BH Properties Acquires Puerto Rico Shopping Center out of Foreclosure

By: BH Properties
 
 
Plaza Centro I
Plaza Centro I
LOS ANGELES - April 12, 2022 - PRLog -- BH Properties, a Los Angeles based real estate investment company, has acquired out of foreclosure Plaza Centro I, a 283,454-square-foot strip shopping center in Caguas, Puerto Rico.

The strip center was built in 1987 as the first phase of the nearly one million-square-foot Plaza Centro Mall at 200 Avenue Rafael Cordero fronting State Road P.R 30.  Renovated in 2017, it is currently 50 percent occupied by 29 tenants.   The adjacent and enclosed second phase, which was not part of the collateral, is anchored by Sam's, PetSmart, JC Penney, Office Max and Costco.

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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Bruce Beck
DB&R Marketing Communications, Inc.
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Tags:Foreclosure
Industry:Real Estate
Location:Los Angeles - California - United States
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