The Warwick, RI-based developer is using the Altamonte Springs, FL, team to push the project on the northwest corner of Bennington Drive and Homestead Boulevard. The land was carved from a 30-acre tract intended for industrial development, Tom Bell of Reliant Commercial Real Estate Services in Houston tells GlobeSt.com. He and Reliant's Steve Jarnigan represented Picerne in acquiring the land from Cypress-Industrial Co-Investment LP of Austin. James Foreman in the Houston office for Cushman & Wakefield of Texas Inc. represented the seller, who was seeking $2.25 per sf.
According to Bell, the balance of the site has been sold to an industrial developer, possibly for a distribution center, who was the only competitor vying for the property. Picerne chased the site because it already carried the HUD-qualified census tract designation for affordable housing funding. Bell says the site's demographics include positioning along a bus route and part of an area that's had little new development in recent years. Bell estimates it will take a year to deliver the complex.
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