NEW ORLEANS — Gayle Benson, owner of the NFL’s New Orleans Saints and NBA’s New Orleans Pelicans, plans to acquire 1515 Poydras, a 27-story office tower in downtown New Orleans’ central business district. Benson is under contract and the sale is expected to close in mid-July. The seller and sales price were not disclosed. Built in 1983, the tower comprises 529,000 rentable square feet of office space and a 494-space structured parking garage. The property occupies an entire city block bounded by Poydras, Perdido, LaSalle and Freret streets. Future development plans for 1515 Poydras were not disclosed, but Benson has shared she “has no plans” for the property to “compete in the traditional office tenant marketplace.” Benson has tapped Sue Tucker, formerly with JLL now with Corporate Realty Inc., to oversee property management at 1515 Poydras. Other New Orleans properties owned or once-owned by Benson include Dominion Tower (Benson Tower), the New Orleans Centre Mall (now Champions Square), the Mercedes-Benz Van Center of New Orleans and the 1,100-room Hyatt Regency Hotel.
SAVANNAH, GA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has secured $77.3 million in construction financing for Central Port Logistics Tract 3, an industrial development in Savannah. The property, which is situated within the Central Port Logistics Center industrial park near the Port of Savannah, will comprise three speculative industrial facilities totaling 1.2 million square feet. Sunny Sajnani and Travis Headapohl of IPA’s Dallas office arranged the non-recourse through an undisclosed life insurance company on behalf of the borrower, Capital Development Partners. The developer expects Central Port Logistics Tract 3 to deliver and be fully occupied by November 2026.
BRASELTON, GA. — Stonemont Financial Group has sold Braselton Broadway 85, a 234,133-square-foot distribution center located at 1394 Broadway Ave. in Braselton, about 49 miles northeast of Atlanta. The facility, which was fully leased at the time of sale, sits on a 21.5-acre site along State Highway 124. Nuveen purchased Braselton Broadway 85 for an undisclosed price. Also in the metro Atlanta region, Stonemont Financial recently sold Chamblee International Logistics Park and is nearing completion on Stonemont Park 75 South in Locust Grove.
HOUSTON — Stream Realty Partners has brokered the sale of a 60,486-square-foot industrial building in northwest Houston. According to LoopNet Inc., the building at 6450 Bingle Road was built on 3.6 acres in 1979 and features 18-foot clear heights, seven dock-high doors and 10,000 square feet of office space. Jack Rathe, Heath Donica and Tyler Maner of Stream Realty represented the seller, RAM Interests LP, in the transaction. Bill Ginder of Caldwell Cos. and Matt Catt of Kidder Matthews represented the buyer, an entity doing business as HS Property TX3 LLC.
PLANO, TEXAS — Bradford Commercial Real Estate Services has arranged a 17,861-square-foot office lease at One Legacy Circle, located northeast of Dallas in Plano. The 214,110-square-foot building, which recently underwent capital improvements, is now fully leased. Jared Laake of Bradford represented the landlord, an out-of-state partnership managed by local investment firm Gildenson Real Estate, in the lease negotiations. Michael Griffin of Transwestern represented the tenant, mortgage services company ServiceLink of Texas, which plans to relocate in October.
ENTERPRISE, ALA. — Legacy Realty Group has negotiated the sale of Westgate Shopping Center, a 132,737-square-foot shopping center located in Enterprise, roughly 30 miles east of Dothan. Piggly Wiggly anchors the center, which features a mix of additional tenants including Petsense, H&R Block, Rituals Salon & Day Spa, Rent-A-Center, Metro by T- Mobile, Beef ‘O’ Brady’s and Yancey Parker’s. Built in 1966, the property is situated on 6.4 acres, according to LoopNet. Jacob Baruch, Daniel Baruch and Ari Warshaw of Legacy Realty Group Advisors represented the buyer in the transaction. Pat Leggett of Century 21 Regency Realty represented the seller.
AUSTIN, TEXAS — TORA, a Japanese culinary concept centered on sushi and founded by restaurateur Seigo Nakamura, will open a new restaurant at EastVillage, a 425-acre mixed-use development in northeast Austin. The menu will also feature seasonal omakase selections, premium sake and modern Japanese small plates. The opening is scheduled for December. Buffalo-based Reger Holdings owns EastVillage.
FARMINGDALE, N.Y. — A partnership between Empire State Development and the State University of New York (SUNY) has broken ground on a $75 million academic project in Farmingdale, located on Long Island. Designed by Urbahn Architects, the three-story, 52,000-square-foot building will be the new computer sciences facility for Farmingdale State College and will feature an 1,800-square-foot business incubator on the ground floor. The second floor will have six classrooms, a seminar room, conference room, faculty offices and administrative spaces. The third floor will include six computer labs and offices, and both the second and third floors will have student lounges that overlook the campus. Completion is slated for 2028.
WEST HOLLYWOOD, CALIF. — Goodyear Investments, a private investor, has purchased The Shops at Hancock Lofts, a retail condominium property in West Hollywood, from an institutional owner for $13 million. Located at 8759, 8761 and 8763 Santa Monica Blvd., The Shops at Hancock Lofts features 10,513 square feet of fully leased retail space and a parking garage. Current tenants include Tender Greens, Thirty-2 Dentistry and Crossroads Trading. Patrick Wade and Alex Kozakov of CBRE represented the seller in the transaction.
SANTA MONICA, CALIF. — A joint venture between Tova Capital and Shopton Capital has acquired a freestanding retail property located on a 15,000-square-foot corner lot at 801-805 Wilshire Blvd. in Santa Monica. The asset traded for $5.5 million. Originally developed in 1981, the single-story building offers 7,500 square feet of retail space. At closing, the property was 40 percent leased to Commercial Bank of California. The joint venture plans to make upgrades to the property including a new storefront, exterior lighting upgrades, paint and facade enhancements to lease vacancy and stabilize the asset. Luc Hawkshaw, Eric Mandell and Jeffrey Ahn of Ally Commercial represented the buyers in the deal. The name of the seller was not released. Ryan Gurman of CBRE has been retained to handle leasing activities at the property.