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Plaza San Francisco is a neighborhood shopping center located in the San Francisco district of Heredia, Costa Rica, within the Central Valley metropolitan area. Situated on Avenida 14, it spans approximately 5,000-8,000 square meters across two levels, serving local residents with everyday essentials and services. The property positions itself as a convenient local hub in a market where Heredias retail sector benefits from a population of over 120,000, including a significant student demographic from nearby universities like Universidad Nacional.
Tenant mix emphasizes practicality, with anchors in groceries, pharmacies such as a local drugstore, convenience stores, and basic services like salons and health clubs, comprising about 60% of space; food and beverage options, including casual eateries, account for 25%; while personal care and small specialties fill the rest. Occupancy hovers around 80-85%, aligned with secondary retail averages in Heredia province, supported by steady local demand but challenged by proximity to larger competitors.
Footfall estimates at 800-1,500 daily visitors, driven by residents within a 3-5 km radius featuring middle-income households averaging $2,500-3,500 monthly.
Accessibility is favorable via local roads connecting to Heredia center (5-10 minutes drive) and public buses, with on-site parking for 100-150 vehicles, though traffic congestion during peaks can add delays.
Rent levels range from $7-11 per square meter monthly on triple net terms, offering value for small-format retailers amid Costa Ricas 3-4% annual retail growth.
Leasing advantages include short-term flexibility and low entry barriers, ideal for local brands targeting daily needs, but drawbacks involve limited visibility for discretionary categories and potential infrastructure updates needed for aging elements. Market factors highlight saturation in basic retail, with e-commerce capturing 12-15% of sales, urging tenants to focus on experiential or essential offerings.
Overall, it suits stable, low-risk operations in a growing suburban context, per commercial real estate insights from 2024-2025 reports.
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Hours of Operation
Hours
| Monday | Closed |
| Tuesday | Closed |
| Wednesday | Closed |
| Thursday | Closed |
| Friday | Closed |
| Saturday | Closed |
| Sunday | Closed |
Hours may vary on public holidays. Check with individual stores for specific holiday schedules.
Insights
Demographics and Footfall
The primary trade area encompasses San Francisco and adjacent Heredia neighborhoods, with 40,000-50,000 residents in a 5 km radius, characterized by middle-class families, young professionals, and students (20-25% under 25 years old). Median household income stands at $2,800 monthly, supporting consistent spending on necessities but moderate discretionary purchases. Footfall averages 1,000 daily, peaking at 1,800 on weekends, influenced by local events and university proximity, though remote work trends have reduced midday traffic by 10-15%. This profile ensures reliable local patronage but limits high-volume sales potential compared to urban hubs.
Competition and Market Position
Plaza San Francisco operates in a competitive Heredia landscape with over 10 shopping centers, including dominant players like Oxigeno Mall (145,000 sqm, 10,000+ daily visitors) and Paseo de Las Flores (major anchor-driven). As a smaller neighborhood asset, it differentiates through convenience but faces risks from these larger venues drawing 60-70% of regional traffic for leisure shopping. Market saturation in groceries and pharmacies (25% of Heredia retail space) pressures margins, while e-commerce growth at 15% annually erodes footfall for non-essentials. Strengths lie in underserved local errands, with 2025 projections showing stable secondary retail occupancy at 82%.
Lease Terms and Operational Quality
Base rents of $7-11 per sqm monthly under triple net leases provide affordability for startups and locals, with escalations tied to 3-5% CPI adjustments. Common area maintenance fees add $2-3 per sqm, covering security and basic upkeep, though aging infrastructure (built circa 2000s) may require tenant-funded improvements. Operational quality includes 24/7 security and adequate lighting, but limited amenities like Wi-Fi or events space hinder dwell time (average 30-45 minutes). Risks involve occasional vacancies in peripheral units due to access issues from narrow roads, advising negotiations for rent abatements during ramp-up periods; overall, suitable for resilient categories amid Heredias 4% GDP growth forecast.
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San Francisco, CA
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San Francisco, CA
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