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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.

Perry provided the equity for the transaction. GMAC Commercial Mortgage provided a $400-million floating rate acquisition loan that includes $35 million of future funding for the construction of additional improvements. A sources at GMAC Commercial Mortgage tells GlobeSt.com the loan, which floats above 30-day LIBOR, has a three-year term with two one-year extension options. “The extensions are easy to get, so for all intents and purposes it is a five-year loan,” says the source.

The loan was originated by GMAC Senior Vice President Sam Kirschner. Kirschner also assisted Caribbean Retail Asset Management in raising the additional equity from Perry Real Estate Partners. “This portfolio was arguably one of the best retail portfolios we have seen in some time,” said Kirschner in a prepared statement. Added Lipschutz, “While the strength of the portfolio made it relatively easy to raise the debt and equity, the complex nature of the deal required creativity and flexibility from all parties.”

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