Puerto Rican Retail Portfolio Sold

A portfolio of six retail centers in Puerto Rico has sold to a Manhattan-based real estate investment bank for $95 million. The six centers, which were sold by affiliates of Baton Rouge, La.-based Commercial Properties Development Corp., comprise roughly 854,000 sq. ft. of rentable space.

“We’re excited to have tapped into this incredibly hot retail market and join investment firms including DDR, Kimco, Vornado and Whitehall affiliates in participating in this market,” says Mark Mashburn, CEO of Blackpoint. Mashburn formerly worked for Loeb Partners Realty, which owned a 14 million sq. ft. commercial real estate portfolio.

According to Mashburn, the San Juan area boasts one of the strongest retail markets in Puerto Rico. The portfolio will be locally managed by several key employees who have agreed to join the newly-formed management company.

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