Loading
TAMPA — Investment partnership led by Tampa-based Forge Capital Partners, CRP II - PR Florida Holding LLC, purchased four shopping centers in Puerto Rico from The Sembler Co. for $80 million. The sale encompassed 500,000 square feet in Manati, Juncos, Caguas and Mayaguez and more than 100 tenant leases.
The properties included the 208,079-square-foot Juncos Plaza, 163,442-square-foot Plaza Los Prados, 65,006-square-foot University Plaza and the 117,872-squre-foot Manati Centro Plaza. The portfolio was 88% occupied at the time of the sale.
William Conroy of St. Petersburg's Englander Fischer was lead outside counsel for CRP and helped the buyer finance the transaction through a $57.5 million loan from Ladder Capital Finance LLC.
St. Petersburg-based The Sembler Company has operated in Puerto Rico since 1995 and has developed 25 projects, totaling nearly 1 million square feet. The assets acquired by the partnership were developed by, and will continue to be managed and leased by The Sembler Co. of Puerto Rico.
Forge Capital Partners sponsors closed-end private equity funds that invest primarily in retail real estate throughout the Southeastern United States. The four Puerto Rico properties bring the total acquired by Forge's current fund, Community Reinvestment Partners II, to 14.
Your free article limit has been reached this month.
Subscribe now for unlimited digital access to our award-winning business news.
Join thousands of executives who rely on us for insights spanning Tampa Bay to Naples.
