Urban Edge’s investment in Puerto Rican outlet center is paying off

Over the past six years and through the pandemic, Urban Edge Properties has pumped $21 million dollars into The Outlets at Montehiedra in San Juan. It appears to be paying off.

The New York-based developer just signed three new tenants to move into a new parcel being developed at the center, all three of which it considers choice. Arby’s is a new-to-market player in Puerto Rico. Global Mattress is a homegrown Puerto Rican brand that manufactures its mattresses in Juana Diaz. And Walgreen’s is a well-known name on the island.

“It’s exciting to confirm these leases,” said Scott Auster, senior VP of leasing at Urban Edge. “We are committed to bringing essential resources to the community, while providing a wide range of retail, dining, and entertainment choices.

In the new parcel, adjacent to the main center, Walgreens will hold the biggest space of 10,305 sq. ft., Global will reside in a 3,695- sq.-ft. store on the same parcel, and Arby’s will construct a 2,400 sq. ft., standalone restaurant with a drive-thru.

Caribbean Cinemas earlier invested $10 million at the center to open Puerto Rico’s first IMAX theater.  Other tenants include Home Depot, Capri, Marshall’s Mega Store, Nike, Chili’s, and Romano’s Macaroni & Grill.