Urban real estate developer Thor Equities has bought an enclosed mall in San Juan, Puerto Rico, for $61.5 million. The Centro Gran Caribe property consists of 387,546 sq. ft. of space anchored by Big Kmart, Amigo Supermarket (a Wal-Mart affiliate) and Caribbean Cinemas. Thor Equities has renamed the property "Centro Gran Caribe." The property is located 18 miles west of San Juan.
"As the newest addition to Thor Equities' nationwide constellation of urban properties, The Gallery at Centro Gran will provide patrons with a quality shopping experience in an attractive retail setting," says Joseph J. Sitt, chairman and CEO of Thor Equities. "This mall is a fixture in the community, and we hope to build upon its success and make it an even more viable asset."