We have expanded our commercial real estate portfolio to include two industrial parks on the island of Puerto Rico.

In total, the two complexes we purchased consist of more than 900,000 square feet of rentable Class A industrial space as well as a free-standing Wendy’s restaurant pad that is located just outside of the larger of the two complexes.

Puerto Rico, a U.S. territory in the Caribbean Sea, is considered a burgeoning location for warehouse and distribution growth in the near future. Both industrial parks are located near San Juan’s Luis Munoz Marin International Airport and the Port of San Juan, which is the eighth largest in the U.S.

Demand for warehouse space in Puerto Rico is being helped by the continued reconstruction of the island following the devastation of Hurricane Maria in 2017 and the elimination of an inventory tax which strained warehouse usage and led to supply shortages during the COVID-19 health crisis.