Manati Centro Plaza
100% Occupied Neighborhood Center
Marketing 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 offer the opportunity to acquire Manatí Centro Plaza, a 115,388 SF neighborhood shopping center strategically located in the heart of Manatí, Puerto Rico. The Property is anchored by a diverse lineup of strong-performing national and regional tenants, including Marshalls, Grand Way, and Wendy’s recently exercising renewal options offering secure, long-term income supported by NNN leases and built-in rent escalations.
The offering presents an outstanding opportunity to acquire a proven retail asset with synergistic tenant mix, embedded mark-to-market, and unmatched visibility in one of Puerto Rico’s most vibrant and high-growth commercial corridors.
Deal Room: https://invest.jll.com/us/en/listings/retail/manati-centro-plaza
Investment highlights
92% OF GLA ARE NATIONAL TENANTS including Marshalls, Wendy’s (ground lease), KFC, Capri, Grand Way, Subway, T-Mobile, and GNC (+Walgreens Shadow Anchor)
RECENT RENEWALS DEMONSTRATE TENANT LOYALTY including Marshalls, Wendy’s and
Grand Way (representing 42.5% of GLA)
PROVEN HIGH VOLUME TENANCY highlighted by exceptional tenant sales including Marshalls
occupancy cost of 2.8% and Wendy’s occupancy cost of 3.5%
VALUE CREATION OPPORTUNITY via MTM of in-place rents ~15% below market
PRIME MAIN & MAIN POSITIONING at the intersection of PR-2 and PR-149, Manatí’s primary
east-west and north-south corridors, with over 1,250 SF of prominent frontage
PROXIMATE TO MAJOR DEMAND DRIVERS including Doctors’ Center Hospital (3rd largest
system on the island), Atenas University, Casino Alantíco Manati, and major pharmaceutical
companies
CHALLENGING TOPOGRAPHY & LAND CONSTRAINTS limit potential competition, positioning
Manatí Centro Plaza to be the premier retailer in the submarket
LIMITED CAPITAL REQUIREMENT with over $925K capital invested since 2022 including fully
restored and repaved parking, facade repairs, substation maintenance, and a new generator
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