Income-Producing Isla Verde Parking Leasehold

The Property consists of the leasehold interest in an 11-story mixed-use parking garage building with 308,010 square feet of gross construction area, 21,933 square feet of commercial rentable space at the ground level, 840 parking stalls, plus an additional 350 parking stalls within Fairmont El San Juan Hotel & Casino including Valet parking operation.

The improvements were built in year 2007 and occupy a 4,298.29 square meters site.

The financial operation of the Property not only entails the 840 parking spaces within the 11-story building, but also includes the 350 parking stalls within the across-the-street Fairmont El San Juan Hotel & Casino.

In essence, this offering refers to a going concern that includes triple A tenants and the right to use various parking lots as part of the Fairmont El San Juan Hotel & Casino daily operation including but not limited to parking services for weddings, graduations, proms, business conferences, among many others.

With great demand for retail space at the ground level and a solid tourism sector within the immediate vicinity, the existing upside potential will appeal to all opportunistic investors.

The Isla Verde Sector constitutes one of the most important tourist areas of Puerto Rico. Major hotels and guest houses are mainly located along the Isla Verde Avenue and interior arteries. These account for about 30% of all hotel rooms in the San Juan Metropolitan Area. The immediate neighborhood is almost 100% built-up. In addition to having the attractions of a tourist area, it has conveniences required for daily living such as pharmacies, doctors’ offices, supermarkets and general convenience shopping centers, some of which operate 24 hours a day. In addition, the Luis Muñoz Marín International Airport is located just steps from the Property.

The area offers the possibility of living in the midst of a tourist area, with all the conveniences and attractiveness of its activities, both recreational and cultural. It is centrally located and within easy commuting distance from the major working and commercial areas of the San Juan Metropolitan Area. In addition, since this sector borders the Atlantic Ocean to the north, it provides among its main attractive elements for either locals or tourists, water-related recreational activities. Isla Verde Avenue is the most important and most traveled artery within the Isla Verde Sector and runs in a west-to-east direction from Loíza Street until connecting with State Road PR-187, that later links with the Piñones Sector, also a popular area with locals and tourists.

Highlights:

• Asking Price: $9,000,000 OBO
• Property Rights: Leasehold Estate
• Ground Lease Expiration: March 21, 2050
• Site Area: 4,298.29 square meters, equivalent to 46,266.41 square feet or 1.06 acres
• Gross Construction: 308,010 square feet
• Commercial Rentable Area: 21,933 square feet
• # OF PARKING STALLS: 840 within the 11-story building plus (+) an additional 350 parking stalls within Fairmont El San Juan Hotel & Casino and
• Valet parking operation
• Elevators: Two (2)
• Staircases: Two (2)
• Construction: Reinforced concrete and concrete blocks
• Fire Protection: Sprinklers in all building areas
• Power: Electrical substation with necessary transformers, distribution panels and safety switches
• Emergency Generator: Capable of servicing the entire building, with diesel storage tank
• *If interested, please request Confidentiality Agreement in order to provide financials and additional information.