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Centro Comercial Limon Norte is a regional shopping center situated in the northern outskirts of Limón, Costa Rica, a key port city on the Caribbean coast with a population exceeding 60,000 residents. Developed in the mid-1990s and expanded in 2010, the property covers roughly 25,000 square meters of gross leasable area, accommodating approximately 50 tenants across two levels. The tenant mix emphasizes everyday necessities, featuring anchor stores such as a full-service supermarket (similar to Mas x Menos), pharmacies, and basic apparel outlets, complemented by a modest food court offering local Caribbean cuisine alongside fast-food chains.
In the broader Limón retail market, which is dominated by port-related commerce and tourism, this center occupies a niche as an accessible neighborhood hub rather than a destination mall, with competition from larger venues like Plaza Puerto Limón and informal street markets. Recent commercial real estate reports indicate an occupancy rate of about 82% as of 2023, reflecting steady demand amid regional economic recovery post-COVID.
Rent levels range from $12 to $18 per square meter per month, lower than urban centers like San José ($25+), providing cost-effective entry for mid-tier retailers. Footfall averages 4,500 visitors daily, influenced by proximity to residential neighborhoods and Route 32 highway, though it experiences seasonal dips during the rainy period (May to November).
Accessibility is facilitated by public bus routes and on-site parking for 350 vehicles, but challenges include occasional flooding risks due to coastal location and traffic bottlenecks near the port. The demographic profile draws middle- and lower-income families (household income $800-1,500 monthly), port workers, and sporadic cruise tourists, with a tenant mix supporting categories like groceries (40% of space) and services (30%).
Leasing advantages include flexible terms for smaller spaces (50-200 sqm) and opportunities in underserved niches like health and wellness, but drawbacks encompass market saturation in apparel and vulnerability to banana export fluctuations, which account for 40% of local GDP.
Operational quality is adequate with air-conditioned common areas and security, yet aging infrastructure in some sections may require future capital investments.
Overall, it suits retailers targeting local loyalty over high-volume tourism.
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Hours of Operation
Hours
| Monday | 10:00 AM — 09:00 PM |
| Tuesday | 10:00 AM — 09:00 PM |
| Wednesday | 10:00 AM — 09:00 PM |
| Thursday | 10:00 AM — 09:00 PM |
| Friday | 10:00 AM — 10:00 PM |
| Saturday | 10:00 AM — 10:00 PM |
| Sunday | 11:00 AM — 06:00 PM |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographics and Footfall
The Limón region features a diverse demographic with 65% of residents aged 18-50, primarily employed in agriculture, shipping, and tourism sectors, yielding average household sizes of 4.2 and incomes centered at $1,000 monthly. Centro Comercial Limon Norte benefits from this base, attracting 4,000-5,500 daily visitors, with peaks of 7,000 on weekends driven by family shopping. Cruise ship influx adds 500-1,000 extra during dry season (December-April), but overall footfall lags behind San José malls by 50%, per ICEX retail data, due to limited tourism infrastructure and rainy season reductions of up to 25%. This supports stable but modest sales volumes for essential goods retailers.
Tenant Mix and Competition
The centers tenant composition includes 45% grocery and essentials, 25% fashion and accessories, 15% dining, and 15% services, with local brands dominating to align with budget-conscious shoppers. Key anchors provide draw, but competition from nearby Plaza Puerto Limón, boasting national chains like Walmart and higher footfall (8,000 daily), pressures non-essentials, resulting in 10-20% lower comparable sales in categories like electronics. Market reports from Colliers International note saturation in food services, with 12 outlets here versus regional average, potentially diluting traffic per tenant amid informal markets eroding 15% of retail spend.
Lease Terms and Risks
Standard leases span 3-7 years with 5-8% annual escalations tied to inflation, offering incentives like 2-3 months free rent for new tenants committing over 100 sqm. Rents at $14/sqm average position it as affordable, but risks include economic ties to volatile banana and coffee exports (30% GDP impact from price swings) and climate vulnerabilities, with 2022 floods disrupting access for weeks. Aging HVAC systems (built pre-2010) pose maintenance costs, and high vacancy in luxury segments (15%) signals caution for premium brands, per Cushman & Wakefield insights, emphasizing need for diversified tenant strategies.
Building Details
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Limón
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City Snapshot
Limón
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