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Plaza del Este, located at Ave. 65 Infantería (PR-3) & PR-8887, Carolina, PR 00987, is an open-air retail center in the San Juan metropolitan area. Anchored by IKEA (287,000 sq ft store opened in 2023), it includes Marshalls, HomeGoods, and T-Mobile, focusing on home furnishings, discount apparel, and electronics. The center spans approximately 400,000 sq ft and serves a trade area with 2.2 million residents.
Carolina's demographics feature a population of 154,000, median household income of $25,000, and a mix of families and young professionals. Strong accessibility via PR-3 highway and proximity to Luis Munoz Marin International Airport enhance traffic. In Puerto Rico's retail market, with 50 million sq ft inventory and 6.5% vacancy, the center benefits from value-driven tenant mix.
Leasing advantages include competitive rents around $25 psf NNN and high visibility. However, competition from adjacent Plaza Carolina (1 million sq ft enclosed mall with 170+ stores) may split footfall.
Operational quality is good post-IKEA renovation, but open-air design exposes to weather risks. Market factors include PR's economic recovery and tourism growth, though hurricane vulnerability remains a concern.
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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
Demographic Profile
The primary trade area encompasses Carolina and surrounding San Juan suburbs, with 154,000 local residents and 2.28 million in the metro area. Median age is 41, household size 2.8, and income $24,800. High Hispanic population (99%) and 25% poverty rate indicate demand for affordable retail. Vehicle ownership is 85%, supporting drive-to shopping patterns. Growing middle class and proximity to airport attract tourists, boosting seasonal footfall.
Accessibility and Footfall
Ave. 65 Infantería provides direct highway access, with daily traffic counts over 50,000 vehicles. Ample free parking (ratio 5:1) facilitates easy access. IKEA anchor drives estimated 7,000-10,000 daily visitors, with peak weekends. However, reliance on anchors for traffic; secondary tenants may see lower independent draw. Public transit limited, favoring car-dependent shoppers.
Lease Terms and Risks
Average asking rents $22-28 psf NNN, with total occupancy costs $40-50 psf including CAM and taxes. Lease terms typically 5-10 years, with percentage rent clauses. Low market vacancy supports stable occupancy, but economic volatility in PR (unemployment 8%) poses risks. Competition from e-commerce and nearby malls like Plaza Carolina could pressure sales. Infrastructure modern, but hurricane-prone location requires robust insurance.
Building Details
Detailed Market Analytics
City Snapshot
Carolina
Comprehensive market intelligence for retail expansion in this city
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City Snapshot
Carolina
Comprehensive market intelligence for retail expansion in this city
