Western Auto takes a 20-year ground lease in San Juan, starting at $200,000 a year
Western Auto of Puerto Rico, Inc. has taken a 20-year ground lease on a 4,469 m2 / 48,103 sq ft lot on Avenida José de Diego in Gobernador Piñero, San Juan, from 2 Squared LLC. The deed that turns the lease into a public deed was signed on September 2, 2026, and entered the Property Registry the next day with a value of $3,156,500.
The terms
Rent starts at $200,000 a year and rises every five years, to $231,525 a year in years 16 to 20. The tenant holds four five-year renewals, which would take the lease to 40 years and total rent to $9,551,109. The $3,156,500 on the registry entry is the value the deed gives to the first 15 years of rent and to two rights the lease grants the tenant, an exclusive use and a right of first offer.
The lease allows the display, storage and sale of automotive parts, accessories and supplies on the land, or any other lawful use.
The land
The leased lot is the remnant of industrial lot 44 of a registry property in Monacillos, and part of a 35,518 m2 / 382,312 sq ft property at 46 Avenida de Diego. 2 Squared LLC acquired the land from Suiza Dairy Corporation in a deed of August 15, 2025 that also covered three other registry properties, one of them in Ponce.
