, is pleased to offer the opportunity to acquire Plaza Cayey and Plaza Walmart, collectively know as the Walmart Puerto Rico Portfolio. The Portfolio features two market-dominant retail centers, currently 97.4% leased, offering investors immediate, durable cash flow with significant growth potential. The Walmart Puerto Rico Portfolio offers the opportunity to acquire Plaza Cayey and Plaza Walmart individually or on a portfolio basis.

Plaza Cayey is a premier regionally dominant shopping center situated in Cayey, Puerto Rico and features a diverse line up of national tenants including a high performing 186,000 square foot ground leased Walmart with over 25-years of tenure and 60-years of renewal options.

Plaza Walmart is a leading center positioned in the historical coastal Guayama region featuring a high performing Walmart. The property has been recently repositioned by current ownership, adding a brand new outparcel pad leased to Chick-fil-A and executing over 19,000 square feet of new inline leasing. Plaza Walmart features immediate upside via the lease-up of 5,500 square feet, along with long-term income security and durability via the high trafficked and tenured Walmart.

The Walmart Puerto Rico Portfolio offers the opportunity to acquire, on a portfolio or individual basis, two necessity-based retail centers in infill locations with long-tenured tenancy, robust NOI growth via mark-to-market and lease up, and highly attractive risk-adjusted yields at an investment basis significantly below replacement cost.

Broker of Record - Andy Carlson

License #: C17194

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Attributes

Building area net

478,198 sf

Occupancy

97.4%

Land area net

43.2 acres

Average Tenure

23.5 Years

National Tenancy GLA

87.4

Year-10 CAGR

3.4

Walmart Puerto Rico Portfolio (2 Properties)

Media

Investment Highlights

65.5% of the portfolio GLA is leased to Walmart, which carries an investment grade credit rating of AA
Walmart provides shop tenants with consistent foot traffic aiding in customer activity and sales performance
Seven outparcels within the portfolio, with six out of the seven being name brand national tenants, offering secure and stable cash flows with spin-off opportunities
Recent asset repositioning, including a new Planet Fitness & Chick-fil-A, enhance credit quality, foot traffic, and create an opportunity to further improve the tenant line up with name brand national tenants
Significant value creation with over 61% of inline GLA below market allowing for a 4.5% year-5 and 3.3% year-10 CAGR
Priced significantly below replacement cost, creating highly favorable risk adjusted returns