Portfolio

Puerto Rico Single Tenant Retail Portfolio

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Portfolio description

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 three outparcels as a portfolio or separate acquisitions. The portfolio features weighted average lease term of 11 years with over 70% of income generated from Walgreens (S&P: BBB). Reported sales demonstrate phenomenal success for two of the three Tenants and all three are in high-performing shopping centers with anchors and neighboring tenants including Marshalls, Supermercado Selectos (grocer), Tiendas Capri (discount fashion retailer), Starbucks, Wendy’s, KFC, Walgreens, GNC, and Cold Stone Creamery. Puerto Rico’s population centers and retail nodes are incredibly dense. New retail development is limited due to extraordinarily high barriers-to-entry including topography and zoning. 


Investment Highlights

Walgreens

  • Reported sales are double the national average
  • 14 years of contractual lease term remaining
  • Corporate guaranty from Walgreen Co.
  • Investment grade credit of BBB from S&P

Oriental Bank (Subtenant: Manatí Coop)

  • A modern banking facility to outshine competition
  • New subtenant is a fast-growing cooperative bank
  • Low ground rent in a high-barrier-to-entry market
  • Premises feature a walk-up ATM and drive-thru lanes

Wendy’s

  • Low rent-to-sales ratio and strong island franchisee
  • Over 20 years of tenure at this location
  • Highly favorable 15% rent increases in options
  • Percent rent generates additional NOI growth

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Puerto Rico Single Tenant Retail Portfolio (3 Properties)
Wendy's - Manatí Centro Plaza
Manatí, PR, United States
Oriental Bank - Manatí Centro Plaza
Manatí, PR, United States
Walgreens Plaza Los Prados - Puerto Rico
Caguas, PR, United States
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Last Updated Date: 01 Jun 2022

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