Retail Value, Inc. (RVI) sold the Plaza del Sol, Río Hondo, Plaza Escorial and six other shopping centers on the island for $ 550 million to Kildare Acquisitions Corporation.
The purchase agreement, as presented in Securities and Exchange Commission (SEC), the real estate company transferred all of its assets on the island that total about 3.5 million square feet.
RVI’s property portfolio includes the Plaza del Sol and Río Hondo shopping centers in Bayamón, Plaza Escorial in Carolina, Plaza del Atlántico in Arecibo, Plaza Cayey, Plaza Fajardo, Plaza Walmart in Guayama, Plaza del Norte in Hatillo and Plaza Isabella.
The sale is expected to close at the end of the third quarter of this year. The transaction also required a deposit from Kildare of approximately $ 15 million to the settlement’s escrow agent, which is non-refundable.
Also, according to the sale document, RVI anticipated that it will use a portion of the $ 550 million to pay off the mortgage loan for these properties, which totals about $ 214.5 million.
In April, RVI also sold Plaza Vega Baja for $ 4.5 million. While in June, the company sold the El Señorial Plaza shopping center, located in Río Piedras, for $ 20.4 million.