PORTER, TEXAS — EDGE Realty Partners has negotiated the sale of Shops at Porter, a 30,338-square-foot retail center located at 23611 Highway 59 N. in Porter, a northeastern suburb of Houston. Micha van Marcke and Chace Henke of EDGE represented the seller, SDI 59 Porter LLC, in the transaction. The buyer and sales price were not disclosed.
BROOKLYN CENTER, MINN. — Hanley Investment Group Real Estate Advisors has arranged the sale of a newly constructed building occupied by Bank of America in Brooklyn Center, a northern suburb of Minneapolis, for $2.7 million. The 4,370-square-foot property, which opened in late 2019, is situated on one acre at 2545 County Road 10. Jeff Lefko and Bill Asher of Hanley represented the seller and developer, Minneapolis-based Told Development. Carlos Aguilar of Axia Real Estate Group represented the New Jersey-based private buyer.
MODESTO, CALIF. — The Mogharebi Group (TMG) has facilitated the sale of The Commons Apartments and Summerview Apartment Homes in Modesto. A Southern California-based investor sold the assets to a Bay Area-based private investor for $39.6 million. Built on a 4.33-acre site in 1989, the 100-unit The Commons is located at 1600 Standiford Ave., while the 136-unit Summerview is situated on 5.03 acres at 3601 Prescott Road. The properties feature a variety of amenities, including swimming pools, hot tub, 24-hour fitness centers and reserved covered parking. Alex Mogharebi and Otto Ozen of TMG represented the seller in the deal.
MCMINNVILLE, ORE. — McMinnville Properties, which Bill Stoller of Stoller Wine Group owns, has purchased a 285-acre campus in McMinnville. The site houses Evergreen Aviation & Space Museum, Wings & Waves Waterpark, The Lodge event and wedding venue, 220 acres of established vineyards and farmland, and a development site designed to accommodate a 99,000-square-foot hotel. The campus is located at 500 NE Captain Michael King Smith Way, 23 miles southwest of Portland and 30 minutes north of Salem. Salt Lake City-based Falls Event Center sold the asset for $9.5 million. Adam Taylor and Buzz Ellis of JLL Capital Markets represented the seller in the deal. The five-parcel property was been a tourist attraction since the aviation portion of the museum, which was not included in the sale, opened in 1991. Currently, the campus features original aviation museum plus the 120,000-square-foot Evergreen Aviation & Space Museum, which was added in 2008; Wings & Waves Waterpark, an all-season, family-friendly park that opened in 2011; and The Lodge, a former chapel with a 150-person capacity and event space. The asset also includes established agricultural land featuring a mix of vines and feed grass that is harvested by a third party. Additionally, the campus …
FRESNO, CALIF. — Marcus & Millichap has brokered the sales of two apartment communities located in Fresno. The properties — Boulder Springs and Meadowbrook Apartments – sold for a combined cost of $38.5 million. Built in 1985 on 11.6 acres, Boulder Springs features 176 units, a fitness center, swimming pool, spa and basketball and tennis courts. The property, which is located at 3515 W. San Jose Ave., traded at $25 million, or $142,045 per unit. Located at 4912 N. Seventh St., Meadowbrook Apartments was built in 1971 on a 309,960-square-foot lot. The 39-building asset features 39 two-bedroom/one-bath units and 65 two-bedroom/two-bath units. The price was $13.5 million. Jon Mimms of Marcus & Millichap represented the undisclosed sellers and procured the undisclosed buyers in both transactions.
SAN MARCOS, CALIF. — Stos Partners has acquired an industrial and cold storage facility located at 505 S. Pacific St. in San Marcos. Markstein Beverage Co., a beer distributor, sold the asset for $18.9 million in an off-market transaction. Stos Partners plans to implement a series of renovations and capital improvements to the 113,500-square-foot property, which is currently vacant, and repurpose it as a last-mile distribution center. Situated on 10 acres, the facility features 20-foot to 27-foot clear heights, 7.19 acres of truck storage, UPS docks, a cold storage component and an on-site management building. Bob Willingham and Ronald King of Kidder Mathews represented the buyer and seller in the deal.
GREELEY, COLO. — Schuman Cos. has completed the sale of Bears Village Apartments, a multifamily property located at 509 18th St. in Greeley. California-based Black Point Capital acquired the asset for $12.9 million, which equates to $131,633 per unit and $193.58 per square foot. Over the past three years, the seller repositioned the 98-unit property from a student housing community to a market-rate apartment complex, including the addition of new systems and a fitness center. Previous to Schuman Cos.’ ownership, the University of Northern Colorado owned the asset. At the time of sale, the property was 97 percent occupied, of which 27 percent were students. Phil Dankner of Unique Properties / TNC Worldwide and Greystone-Unique Apartment Group, handled the transaction. Walter Scruggs of Black Point Capital worked with John Stewart of Grandbridge Real Estate Capital to secure acquisition financing.
NEW YORK CITY — Marcus & Millichap has brokered the $16.7 million sale of a 48-unit multifamily property in Queens. Located at 31-65 29th St., the 39,549-square-foot building features studio, one-, two- and three-bedroom floor plans, and offers convenient access to LaGuardia Airport. Matt Fotis, Lazarus Apostolidis, Zachary Golub and Paul Youssef represented the seller, a private investor. The buyer was also an undisclosed private investor.
IRMO, S.C. — Capstone Apartment Partners has arranged the $37.6 million sale of Ardmore Ballentine, a 315-unit multifamily community in Irmo. The property offers one-, two and three-bedroom floor plans that were 94 percent occupied at the time of sale. Communal amenities at the gated community include a pool, clubhouse, fitness center, picnic/grilling area, pet park, car care center and laundry facilities. Ardmore Ballentine was built in 2012 and is situated at 114 Ballentine Crossing Lane, 17 miles northwest of downtown Columbia. Austin Green, Caleb Troop and Alex McDermott of Capstone represented the seller, Greensboro, N.C.-based Ardmore Residential, in the transaction. Triangle Real Estate of Gastonia Inc. acquired the community.
OPA-LOCKA, FLA. — Lee & Associates has arranged the $2.3 million sale of a 32,897-square-foot industrial and office building in Opa-Locka. The property is situated at 4600 NW 128th St., two miles from the 850,000-square-foot Amazon Mega Distribution Center and nine miles north of Miami International Airport. The building comprises 22,620 square feet of warehouse space and 10,277 square feet of office space and the option to build out an additional 3,462 square feet of office space. The facility offers front and rear loading, six dock height doors, one drive-in door, a truck court, 21-foot clear ceiling heights and two freight elevators. The buyer, Blue Ring Plastics LLC, plans to expand its avionics operations at the site. Avionics is the electronic systems used on aircraft, artificial satellites and spacecraft. Matthew Rotolante and Conner Milford of Lee & Associates represented the seller, Brain Power Investments LLC, and the buyer in the transaction.