Las Brisas Property Management quietly closed on the purchase of the mixed-use oceanfront property Paseo Caribe, for an undisclosed amount, from former operator Caribbean Property Group LLC, several sources confirmed.
The sale reportedly closed in late February, when the new owners informed tenants about their plans for the property located at the entrance of the San Juan islet, and moved on the cancel all existing contracts, one of the sources told this media outlet.
Las Brisas Property Management has a portfolio comprising 2.6 million square feet of commercial assets that includes 18 medium- to large commercial properties, according to its website.
Attempts to reach Las Brisas Property Management executives were unsuccessful late Friday.
It has more than 300 commercial tenants and a catalog that includes industrial, retail, and residential properties, some familiar like a location at Metro Office Park in Guaynabo, the Monte Plaza building in Hato Rey and the Caribe Building, known for its iconic roof-to-ground mosaic wall, located adjacent to the Paseo Caribe.
According to one of the sources, the new management is looking to shift the focus of the commercial tenant mix at Paseo Caribe to create a more “family-friendly” atmosphere.
Talks underway with existing tenants — including Fogo de Chao, Shimmy’s Bayside, Puerto Rico Bagel Co., and restaurants in the El Mercado food court — came to a halt when Gov. Wanda Vázquez established a full lockdown of businesses and the 24/7 curfew to fight the spread of the COVID-19 virus, this media outlet learned.
Las Brisas Property Management has already identified itself as manager of Paseo Caribe on the complex’s website.
In November 2019, this media outlet interviewed Sam Kirschner, president of CPG Island Servicing — which oversaw daily operations at Paseo Caribe — who said at the time that the company continued to bet on the local market and was working to once again establish a connection between the property and locals and tourists through its entertainment and gastronomy options following the blow from Hurricane María in September 2017.