NEW YORK CITY — Marcus & Millichap has brokered the $12.2 million sale of The Prospect Slope Portfolio, a collection of five buildings in Brooklyn that total 18 market-rate apartments and seven commercial spaces. The buildings were originally constructed in 1915. Andrew Bronsteen, Joe Koicim, Mark Zarrella, Peter Von Der Ahe and Shaun Riney of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
BRYAN, TEXAS — San Diego-based investment firm CEG Multifamily has purchased Springs at University Drive, an apartment community located in the Central Texas city of Bryan. According to apartments.com, the property totals 216 units and offers amenities such as a pool and a fitness center. Springs at University Drive was built in 2017 on 13 acres and is located less than five miles from Texas A&M University. Will Balthrope, Jennifer Campbell, Tommy Lovell III, Richard Robson and Will Griffin of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller, Continental Properties, and the buyer in the transaction.
HUNTSVILLE, ALA. — Cushman & Wakefield has arranged the $46.6 million sale of Ascent at Jones Valley, a 431-unit apartment community in Huntsville. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a clubhouse, fitness center, pool, a playground and tennis courts. The asset was originally developed in 1978 and was renovated in 2018. The seller, Stonecutter Capital Management, implemented $2.2 million in upgrades, including a renovated swimming pool area, upgraded tennis courts and a new fitness center. The buyer, Wicker Park Capital Management, plans to expound on the renovations. Jimmy Adams and Andrew Brown of Cushman & Wakefield represented the seller in the transaction.
MONTGOMERY, ALA. — Franklin Street has arranged the $18.5 million sale of a two-property multifamily portfolio in southeast Montgomery. The portfolio comprises the 240-unit Fields One Center and the 242-unit Fields Carriage Hills. Fields One Center is located at 4220 Strathmore Drive, which is situated two miles from Fields at Carriage Hills at 3364 Fountain Lane. The properties each offer one-, two- and three-bedroom floor pans averaging 970 square feet. The properties were 72 percent occupied at the time of sale. Communal amenities at the assets include three swimming pools, two clubhouses, a fitness center, business center, playground, tennis courts, storage space and laundry facilities. Dan Phelan, Jake Reid, Chad Defoor and Alex Croy of Franklin Street represented the seller, Houston-based Elite Street Capital, in the transaction. Atlanta-based Two Waters Capital Management acquired the portfolio.
LEXINGTON, KY. — NAI Isaac has brokered the sale of a 29,240-square-foot office building formerly leased to American National University in Lexington. Quality Logistics LLC, a third-party logistics company specializing in shipping of fresh, frozen and dried goods, acquired the property for an undisclosed price. The buyer also expects to move into the space by early 2021. The office building is situated at 2376 Sir Barton Way, six miles east of downtown Lexington. Bruce Isaac, Al Isaac and Paul Ray Smith of NAI Isaac, along with Matt Smyth of Colliers International, represented the seller, Corolla Management Corp., in the transaction. David Allen of areaLex Real Estate represented the buyer.
HOUSTON — Newcor Commercial Real Estate has brokered the sale of a 21,261-square-foot office and warehouse building located at 3367 N. Sam Houston Parkway W. in Houston. The property is situated on 1.3 acres and offers two conference rooms, executive offices, a gym and two kitchen areas. David Alexander of Newcor represented the seller, NOCNIR LLC, in the transaction. Josh Morrow of Avison Young represented the buyer, DLAC Ventures LLC.
KATY, TEXAS — Marcus & Millichap has arranged the sale of a 40,511-square-foot retail building net-leased to Louetta Automotive at 4019 FM 1463 in the western Houston suburb of Katy. James Bell of Marcus & Millichap represented the buyer, a limited liability company that acquired the single-tenant property via a 1031 exchange, in the transaction. The seller was not disclosed.
WICHITA, KAN. — Berkadia has brokered the sale of a five-property multifamily portfolio in metro Wichita. The garden-style assets include Eastgate, High Point East, Morgan’s Landing, Springcreek and Northridge Crossing Apartments. The portfolio totals 696 units. Alex Blagojevich, Michael Sullivan, Brett Meinzer and Dominic Martinez of Berkadia brokered the sale. Peter Benedetto of Berkadia originated acquisition financing through Fannie Mae on behalf of the buyer, Colorado-based Monarch Investment and Management Group. The seller and sales price were undisclosed.
NORCROSS, GA. — JLL has arranged the $11.7 million sale of Plaza 85 Business Park, a nine-building industrial and office building campus in Norcross. The property comprises 191,526 square feet and is situated on 13.8 acres. The industrial building feature 12- to 18-foot clear heights, dock-high and drive-in doors and a combination of rear- and front-loading configurations. At the time of sale, the asset was leased to 31 tenants. The business park is situated at 5970-6040 Unity Drive, less than one mile from Interstate 85 and 18 miles northeast of downtown Atlanta. Dennis Mitchell, Matt Wirth, Britton Burdette and Crosby Taylor of JLL represented the seller, Sperry Equities, in the transaction. Atlanta-based WePartner purchased the asset.
WORCESTER, MASS. — Marcus & Millichap has brokered the sale of a 301-unit CubeSmart self-storage facility in the central Massachusetts city of Worcester. The property features 19,776 square feet of net rentable climate-controlled space. Nathan Coe, Brett Hatcher, Gabriel Coe and Joseph French Jr. of Marcus & Millichap represented the seller, a limited liability company, in the transaction. The buyer was also an undisclosed limited liability company.