WEST PALM BEACH, FLA. — J.P. Morgan has provided a $96.4 million construction loan for the development of a 22-story apartment tower in downtown West Palm Beach. The borrower is a joint venture between the developer, Hyperion, and affiliates of Starwood Capital Group and Winter Properties. Located at 201 Clearwater Drive, the unnamed tower will include 457 apartments, 7,000 square feet of ground-floor retail space, a 628-space parking garage and more than 34,000 square feet of indoor and outdoor amenities. Hyperion is expected to begin construction soon, and the development is slated to be open to renters in early 2024.
NEW ORLEANS AND GONZALES, LA. — California-based Passco Cos. has purchased two apartment communities in Louisiana totaling 602 units in two separate transactions. The properties include the 330-unit Canal 1535 in downtown New Orleans and the 272-unit Sawgrass Point in the Baton Rouge submarket of Gonzales. Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing for both transactions. Mike Kemether of Cushman & Wakefield and Larry Schedler, Cheryl Short and Christian Schedler of Larry G. Schedler & Associates Inc. were the brokers in the Canal 1535 transaction. Chad Rigby and Saban Sellers of Stirling Investment Advisors and Telly Fathaly of Walker & Dunlop were the brokers in the Sawgrass Point deal. The sellers and the sales prices were not disclosed. The acquisitions bring Passco’s Louisiana portfolio to nearly 1,700 units.
PORT CHARLOTTE, FLA. — Franklin Street has brokered the $8.8 million sale of a single-tenant retail property within Port Charlotte Town Center, a shopping center in Port Charlotte anchored by Target and Publix. The 91,498-square-foot store is leased to Bealls and is one of the retailer’s top 10 performing stores in the country, according to Franklin Street. Bryan Belk, John Tennant, Chris Adams and Sam Roe of Franklin Street’s Atlanta office represented the seller, an affiliate of RCG Ventures, in the transaction. Texas-based Ford & Sons Real Estate Investors is the buyer.
ANNA, TEXAS — PC5 Properties, a holding company of HOLT CAT, an authorized dealer of products by construction machinery manufacturer Caterpillar, has acquired Anna Business Park. The 82-acre industrial development is located about 60 miles north of Dallas. Located at the northeast corner of the Collin County Outer Loop and State Highway 5, the site can support more than 3 million square feet of industrial development. The Anna Economic Development Corp. and the Anna Community Development Corp. sold the property for an undisclosed price.
FLOWER MOUND, TEXAS — Realty Capital will develop Terranea at Lake Grapevine, a 200-unit apartment complex in Flower Mound, located in the northern central part of the metroplex. Designed by Merriman Anderson Architects, Terranea at Lake Grapevine will rise 16 stories and include townhouses, penthouses and retail space in addition to traditional rental units. Amenities will include a pool deck overlooking Lake Grapevine, a fitness center, golf simulator, game room, bar, dog wash, storage and outdoor gathering spaces. Construction is slated to begin this summer and to be complete in 2024.
IRVING, TEXAS — Cushman & Wakefield has negotiated a trio of office leases totaling roughly 128,000 square feet at VariSpace Las Colinas, a 312,000-square-foot building in Irving. Aviation engineering firm CAE signed a lease for 16,000 square feet; Caris Life Sciences inked a deal for 37,000 square feet; and an undisclosed education organization committed to 75,000 square feet. Cushman & Wakefield’s Johnny Johnson and Chris Taylor represented the landlord, Vari, a provider of office furniture and other workplace solutions, in the lease negotiations. Jeff Eiting of CBRE represented CAE, and Greg Burns of ESRP represented Caris Life Sciences.
HOUSTON — Locally based developer Avera Cos. has broken ground on a 120,022-square-foot industrial project that will be located on an 8.2-acre site in north Houston. The building will be the fourth within Avera’s Century Plaza Distribution Center and will feature 32-foot clear heights, 195-foot truck court depths and an ESFR sprinkler system. Construction is scheduled for a second-quarter 2023 completion. CBRE will lease the building.
DALLAS — Austin-based investment firm Long View Equity has acquired Preston Grove, a 111,286-square-foot office park in Dallas. The three-building complex is situated on a seven-acre site on the city’s north side. Steve Simon, Steve Rowland and Chris Lipscomb of Transwestern represented the seller, Reserve Capital Partners, in the transaction. Additional terms of sale were not disclosed.
STAMFORD, CONN. — CBRE has brokered the $72 million sale of 400 Atlantic Street, a 508,043-square-foot office building in the downtown area of Stamford, about 40 miles outside of New York City. At the time of sale, 400 Atlantic Street was 30 percent leased. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer and Travis Langer of CBRE, in collaboration with Meredith LaPier of Advisory and Transaction Services, represented the seller, an affiliate of Charter Communications Inc., in the transaction. Charter Communications also previously used the 14-story building as its global headquarters but has since relocated to an 875,000-square-foot campus at 400 Washington Blvd. CBRE also procured the buyer, a partnership between George Comfort & Sons and AVG Partners, which plans to implement a value-add program.
WALLKILL, N.Y. — Long Island-based developer Eliviat Group, in partnership with Pyramid Management Group, will develop The Galleria Residences, a 224-unit multifamily project that will be located about 80 miles north of Manhattan in Wallkill. The site spans five acres and sits directly across from the Galleria Mall at Crystal Run. CT Male & Associates is designing the community, which will feature 122 one-bedroom units, 96 two-bedroom residences and six three-bedroom units. Amenities will include a rooftop lounge, dog park and office-style conference rooms. Construction is scheduled to begin in September and to be complete in June 2024.