The government of Puerto Rico has sold a commercial lot, known as the “former Sears property” in Hato Rey — held in the defunct Government Development Bank’s portfolio — for $11.6 million, this media outlet confirmed.

The property was sold in May, according to information released by real estate broker Christiansen Commercial Real Estate, which handled the transaction, on its website.

The appraisal value of the property was $16.6 million, according to a request for proposals document the Puerto Rico Fiscal Agency and Financial Advisory Authority released in August 2017.

The deal, which does not disclose the name of the buyer, comes after several unsuccessful attempts to sell the property, and nearly a year after the former GDB’s real estate-owned portfolio of properties were put back on the market, according to information provided to the Financial Oversight and Management Board for Puerto Rico in the GDB’s revised Fiscal Plan.

The property is described as “one of the largest available urban lots in the core of San Juan” with “strong development potential due to its central urban location.”

It’s “prime location for commercial + residential developments, recreational, elderly, student housing, mixed-use development, retail, office, hotel development, among other,” according to the RFP for sealed bid process handled by Christiansen Commercial.

Source: News Is My Business