JLL Puerto Rico Sales Parcel CP-7 in Palmas del Mar
The buyer will develop a mixed-use grocery anchored community center on the property.
Humacao, PR. (February 1, 2023) -- JLL Puerto Rico Realty & Co S en C, a division of Jones Lang LaSalle Inc (NYSE:JLL), a world leader of integrated commercial real estate services, announced today that it represented Palmas del Mar Properties Inc. (PDMPI), in the sale of approximately 8.4 acres of development land known as parcel CP-7 and located at the intersection of Country Club Drive and Palmas Drive in the resort community of Palmas del Mar, Humacao, PR. The closing took place in San Juan, PR on December 30, 2022. The buyer of the property was Palmas Town Center GP/LP LLC (PTC) a Puerto Rico based limited liability company.
Palmas Town Center will develop a mixed-use grocery anchored community center on the property with groundbreaking expected in the 3rd quarter of 2023. In addition to a community grocery store the 60,000 square foot town center will include a tenant mix to serve the needs of the growing Palmas del Mar Community and include a pharmacy, local shops and restaurants, medical spa, medical offices, gym, and bank. The design of the center will blend with the surrounding neighborhood of Palmas del Mar and provide open green and landscape spaces, covered areas for outdoor dining, and ample parking for both vehicles and golf carts. Charging stations for EVs are included in the plan.
JLL has also been retained by the Palmas Town Center GP/LP LLC to provide leasing, design and construction services for the property. Vice President of Transaction Management, Vanessa Perez and Transaction Advisor, Veronica Montalvo are heading up the leasing of the center and can be reached at the local JLL office in Guaynabo 787-777-5800.
Find out more about this project here.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.