NAI Puerto Rico Opens Under New Ownership
NAI Puerto Rico Opens Under New Ownership
SAN JUAN, PUERTO RICO – After over 18 months without representation in Puerto Rico, NAI Global, the world’s largest network of commercial real estate firms, announced it has awarded a license to a venture between Arnaldo Oliveras Fernandez, owner of Space Mart Real Estate Solutions, and, Jeremy S. Larkin, co-founder and co-chairman of NAI Miami. The joint venture will operate under the management of Arnaldo Oliveras, as NAI Puerto Rico Commercial Real Estate Services, Worldwide with offices in San Juan which will initially serve the entire island and future plans of establishing offices on the west and south sides of the island.
The new NAI Puerto Rico plans to disrupt commercial real estate brokerage in the commonwealth. Unlike prior global firms which operated or have an office in Puerto Rico, NAI Puerto Rico will operate as a bridge between Puerto Rico, the United States and the world assisting new to market businesses expanding to Puerto Rico, and assisting our local clients in their expansion to the United States: especially in Central Florida. For the first time, a global commercial real estate firm will offer the deep, in-country knowledge and understanding of local customs and practices provided by native son, Arnaldo Oliveras, combined with the experience and advisory services of Jeremy Larkin.
Space Mart Real Estate Solutions, which was merged into the joint venture, was created in May 2009 by Mr. Oliveras. He has operated as a full service commercial real estate firm serving commercial clients throughout Puerto Rico and the Caribbean, spearheading the expansion of national and international concepts to the Puerto Rico and Dominican Republic markets. During that time, Mr. Oliveras has been the State Director for the Caribbean chapter of the International Council of Shopping Centers (ICSC) for four years. He is the recipient of several awards including Caribbean Business’ 40 Under 40, Caribbean Business Company Profiles for three years, Caribbean Business People to Watch for three years, and the Caribbean Business Influential Business Man for four years.
With the commonwealth’s current economic, infrastructure and fiscal issues, NAI Puerto Rico will benefit from the joint venture’s combined experience and through the advisory services of Mr. Larkin’s extensive experience in distressed assets and governmental activities. He has decades of experience in assisting banks, third party and private lenders, as well as other note holders with transitioning assets between parties, providing needed services through the transition, while devising and implementing an appropriate strategy to accomplish each client’s unique goals and objectives based on their individual circumstances. His governmental history spans decades supporting local governmental units maximizing the return on public assets through their liquidation, contribution to a public/private partnership or redevelopment to create positive cash flowing assets while remaining focused on the asset’s primary purpose.
In addition to his responsibilities at NAI Miami, Jeremy Larkin is chairman of the NAI Global Leadership Board, which represents the 7,000+ brokers who work worldwide throughout the organization.
“I am thrilled to be partnering with Arnaldo” said Jeremy Larkin. NAI Puerto Rico is bridging Puerto Rico to the U.S. mainland and the world. It will bring additional resources to Puerto Rican investment firms, hoteliers, owners, developers, retailers, office and industrial users and provide a consistent, dependable, global platform in which to operate.”
The timing is a bonus for NAI Puerto Rico as few real estate companies understand the opportunities for tax incentives and superior return on investment in Puerto Rico. In 2012, the Puerto Rican government created a strong economic and tax incentive program with the purpose of helping businesses become more profitable. Act 20 is known as the “Export Services Act” which provides tax exemptions and credits to businesses engaged in eligible activities in Puerto Rico. Act 22, known as the “Individual Investors Act”, provides exemptions to eligible individuals residing in Puerto Rico.
“We plan to help investors understand these tax incentives to benefit from them when possible” said Jeremy. “This is one more way we can bring full service knowledge to our clients.”
Arnaldo Oliveras Fernandez, Managing Partner of NAI Puerto Rico agreed. He added, “There has been a strong demand from one group of clients who want to expand to Florida and another group which wants more sophisticated processes and advanced technology while being sensitive to local practices and customs” stated Arnaldo. “With this venture, our clients retain local expertise, roots, and knowledge, while adding a strong Global platform, advanced technology, and best practices to achieve their in-country and offshore goals.
About NAI Puerto Rico
NAI Puerto Rico is a full service commercial real estate organization with major emphasis on distressed asset solutions, working with both local and national banks, Foreign National buyers, and real estate sales, leasing and management. We thrive in turning our customer’s vision into a profitable reality, and guarantee quality in all our work; most importantly, timely results. To learn more, visit www.naipuertorico.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing over 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. To learn more, visit www.naiglobal.com or www.naiglobalnewslink.com.