Overview
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.
San Juan Industrial Park
A two-building complex of more than 517,000 square feet of industrial/warehouse space in the San Juan district of Caguas. There is also a free-standing Wendy’s restaurant just outside the complex. Cesar Castillo, the largest logistics company in Puerto Rico, occupies more than 304,000 square feet of space, while the Federal Emergency Management Agency (FEMA) occupies another 116,000 square feet. Other tenants include Electrolux and Trane.
Rexco Industrial Park
This center is in Guaynabo, which is located about four miles south of San Juan. There are nine buildings, more than 388,000 square feet of industrial/warehouse space, and a little more than 93,000 square feet of office space at the Rexco complex, which is located adjacent to Fort Buchanan, the U.S. military base on the island. Some of the tenants at the Rexco facility are Baxter, Conduent, Drouyn Co., Honeywell, U.S. Immigration and Customs Enforcement (ICE), and V. Suarez, the largest distributor of wine, spirits, beer, and food in the Caribbean.
