$400M Loan Funds Acquisition of Six Wal-Mart-Anchored Properties

SAN JUAN, PUERTO RICO-Caribbean Retail Asset Management and Perry Real Estate Partners have acquired 2.3 million sf of Wal-Mart anchored retail properties in Puerto Rico. The portfolio includes a retail mall, a retail power center, three open-air retail centers and four free standing out-parcels. Occupancy was 99% at time of sale.

Caribbean Retail Asset Management is an entity controlled by Mark Lipschutz, Peter Mansbach, Barry Breeman and Michael Lefkowitz. Perry Real Estate Partners, the real estate division of Perry Capital, is a hedge fund based in NYC that is led by Robert Stern and Andrew Isikoff. The properties will be managed by PMI Retail Property Management Inc., an entity related to Caribbean Retail Asset Management that touts itself as the largest management and leasing company in Puerto Rico and the Caribbean.