MINNESOTA — Marcus & Millichap has arranged the sale of a 24-property self-storage portfolio in Minnesota for an undisclosed price. Nathan Coe, Gabriel Coe and Brett Hatcher of Marcus & Millichap represented the seller, KO Storage, and procured the undisclosed buyer. The portfolio spans more than 700,000 net rentable square feet.
MARION, IOWA — MAG Capital Partners LLC has sold a 48,237-square-foot manufacturing facility in Marion, a northwest suburb of Cedar Rapids. A private West Coast-based partnership purchased the asset for an undisclosed price. Judd Dunning of DWG Capital Group represented both the buyer and seller. The property serves as the corporate headquarters of Advanced Material Processing, which focuses on material processing equipment for the food and beverage, pharmaceutical, nutraceutical and chemical sectors. MAG Capital Partners acquired the property in a sale-leaseback transaction in October 2020.
BRIDGETON, MO. — IMPACT Strategies is beginning work this month on a project to convert a former Bank of America branch building into a medical marijuana dispensary for Proper Cannabis in Bridgeton, a northwest suburb of St. Louis. The 2,500-square-foot project will include renovations to both the building’s interior and exterior. The building marks the third location that IMPACT has built for Proper Brands. The $1 million project is slated for completion in November. Proper Brands also operates locations in Crestwood, Warrenton and South County, Mo.
OAK LAWN, ILL. — Friedman Real Estate has brokered the sale of a 1,500-square-foot auto retail property located at 4819 W. 93rd St. in the Chicago suburb of Oak Lawn. The sales price was undisclosed. Torrey Lewis and Kellen Duggan of Friedman represented the undisclosed seller. N3 Property Advisors was the buyer.
AUSTIN, TEXAS — Houston-based investment firm Disrupt Equity has purchased Array Apartments, a 369-unit multifamily property in Austin’s Riverside District. The property was built in 1973 and features one-, two- and three-bedroom floor plans. The amenity package comprises two pools, two dog parks, a sports court, clubhouse, outdoor grilling and dining areas and onsite laundry facilities. Disrupt Equity’s in-house team will manage the property, and the new ownership also plans to implement a value-add program. The seller and sales price were not disclosed.
LA PORTE, TEXAS — Florida-based investment firm DLP Capital and Dallas-based Elevate Commercial Investment Group have acquired Domain at Morgan’s Landing, a 350-unit apartment community located in the eastern Houston suburb of La Porte. Built in 2021, the garden-style property houses one-, two- and three-bedroom units and offers amenities such as a pool, movie screening room, lounge with billiards and poker tables, fitness center, video arcade, a dog park and outdoor grilling stations. The seller and sales price were not disclosed.
DALLAS — Greysteel has arranged the sale of Meadows at Ferguson, a 264-unit apartment complex in northeast Dallas. Built in 1983, the property offers one-, two- and three-bedroom units. According to Apartments.com, residences have an average size of 825 square feet, and amenities include a pool, playground and picnic areas. Doug Banerjee, Jack Stone and Andrew Mueller represented the buyer and seller, both of which requested anonymity, in the transaction. The new ownership plans to implement a value-add plan.
WORCESTER, MASS. — Shawmut Design & Construction has topped out a $325 million academic building that will be part of the UMass Chan Medical School in Worcester. The nine-story, 350,000-square-foot building will primarily be used to house and conduct biomedical research. Construction originally began in November 2020 and is slated to be complete in 2024.
CONSHOHOCKEN, PA. — LCOR, a developer with three offices in the Mid-Atlantic region, has begun leasing The Birch, a 304-unit apartment community located in the northern Philadelphia suburb of Conshohocken. The property offers studio, one- and two-bedroom units and 17,000 square feet of amenity space that houses a pool, fitness center, lounges and a golf simulator. Rents start at $1,755 per month for a studio apartment. The first move-ins will begin on Sept. 1.
ALLENTOWN, PA. — Bellwether Enterprise Real Estate Capital has arranged a $20 million loan for the renovation and construction of Cityplace North & South, a 204-unit apartment complex in the Lehigh Valley city of Allentown. The North Building is a conversion of a hotel into apartments that opened in early 2020, and the South Building is ground-up construction. An undisclosed life insurance company provided the loan. The borrower was also not disclosed.