The Strand shopping center on West Bay Road, home to numerous stores, restaurants and medical and dental offices, has gone on the market for just over US$15 million.
The Foster’s Food Fair supermarket and Kirk Freeport store, which are based at The Strand but are independently owned, are not part of the sale.
In all, 24 units, including the Whiskey Mist bar, are being sold. Realtor Kim Lund said the new owner would inherit the rental agreements with store owners on the site.
Other businesses at the Strand include Paperman’s Coffee House, The Strand Dental Clinic and the Canton Chinese Restaurant.
“The rental agreements vary from between three and 20 years, so it won’t impact the retailers at all at this point,” Mr. Lund said.
He said the current owners decided to sell in order to raise money for other investments. He said the shopping center provided a net return of between 7 percent and 9 percent from rental incomes. There is also potential to develop further units on the site, he added.
Mr. Lund said The Strand, close to The Ritz-Carlton, Grand Cayman and Seven Mile Beach, has the best location of any shopping center on the island.
“Cayman is starting an unprecedented development boom that will add massive infrastructure, not only to the Seven Mile Beach corridor, but other areas of Grand Cayman as well. The Strand Shopping Center is an investment opportunity located in the very heart of this boom,” he said in promotional literature for the sale.
The shopping center, comprising 79,758 square feet of owner and tenant space on a 6-acre site, was the largest in Grand Cayman when it was completed in 1997.