Shopping Center Redevelopment Opportunity

The Del Este Shopping Center is located along PR-3 in Fajardo, Puerto Rico. Its location offers easy accessibility, with multiple access points from the highway, including a fully signalized intersection. Within a two-mile radius of the property, there are several other retailers such as Ralph’s Food Warehouse, CVS, Walgreens, Bargain City, and Grand Store. Furthermore, Plaza Fajardo, located west of the shopping center, features notable anchor tenants like Walmart, Econo Super Mart, Skechers, PetSmart, and Advance Auto Parts, with a Burlington Store set to open soon. The market to the west also includes Caribbean Cinemas, West Marine, and Rooms to Go.

To the east of Del Este Shopping Center lies the renowned El Conquistador Resort, as well as multiple marinas, including Puerto del Rey. The El Conquistador Resort stands as the largest hotel resort and golf club in Puerto Rico, recently reopening after a renovation exceeding $100 million. Additionally, the previously stalled Cayo Largo Hotel and Resort, located to the east, further bolstering the local economy. Puerto del Rey, the largest marina in the Caribbean, provide full services to the yachting community of the region.

An additional advantage of the property’s location is its proximity to the ferry terminal in Ceiba, which serves as the main gateway for travelers to and from Vieques and Culebra. The terminal is only a few minutes away from the shopping center, making it the first retail destination encountered by these travelers.

The property includes Auto Zone, providing in-place income during the redevelopment phase. Furthermore, numerous national and regional retailers are contemplating expanding their presence in Fajardo. Once the Burlington Store opens, the retail vacancy rate of occupied space is expected to be less than 5%.

The success of leasing and redeveloping former large box spaces in Puerto Rico is evident in the market. Various projects, including those in Aguadilla, Rexville, Humacao, Ponce, Mayagüez, Bayamón, Carolina, Caguas, Vega Baja, Vega Alta, and Guaynabo, have proven the viability of such.

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