AUSTIN, TEXAS — A joint venture between Houston-based Hines and New York-based investment firm Galesi Group will develop a 1.7 million-square-foot industrial park in northeast Austin. The site at the corner of Harris Branch Parkway and Parmer Lane spans 150 acres. Powers Brown Architecture is designing the project, the first phase of which will consist of three buildings totaling 315,000 square feet. A construction timeline was not disclosed.
EDGEWATER, FLA. — Tampa-based Onicx Group has acquired 83 acres of industrial land in Edgewater in a joint venture with Aries Capital. The companies, which acquired the site for $4.2 million, will develop a 1 million-square-foot industrial park called Space Coast Industrial Park at Parktowne. Groundbreaking for the development is expected in January 2023. Phase I will include the construction of two buildings comprising 133,500 and 176,000 square feet, for a total 309,500 square feet. Completion of the first phase is anticipated for the first quarter of 2025. Orlando-based C4 Architecture will serve as the project’s architect. Scott Claiborne of Onicx led the site identification and development approval process, with Neil Freeman, Matt Carney and Brandon Perdeck of Aries overseeing the land acquisition and transaction structure and financing.
DALLAS — Chicago-based brokerage firm Triad Real Estate Partners and Worldwide Commercial have arranged the sale of McCallum Communities, a 419-unit multifamily property in North Dallas. The property offers one- and two-bedroom floor plans and amenities such as a pool, fitness center, playground and outdoor grilling and dining areas. A Texas-based private investment firm sold the property to a New Hampshire-based owner-operator for an undisclosed price.
STONE MOUNTAIN, GA. — A joint venture between Kaplan Residential and Dune Real Estate Partners has broken ground on Avondale East, a multifamily development that will comprise 239 townhomes in Stone Mountain, roughly 10 miles east of Atlanta. Situated on 20 acres at 3940 Redan Road, the community will feature townhomes with one-, two- and three-bedroom floorplans. Amenities will include an 8,000-square-foot clubhouse, a fitness center, coworking space, lounge, pool, walking trails, pocket parks and fire pits. Locally based Brock Built Homes is the general contractor for the project, with Niles Bolton Associates serving as the architect. Focus Design Interiors and J Lancaster Associates Inc. are providing interior design and civil engineering, respectively. Kaplan acquired the land from The Paideia School in 2021 for $6.5 million.
SAVANNAH, GA. — Vista Residential Partners and Batson-Cook Development Co. (BCDC) have broken ground on Riverchase Vista, a 300-unit apartment development located on 15 acres in Savannah. The community, which marks the third joint development project between the two companies, will feature homes in one-, two- and three-bedroom layouts, with an average size of almost 1,000 square feet. Amenities will include a clubhouse, pool, fitness center, pet park and 24/7 package concierge services. First tenants are expected to move in by early 2023, according to the developers.
CHARLOTTE, N.C. — Ram Realty Advisors has purchased South End Business Park, a 377,000-sqaure-foot office park located in Charlotte’s South End district. Patrick Nally, Hunter Barron and Alexis Kaiser of JLL arranged the transaction on behalf of the seller, Stockbridge. Built in phases from 1979 to 1984, the property was expanded in 2017 with the addition of a new, 50,000-square-foot building. Ram Realty plans to redevelop the business park but did not disclose a timeline.
LUTZ, FLA. — SRS Real Estate Partners has arranged the sale of a 4,854-square-foot, single-tenant retail building in Lutz, approximately 15 miles north of Tampa. Chick-fil-A occupies the property via a ground lease and plans to open next month. Patrick Nutt and William Wamble of SRS represented the seller, Ferber Development, in the $2.7 million transaction. A private Florida-based investor acquired the property, which is located at 17693 Harpers Run and is an outparcel to Cypress Ranch, a 164-acre mixed-use development project.
DALLAS — Locally based investment firm WindMass Capital has recapitalized The Elise, a 341-unit apartment community in East Dallas. Specifically, WindMass Capital received a $7.6 million preferred equity investment from Miami-based multifamily owner-operator Pensam and refinanced the property’s existing debt with an undisclosed lender. Built in 1987, The Elise features one- and two-bedroom units and amenities such as a pool, fitness center and onsite laundry facilities.
SAN ANTONIO — Locally based developer Koontz Corp. has broken ground on The Savoy Apartments, a 300-unit multifamily project located at the 10.4-acre site of the former Royal Fiesta movie theater in San Antonio. Savoy will offer one- and two-bedroom apartments, as well as two pools, landscaped courtyards and a dog park. Garcia + Associates is the project architect, and Pape-Dawson is the civil engineer. Koontz Corp. is also serving as the general contractor. Construction is expected to be complete before the end of 2024.
ODESSA, TEXAS — Marcus & Millichap has brokered the sale of a 54,678-square-foot industrial building located at 8100 N. County Road W. in the West Texas city of Odessa. According to LoopNet Inc., the single-tenant property was built on 5.6 acres in 1959 and features 29-foot clear heights. Adam Abushagur and Davis Cagle of Marcus & Millichap represented the seller, a private investor, in the transaction. Additional terms of sale were not disclosed.