News release

Retail portfolio in Puerto Rico sells for $80.25M

JLL Capital Markets closed the sale of the four-property, high-quality portfolio to Lamar Companies and Commercial Centers Management Realty

February 23, 2022

Kimberly Steele

Industries, Work Dynamics and PDS PR
+1 713 852 3420

MIAMI, Feb. 23, 2022 – JLL Capital Markets announced today that it has closed the $80.25 million sale of The Plazas of Puerto Rico, a portfolio of four market-dominant retail centers totaling 555,016 square feet across the island of Puerto Rico.

JLL marketed the portfolio on behalf of the seller, Forge Capital Partners and The Sembler Company. A joint venture between Lamar, CCM Puerto Rico and Real Capital Solutions acquired the assets.   

Puerto Rico is home to 3.2 million residents spread out over 5,324 square miles. Due to its undulating topography, dense population, restrictive zoning and complex entitlement process, development of new inventory is limited, making existing supply highly sought after for investors and tenants alike.

The portfolio comprises Juncos Plaza in Juncos, Plaza Los Prados in Caguas, Manatí Centro Plaza in Manatí and University Plaza in Mayagüez. The centers are strategically located in high barriers-to-entry markets within Puerto Rico’s most populous cities and draw from extended trade areas that average 176,881 residents.

The 91.3-percent-leaed portfolio is home to a roster of high-quality tenants led by national and regional necessity-based retailers, including Supermercado Amigo, Supermercardo Selectos, National Lumber & Hardware, Marshalls, Walgreens, Grand Way and Capri.

The JLL Retail team representing the seller was led by Senior Managing Director and Co-Head of U.S. Retail Capital Markets Danny Finkle, Senior Director Eric Williams, Vice President Kim Flores and Senior Vice President Andrew Carlson, JLL Market Lead for the Caribbean and Retail Lead for Latin America.

“The Plazas of Puerto Rico represent some of the island’s top-performing neighborhood retail centers,” Finkle said. “The combination of high-quality, tenured tenancy and in-fill, high visibility locations place these centers in an amazing position to continue to thrive.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Forge Capital Partners

Forge Capital Partners is a diversified, commercial real estate investment and investment management company. Forge has built a strong track record as an acquirer and operator of commercial real estate, specializing in socially responsible projects throughout the Southeast. Since 2000, Forge and its principals have successfully sponsored and managed four real estate oriented, closed-end private equity funds, and executed over a billion dollars in retail and multifamily real estate transactions.

About Sembler

The Sembler Company is celebrating 60 years of creating retail real estate value. Sembler provides a full array of retail real estate services, including development and redevelopment, acquisition, property and asset management, leasing and other related services throughout the Southeastern United States and Puerto Rico. Sembler has developed more than 350 projects totaling 28 million square feet and currently leases and manages almost 8 million square feet. For more information, please visit

About Lamar Companies 

Lamar Companies is a full-service, privately held, real estate investment company headquartered in Fairfield, New Jersey. Since its founding in 1972, the Company has routinely been ranked in the top 100 largest owners of retail shopping centers in the U.S. according to National Real Estate Investors rankings. Lamar primarily focuses on opportunities created by real estate economic cycles and underperforming assets across the United States and is a principal investor in projects for its own account and in partnership with major institutions. Throughout the years the firm has maintained its entrepreneurial roots as a hands-on operating partner with a deep expertise in retail space and a unique ability to drive value for its investors.

About CCM Puerto Rico

CCM Puerto Rico, a CCM Group company,  is a commercial real estate management company dedicated to providing acquisition, development, leasing and asset management services in Puerto Rico, since 1977.

With a portfolio that includes two million square feet of commercial space, CCM is one the largest management companies in Puerto Rico and has the exclusive representation of Chainlinks, a leading retail real estate advisor in the U.S.