Plaza Centro Mall

Plaza Centro Mall is a major retail complex in Caguas, Puerto Rico. It consists of two connected but historically distinct portions: Plaza Centro I, the original retail center opened in 1986, and Plaza Centro II, a later expansion that developed into the enclosed shopping-mall component. Together, the properties form a roughly one-million-square-foot commercial destination serving Caguas and surrounding communities in Puerto Rico's eastern-central region. The first phase was developed by S.B.S.C.A. Associates and opened in 1986 with Kmart and Pueblo Xtra as its principal anchors. The project reportedly required a $13 million investment financed by Banco Popular de Puerto Rico. Initially conceived as an outdoor shopping center, Plaza Centro I established the site as a significant retail location along the Caguas transportation network. A major transformation began in the late 1990s. JCPenney announced plans to establish a Caguas location as part of its expansion in Puerto Rico, while Plaza Centro II was developed as an enclosed extension. The 280,000-square-foot expansion was inaugurated in 2000 and linked the two portions of the property. At that point, the combined Plaza Centro Mall was reported to contain approximately 980,000 square feet of retail space and more than 50 stores, restaurants, and entertainment tenants. The opening-era tenant mix included national chains, Puerto Rican retailers, specialty stores, a food court, and Caribbean Cinemas. Over time, the mall's tenant base changed in response to shifts in department stores, discount retail, supermarkets, restaurants, entertainment, and service businesses. Burlington occupied space formerly used by Pueblo Supermarkets in 2008. PetSmart opened in 2011 as part of an expansion that also brought other retailers and services to the property. Local chains such as Me Salvé and Grand Way later added stores, while Walgreens, Kmart, Pueblo Supermarkets, Masso, and other former anchors eventually departed. The former Kmart premises remained vacant after Kmart announced its closure in 2020, before being selected for a Ross Dress for Less store scheduled to debut in 2025. Ownership and property control have not been uniform across the complex. Kimco Realty acquired the Plaza Centro II component through a proposed 2006 transaction involving properties previously associated with RD Management. Plaza Centro I was separately held by MJS Caguas Limited Partnership and became the subject of a foreclosure dispute in 2021. BH Properties acquired that first-phase strip-center property out of foreclosure in 2022. The enclosed and adjacent Plaza Centro II property was not included in that foreclosure transaction. The complex continues to function as a regional shopping and services destination. Its reported anchor and major-tenant mix includes JCPenney, Sam's Club, Costco, Burlington, Ross Dress for Less, PetSmart, OfficeMax, Planet Fitness, Chili's, and Chuck E. Cheese, alongside outparcel businesses such as Pep Boys, AutoZone, Walmart Supercenter, LongHorn Steakhouse, and Ponderosa Steakhouse. Plaza Centro's role is primarily practical and regional: it combines department stores, warehouse clubs, discount apparel, specialty retail, food, entertainment, fitness, automotive services, and everyday consumer services in one large commercial cluster.

Plaza Centro began in 1986 as an outdoor shopping center in Caguas, Puerto Rico. Developed by S.B.S.C.A. Associates, the first phase opened with Kmart and Pueblo Xtra as its major anchors. The project was reportedly financed through a $13 million loan from Banco Popular de Puerto Rico. Its location near major roads serving Caguas and the eastern-central part of the island helped it develop as an important regional retail site. The complex expanded substantially during the late 1990s and 2000. Plaza Centro II was created as an enclosed extension, and JCPenney identified Caguas as one of its planned Puerto Rican locations. In August 2000, a 280,000-square-foot expansion connecting the original center and the new enclosed component was reported as complete. The combined property was then known as Plaza Centro Mall and was described as containing approximately 980,000 square feet of retail space. Its early tenant roster included department stores, apparel and specialty retailers, banks, jewelry stores, entertainment businesses, and a food court containing national restaurant chains and local operators. The tenant mix continued to evolve through the 2000s. Chuck E. Cheese announced plans for a second Puerto Rican location at the mall in 2005. A proposed transaction involving RD Management and Kimco Realty in 2006 included Plaza Centro properties. Burlington opened in 2008 in space formerly occupied by Pueblo Supermarkets. In 2009, construction began on an IHOP restaurant, reflecting the site's role as more than a conventional shopping-mall destination. A further expansion and repositioning occurred around 2010–2011. PetSmart opened an approximately 18,000-square-foot store, and Liberty Cablevision moved a customer-service operation to the complex. Additional retailers, restaurants, service businesses, and specialty stores joined the property, helping raise occupancy and reinforcing Plaza Centro's combination of shopping, dining, entertainment, and everyday services. Local retailers subsequently expanded at the site, including Grand Way in 2016 and Me Salvé in 2019. The property also experienced the pressures affecting Puerto Rican and U.S. retail. Walgreens closed its location in 2018 after Hurricane Maria disrupted operations and contributed to a wider group of closures. Kmart announced the closure of its Plaza Centro I store in 2020 after more than 30 years. The vacant Kmart premises later became the planned home of Ross Dress for Less. Plaza Centro I and Plaza Centro II have had separate ownership histories. Plaza Centro II has been associated with Kimco Realty and includes major tenants such as Costco, Sam's Club, JCPenney, and PetSmart. Plaza Centro I was held by MJS Caguas Limited Partnership and became embroiled in foreclosure litigation in 2021 after an alleged loan default. BH Properties acquired Plaza Centro I out of foreclosure in 2022. At the time of that acquisition, the strip-center phase was reported to be about 50 percent occupied and to contain 29 tenants. The complex remains an active commercial destination. Its current or recently reported major tenants include JCPenney, Sam's Club, Costco, Burlington, Ross Dress for Less, PetSmart, OfficeMax, Planet Fitness, Chili's, and Chuck E. Cheese. Outparcel businesses include Pep Boys, AutoZone, Walmart Supercenter, LongHorn Steakhouse, and Ponderosa Steakhouse. Party City's later closure illustrates continued tenant turnover, but the combined site remains anchored by a diversified mix of national chains and Puerto Rican businesses.

• 2025

  Ross Dress for Less was scheduled to open

  [1]Plaza Centro Mallen.wikipedia.org

  Ross planned to occupy the former Kmart location in Plaza Centro I.

• 2022

  BH Properties acquired Plaza Centro I

  [1]Plaza Centro Mallen.wikipedia.org

  The first-phase strip center changed hands through a foreclosure acquisition.

• 2020

  Kmart closed

  [1]Plaza Centro Mallen.wikipedia.org

  The long-standing Kmart anchor in Plaza Centro I announced its closure.

• 2011

  PetSmart joined the expanded tenant mix

  [1]Plaza Centro Mallen.wikipedia.org

  PetSmart opened a new store during a six-month expansion that also added retailers, restaurants, and services.

• 2008

  Burlington became an anchor

  [1]Plaza Centro Mallen.wikipedia.org

  Burlington opened in the former Pueblo Supermarkets space.

• 2000

  Plaza Centro II expansion opened

  [1]Plaza Centro Mallen.wikipedia.org

  The enclosed expansion connected with Plaza Centro I and brought the combined complex to approximately 980,000 square feet.

• 1998

  JCPenney expansion plans included Caguas

  [1]Plaza Centro Mallen.wikipedia.org

  JCPenney was reported to be planning a Caguas store as part of its Puerto Rico expansion.

• 1986

  Plaza Centro I opened

  [1]Plaza Centro Mallen.wikipedia.org

  The original outdoor shopping center opened in Caguas with Kmart and Pueblo Xtra as its main anchors.

A broad-based regional shopping destination combining an enclosed mall, strip-center retail, warehouse clubs, restaurants, entertainment, fitness, and automotive outparcels.

• Strip shopping center · 1986

  Plaza Centro I

  The original 1986 phase of the Plaza Centro complex. It began as an outdoor shopping center and later operated as a separate strip-center property with retail, restaurants, and service tenants. The phase includes the former Kmart premises, later selected for Ross Dress for Less, and has had a separate ownership and foreclosure history from the enclosed Plaza Centro II component.

• Enclosed shopping mall · 2000

  Plaza Centro II

  The enclosed expansion developed between the late 1990s and 2000. It connected with Plaza Centro I and added substantial retail, dining, entertainment, and service capacity. Major tenants associated with this phase include JCPenney, Sam's Club, Costco, PetSmart, and OfficeMax.

• Retail and commercial services · 1986

  Mall retail and services

  Plaza Centro's broader offering spans department-store merchandise, warehouse-club goods, discount clothing, pet products, office supplies, restaurants, family entertainment, fitness, automotive services, and everyday consumer services. The complex combines enclosed-mall tenants with strip-center and outparcel businesses.

• 2022

  Transfer Plaza Centro I through foreclosureM&A

  Background

  Plaza Centro I became subject to foreclosure litigation concerning an alleged default on a commercial loan.

  Action taken

  BH Properties acquired the first-phase strip center out of foreclosure.

  Aftermath

  Plaza Centro I and Plaza Centro II continued as adjacent but separately controlled components of the larger complex.

  Loan and claimed collection amount. $28 million loan; $24.6 million collection and foreclosure claim reported (2021 litigation)

  Source

• 2020

  Close the Kmart anchorOther

  Background

  Kmart announced the closure of its Plaza Centro I store after more than three decades of operation.

  Action taken

  The store entered liquidation and subsequently vacated the premises.

  Aftermath

  The large space remained vacant until Ross Dress for Less selected it for a planned 2025 opening.

  Source

• 2011

  Expand the tenant and service mixStrategy

  Background

  The property sought to improve occupancy and strengthen its position as a multipurpose regional destination.

  Action taken

  PetSmart, Liberty Cablevision, restaurants, specialty retailers, and other service businesses were added or relocated during a six-month expansion.

  Aftermath

  The mall was reported to have reached its highest occupancy level in years and to contain more than 100 stores, restaurants, and entertainment businesses.

  Source

• 2008

  Replace the former supermarket anchor with BurlingtonProduct launch

  Background

  Pueblo Supermarkets had formerly occupied a major portion of the center's anchor space.

  Action taken

  Burlington opened an approximately 37,000-square-foot store in the former Pueblo space.

  Aftermath

  The change reinforced the complex's emphasis on value-oriented apparel and general merchandise.

  Source

• 2000

  Connect the original center with an enclosed expansionStrategy

  Background

  The original outdoor shopping center was expanded to respond to regional demand and broaden the project's retail and entertainment offer.

  Action taken

  A 280,000-square-foot enclosed phase was built and linked with Plaza Centro I, creating the combined Plaza Centro Mall.

  Aftermath

  The combined complex reached approximately 980,000 square feet and became one of Puerto Rico's largest shopping destinations.

  Source

1. 1Plaza Centro Mallen.wikipedia.org