The Belz Report, Spring 2000
2000, Volume 1PAGE 5

Belz Factory Outlet World - Puerto Rico:
Under Construction and Pre-leasing Has Never Been Stronger

With its beautiful beaches, tropical rain forests and friendly locals, it is not hard to understand why Puerto Rico is a favorite among tourists who visit the Caribbean Islands. In fact, four million tourists visit the island annually spending a total of $1.7 billion dollars. Considering approximately ten percent of travelers visit a specific location with its shopping options in mind, it is not surprising that Belz Enterprises began construction in 1998 on the first-ever enclosed factory outlet mall in Puerto Rico.

Strategically located on the east side of San Juan at the intersection of Highway 66 and PR-3 in Canovanas, Belz Factory Outlet World will take advantage of high-volume traffic brought on by the booming tourism industry, as well as that of the 3.7 million Puerto Rican residents.

“We believe this development will set the standard for factory outlet shopping in the new millennium,” said Andrew J. Groveman, president of Belz’s Factory Outlet Division.

In addition to the factory outlet stores, Belz Factory Outlet World - Canovanas will feature an all-stadium seating, multiplex movie theater and an impressive food court with rockscapes and waterfalls, completing an exotic rain forest theme. The 315,000-square-foot leasable area will be comprised of five connected buildings, each with a different mood and streetscape depicting Old San Juan. In its initial phase, the center will house approximately 80 tenants. Belz Enterprises plans to open the much-anticipated center in the spring of 2001.

“Pre-leasing has never been stronger,” commented Groveman. “Belz Factory Outlet World - Canovanas is more than 65 percent pre-leased -- this is a ‘tenant-driven’ location.”

Belz Enterprises developed and currently manages factory outlet malls in some of the world’s most active tourist locations. With nearly one million square feet of outlets in Orlando and approximately 600,000 square feet on “The Strip” in Las Vegas, Belz caters to the 40 million plus tourists that visit each of these cities annually. Belz Factory Outlet World - Pigeon Forge is also positioned to take advantage of more than 11 million tourists that visit the city each year. In addition, Belz Enterprises has factory outlet malls in St. Augustine, Florida and Lakeland, Tennessee, where the company opened the first enclosed factory outlet mall in the United States 21 years ago.

Photo at top:

  1. Belz Factory Outlet World – Puerto Rico is already over 65 percent pre-leased.

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