Rebuilding Mode

Gulf Coast-area commercial real estate landlords with holdings in Puerto Rico are assessing the damage caused by Hurricane Maria and slowly reopening shopping centers and hotels.

Though much of the island remains decimated in the wake of the direct hit from the then-Category 5 hurricane, with roads impassable and food, water and fuel in short supply, some properties are functioning — especially in or around the capital of San Juan.

“From a damage perspective, our initial fears — based on some very grainy photos we received — were that it looked like we had some very severe damage,” says Ron Wheeler, CEO of St. Petersburg-based The Sembler Co., which owns a half-dozen properties on the island in conjunction with Forge Capital Partners, of Tampa.