Tortoise Properties Acquires Prime Parcel in West Palm Beach

Rhea-AI Summary

Tortoise Properties, LLC has acquired over 2 acres in downtown West Palm Beach for a Class A+ mixed-use development featuring 264 luxury apartments and lifestyle retail. This property is strategically located on the 40-acre NORA redevelopment corridor. The acquisition complements Tortoise Properties’ portfolio, which includes significant assets like the fully leased 172,000-square-foot office campus in Boca Raton. CEO James D. Geleerd highlighted the growing demand for rental housing in the area, citing its favorable business conditions and population growth.

Positive

• Acquisition of prime 2+ acre property in West Palm Beach for luxury apartments and retail.
• Complement to an expanding portfolio with previously successful developments.
• Expected high demand for rental housing due to population growth.

Negative

• None.

Plans for Luxury Apartments, Retail

WEST PALM BEACH, Fla.--(BUSINESS WIRE)-- Tortoise Properties, LLC -- a privately held real estate group based in Palm Beach County -- announces it closed on a prime 2+ acre property located in downtown West Palm Beach with site plan approval for a Class A+ mixed-use development featuring 264 luxury apartments and lifestyle retail. The Property is located at 370-375 Eucalyptus, West Palm Beach. The seller was WPB-Resland Interests, L.P. and Susan Thomas and Robert Anderson from Touchstone Webb managed the sale transaction.

Located at the forefront of the prime 40-acre NORA mixed-use redevelopment corridor in West Palm Beach, Tortoise Properties -- a privately held real estate group based in Palm Beach County-- plans a new Class A+ mixed-use development, including 264 luxury apartments and lifestyle retail. (Photo: Tortoise Properties, LLC)

Tortoise Properties is working closely with the City of West Palm Beach to obtain its building permit to begin construction in 2022. The property’s premiere location is at the forefront of the 40-acre NORA mixed-use redevelopment corridor.

This new acquisition complements Tortoise Properties’ portfolio that includes these recent Palm Beach County assets:

• Jupiter Innovation Center located at 1701 Military Trail, a 190,000 -square-foot office building on 16 acres acquired in early 2020 with nearly 40% vacancy and now is 98% leased with high-profile tenants, including Jupiter Medical Center, Florida Turbine (Kratos on NASDAQ), and National Dentex (owned by Cerberus). The project includes developing another 50,000-square-foot office building on the north portion of the site, located less than two minutes from Jupiter Medical Center.
  
• 1501 Yamato Road in Boca Raton in The Park at Broken Sound, a 172,000-square-foot Class A prime office campus currently 100% leased by ADT Security (NYSE: ADT). This asset includes an attached five-story covered parking garage, a “Main Street Atrium” featuring Google-campus-style amenities, all ideally located within minutes from the private Boca Raton Airport (with its own onsite U.S. Customs Office), the Tri-Rail commuter train and I-95.

“For several years we have recognized the accelerated momentum and positive attributes that cities like West Palm Beach, Jupiter and Boca Raton have to offer, so not surprisingly in 2017 we made a conscious, strategic decision to forgo our traditional New York and Chicago markets and focus on South Florida,” reported Tortoise Properties CEO James D. "Jake" Geleerd. He cited the reasons were clear: the burgeoning population growth and relocations with the substantial benefits of no state income-tax, pro-business local and state governments, amazing year ‘round climate, a growing job pool and an educated workforce. “We also continue to witness the remarkable influx of billionaires and other high net worth individuals moving both their personal residences and businesses into the market and investing significant capital.”

Geleerd added that “delivering 264 new apartments in a highly desired market that needs more rental housing to meet the demands of its growing population is just another step in our long journey. Just like the tortoise, we continue to stick our necks out for the right opportunities, proceed carefully and methodically in the path of growth, and provide safe and welcoming work/play/interactive office and home environments featuring state-of-the-art amenities and lifestyle.”

About Tortoise Properties
Tortoise Properties, LLC is a real estate company focused on acquiring and developing legacy residential and commercial properties in South Florida and other strategic US locations. For more information visit: www.tortoiseproperties.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211214005970/en/

Bonnie S. Kaye, Kaye Communications, Inc., 561-392-5166-office/561-756-3099-mobile

Jon A. Kaye, Kaye Communications, Inc., 561-392-5166-office/561-756-3097-mobile

 

Source: Tortoise Properties, LLC

FAQ

What is Tortoise Properties planning in West Palm Beach?

Tortoise Properties is planning a Class A+ mixed-use development that includes 264 luxury apartments and lifestyle retail.

When does Tortoise Properties expect to begin construction?

Tortoise Properties is working to obtain building permits and aims to begin construction in 2022.

Why did Tortoise Properties focus on South Florida?

The company cited population growth and favorable business conditions as reasons for focusing on South Florida instead of traditional markets.

Who were the sellers of the West Palm Beach property?

The sellers were WPB-Resland Interests, L.P., and managed by Susan Thomas and Robert Anderson from Touchstone Webb.