Caribe Office Building | San Juan, PR

Sands Investment Group is Pleased to Present For Sale the Caribe Office Building NNN Located in San Juan, Puerto Rico. The Deal is a Leasehold Interest Until June 14, 2055 With 33 Years Remaining. This 60,042 SF Caribe Office Building Located at 53 Palmeras Street in San Juan, Puerto Rico Presents a Value-Add Investment Opportunity as Existing Leases Roll Over Allowing to Adjust Rents Even Higher, Providing For a Secured Investment.

  • Property is 100% Leased
  • Transaction is Expected to Generate an IRR of 17% Over 10 Years
  • Opportunity to Increase Rental Rates
  • Average Rental Rates Have Increased From $22.17/SF in 2018 to $30.14/SF in 2022B, Representing a CAGR of 8.0%
  • Presents a Value-Added Investment Opportunity as Existing Leases Roll Over Allowing to Adjust Rents Even Higher
  • Majority Leased to Well Established Act 20/22 and Local Tenants, Including Pepsi, Cola Bottling, Casillas, Santiago & Torres, LLC (Large Local Law Firm) and Sonnedix (Solar Power Business), Amongst Others
  • The Property Consists of a 17-Story Office Building With 60,042 Square Feet of Gross Leasable Area (GLA) and 318 Parking Spaces (118 On-Site and 200 Sub-Contracted With the Caribe Hilton Hotel)
  • Limited Competition in Area as the Caribe Building is One of the Only Class A Office Buildings on the Island
  • Property Completed a $2M Renovations in 2016 & $1.5M in 2018 Including the Refurbishment of Key Air-Conditioning Components (Including the Cooling Tower and Air Handling Units), a New Roof, the Installation of a Full Building Generator, the Remodeling of All Bathrooms and the Lobby and an Upgrade of the Fire Alarm System
  • From 2018 Through 2022 Budget (“2022B”), the Caribe Building Has Registered Consistently an Occupancy Rate in Excess of 95%, Except in 2020 Where it Registered 90% Due to the COVID-19 Pandemic
  • Strategically Located Adjacent to the Caribe Hilton Hotel and the Paseo Caribe Mixed-Use Development Which is Currently Undergoing a Renovation
  • Incredible Ocean Views of the Atlantic Ocean and Close Proximity to the Financial District, T-Mobile District, and the Condado Residential District – One of Most Affluent Residential Areas in Puerto Rico


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