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BH Properties Acquires Puerto Rico Shopping Center out of Foreclosure
By: BH Properties
The strip center was built in 1987 as the first phase of the nearly one million-square-
As traffic and sales slowed as a result of the COVID-19 Pandemic, the former owner struggled to meet its loan obligations. The property went into receivership in 2020 and later a judgement of foreclosure was ordered by the court in 2021. BH Properties was awarded the right to acquire the note securing the property after winning an online auction[AB1] that included multiple bidders from throughout the United States. BH finalized the foreclosure process and acquired the center through a judicial sale, according to BH Properties Regional Asset Manager Armando Bustillo.
"This was an opportunity to acquire a well-located retail asset with tremendous upside," said Bustillo. "Until the pandemic, Plaza Centro I was a popular retail center benefitting from visibility along one of the area's major thorofares. At our cost basis, we can offer attractive lease terms to attract new tenants and reinvigorate the center. Our goal is to return a vibrant retail center to the approximately 160,000 people living within a five-mile radius."
Plaza Centro I adds to BH Properties' Puerto Rico portfolio which includes 33,592 square feet of office condo space in the International Marketing Center, an office condo complex in Guaynabo, Puerto Rico.
About BH Properties
Founded 30 years ago, privately held BH Properties is a vertically integrated real estate investment company focusing on the acquisition and management of a geographically and product diverse portfolio of assets. The Los Angeles-based company, with regional offices in Phoenix and Dallas continues to focus on value-add transactions, distressed debt, and ground leases. Today the company owns and operates nearly 10 million square feet across 19 states. For more info, please visit (http://www.bhproperties.com)
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