Binswanger Arranges Sale and Partial Lease Back of Major Office/Retail Property in San Juan, Puerto Rico.PHILADELPHIA -- Representing the seller, Binswanger is pleased to announce the recent sale and partial lease back of a 157,000 sq. ft., 7-story, office/retail building located in the convenient Santurce district of downtown San Juan, Puerto Rico San Juan (IPA: [saŋ hwaŋ]) (from the Spanish San Juan Bautista, "Saint John the Baptist") is the capital and largest municipality on Puerto Rico. for $8,900,000. The seller, The TJX Companies The TJX Companies, Incorporated (NYSE: TJX), is the largest international apparel and home fashions off-price department store chain, based in Framingham, Massachusetts, in the United States. , Inc., operates seven retail chains including T.J. Maxx T.J. Maxx is a chain of American department stores owned by TJX Companies. It is the largest off-price apparel retailer in the United States offering brand name clothing, footwear, bedding, furniture, jewelry, beauty products, and housewares. and Marshalls. Both specialize in brand-name family apparel, accessories, shoes, domestics, giftware, and jewelry at discount prices. The TJX Companies, Inc. has leased back 46,575 sq. ft. of the property and will maintain their on-site retail operation. The buyer, Gables Holding Company, is a San Juan-based developer. "This deal exemplifies Binswanger's global capabilities. After working effectively with our Massachusetts team on their domestic dispositions, TJX turned to Binswanger Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. to meet their needs in that country," remarked Frank G. Binswanger, III, President, Binswanger International. The transaction was performed by Edwin Hernandez, Managing Director of Binswanger Puerto Rico in conjunction with Tim O'Callaghan, Vice President of Binswanger, who has successfully represented TJX in multiple transactions in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Headquartered in Philadelphia, PA, Binswanger is an international full-service real estate organization with offices worldwide throughout the U.S.A., Canada, Mexico and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , the U.K. and Europe, the Middle East, and Asia. |
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