CHARLOTTESVILLE, VA. — Dominion Realty Partners (DRP), in partnership with Stony Point Development Group (SPDG), has announced plans to break ground on Rio Point Apartments, a multifamily development in Charlottesville. United Bank will provide construction financing and Quad Capital Partners is providing equity for the project, which is scheduled to begin construction in the coming days. Upon completion, the property will total 328 units, with 15 percent of residences designated as affordable housing for residents earning 80 percent of the area median income (AMI). Apartments will feature one-, two- and three-bedroom layouts. Amenities will include a pool with grilling stations, fitness center and an interior park with a separate dog park. The first units of Rio Point are scheduled for completion in summer 2025.
FLORENCE, ALA. — Birmingham-based Oakley Group has acquired Deerfield Place, a 110-unit apartment community located at 137 Deerfield Place in Florence. Built in 2018 and totaling 137,500 net rentable square feet, the property comprises 13 one- and two-story buildings. Pinehurst Investments, the original developer, sold the community to Oakley Group for an undisclosed price. David Sizemore of CommerceOne Bank arranged acquisition financing on behalf of the buyer in the form of a fixed-rate, five-year loan. The property was 95 percent occupied at the time of sale. Oakley Group plans to implement improvements to the community, including the addition of a fitness center and outdoor gathering place. Arlington Properties will continue to serve as the onsite management firm on behalf of the new owner.
ELMWOOD, LA. — The Feil Organization has signed two industrial leases totaling 20,700 square feet at Elmwood Distribution Center in Elmwood, about nine miles west of New Orleans. Mayesh Wholesale Florist and 1-800 Radiator will occupy 9,500 and 11,200 square feet at the property, respectively. Built in 1974, Elmwood Distribution Center totals 411,689 square feet at 5600 Jefferson Highway, with warehouse suites ranging from 5,625 to 25,000 square feet. Bert Duvic of Max Derbes represented 1-800 Radiator in the lease negotiations. Gerard Henry, also of Max Derbes, represented Mayesh Wholesale Florist. Feil was represented on an in-house basis by Katina Spera.
SAN ANTONIO — A partnership between San Antonio-based Bakke Development Corp. and Atlanta-based Batson-Cook Development Co. (BCDC) has broken ground on a 751-unit self-storage facility at the corner of SW Loop 410 and Palo Alto Road in San Antonio. The facility will span 86,475 net rentable square feet of space. Project partners include Alamo Architects, civil engineer INK Civil, general contractor Independent Contractors and construction lender Security State Bank. Completion is slated for the second quarter of 2025. The project marks the seventh self-storage collaboration between Bakke and BCDC, with construction on the most recent project, a 773-unit facility in Weslaco, beginning earlier in March.
GEORGETOWN, TEXAS — Control Panels USA has preleased a 145,950-square-foot industrial project in the northern Austin suburb of Georgetown. The manufacturer will occupy the entirety of Building 2 at CrossPoint Business District, the first phase of which will feature 488,758 square feet across three buildings and 61.7 acres. The company expects to take occupancy in January 2025. Darryl Dadon and Olivia Reed of CBRE represented the landlord, a partnership between Jackson-Shaw and Diamond Realty Investments, in the lease negotiations.
QUINLAN, TEXAS — Marcus & Millichap has arranged the sale of The Lake Tawakoni Portfolio, a collection of storage and hospitality properties in Quinlan, about 45 miles east of Dallas. The portfolio consists of 219 RV sites, 198 storage units, 39 cabins and 39 boat slips across three properties. Brad Dorsey, Skyler Henderson, Blake Eisenberg, Edgar Martinez and Katie Eaton of Marcus & Millichap brokered the deal. The buyer and seller were not disclosed.
NORMAN, OKLA. — The Boulder Group, a brokerage firm specializing in single-tenant, net-leased retail deals, has arranged the $3.7 million sale of a building at 3501 NW 36th Avenue in Norman, Okla. CVS occupies the building, which according to LoopNet Inc. was built in 2010 and totals 12,888 square feet. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a California-based 1031 exchange investor, in the transaction. The seller was undisclosed.
HOUSTON — Hospitality group Noble 33 has opened Toca Madera, a 14,000-square-foot Mexican steakhouse restaurant, in Houston. The space is located within The Allen, a mixed-use development near Buffalo Bayou Park and can accommodate almost 400 patrons. Monochrome designed the restaurant space, which also features an outdoor dining patio, two full-service bars, a private member’s club and a private dining room. Locally based developer DC Partners owns The Allen.
EAST FISHKILL, N.Y. — A global automotive manufacturer has preleased the entirety of Hudson Valley Logistics Center, a 540,688-square-foot industrial project that is under construction in East Fishkill, about 60 miles north of New York City. The name of the tenant was not disclosed, but local publication Mid Hudson News reports that the company is Stellantis, a multinational manufacturer based in The Netherlands. The building, which is slated for a third-quarter delivery, features a clear height of 36 feet, 120 dock positions, three drive-in doors and parking for 134 trailers and 212 cars. A joint venture between Bluewater Property Group and Affinius Capital owns Hudson Valley Logistics Center. Rob Kossar, David Knee, James Panczykowski, Dave MacDonald and Charlotte Belling of JLL negotiated the deal on behalf of both parties.
AURORA, ILL. — MLG Capital has acquired Orchard Village, a 272-unit multifamily property in the western Chicago suburb of Aurora. The purchase price was undisclosed. Built in 2000, the community is located at 1240 W. Indian Trail. Amenities include a heated pool, clubhouse, fitness center and dog park. MLG acquired an interest in the property using 1031 exchange proceeds from its Legacy Fund, which offers a tax-deferred exit strategy for private real estate owners. Orchard Village marks MLG’s ninth acquisition in metro Chicago. The firm owns more than 1,700 units in Illinois.