CLYDE, OHIO — A private investor in California has acquired the ground lease for a 4,000-square-foot AutoZone property in Clyde for $7111,111. Mac McCall of Franklin Street Real Estate Services represented the seller, a Georgia-based developer in the transaction. AutoZone has more than 10 locations in Ohio and 4,600 locations nationwide.
LIDO, N.Y. — Stalco Construction has started work on the $16.5 million expansion and renovation of the Long Beach High School in Lido. The school is located at 332 Lagoon Drive W. and currently houses 1,400 students. The project will include the construction of a new, 20,000-square-foot addition to the main building, renovation to the existing three-story school and the construction of new outdoor sports facilities. The high school project is scheduled for completion in 2014 and will be completed in 10 phases. In addition to Stalco, the general contractor, the project team includes architect CS Arch; Savin Engineers; Ryan-Biggs Associates; Lewis Engineering; The Chazen Cos.; and HMH Site & Sports Design.
LANSDALE, PA. — Metso Automation USA has signed a 50,000-square-foot lease at 2750 Morris Road in Lansdale. The company supplies technology and services to the process industry, which includes mining and construction. Justin Bell and Neil Shupak of Newmark Knight Frank Smith Mack represented Metso in the transaction. Metso expects to open its new facility in January 2013. 2750 Morris Road is the 650,000-square-foot former Visteon Corp. electronics facility that closed in 2009.
WALPOLE, MASS. — Three tenants have joined Walpole Park South Building 8, a newly constructed speculative office and warehouse building along U.S. Route 1 in Walpole, raising occupancy to 92 percent at the building. Catherine Minnerly and Ovar Osvold represented the property owner in the transactions. Certifit, a national auto parts store, signed a lease for 29,622 square feet. Minnerly and Osvold represented the tenant in the deal. PSS World Medical, a medical supplies and equipment distributor, inked a lease for 47,606 square feet. Shirley Smith of Pointline Inc. represented the tenant. Keefe Commissary Network, which provides specially packaged products for purchase by inmates at correctional facilities, will take 30,242 square feet of space. Doug Bock of CRESA Partners represented the tenant.
FAIRFIELD, N.J. — A joint venture between Time Equities and Bergman Real Estate Group has acquired 155 Passaic Ave., a four-story office building in in Fairfield, for $5.6 million. Originally acquired by Bergman Real Estate in 2001, the 88,000-square-foot building will be refinanced as part of a strategic plan to reposition the property with the financial backing of Time Equities. Prior to closing, 155 Passaic Ave. was 57 percent occupied, but due to pre-leasing efforts during negotiations, occupancy has risen to 82 percent. New tenants in the building include Daniella Koren, a healthcare marketing firm and Mortgage Master, a mortgage company.
SAN ANTONIO — San Antonio-based LYND has partnered with Miami Lakes, Fla.-based Florida Venture Partners (FVP) to acquire 11 distressed multifamily properties with a loan balance of $200 million. The properties total 3,241 units and are located in seven states: Texas, Georgia, Florida, South Carolina, Virginia, Colorado and California. LYND used capital from a co-investment fund for the acquisition. LYND and FVP plan to rehabilitate the properties and hold them for multiple years. CBRE brokered the court-appointed receivership sale.
STILLWATER, OKLA. — Oklahoma State University (OSU) and A&M Board of Regents have selected Tulsa, Okla.-based KSQ Architects to design a new, $42 million residential hall serving the students of OSU in Stillwater. The new community will replace Kerr-Drummond Hall on the site of Kaye Barrett Droke Track on Hall of Fame Avenue at Cleveland Street. The project will feature 800-900 rooms.
MOORE, OKLA. — Inland Real Estate Acquisitions has acquired The Shops at Moore, a 259,996-square-foot shopping center located in Moore, for $38.75 million. JC Penney anchors the center, which includes other tenants such as Ross Dress for Less, Best Buy, Bed Bath & Beyond, Office Depot, Hobby Lobby, Famous Footwear and Rue21. Inland was self-represented in the transaction by Matt Tice.
COLLEGE STATION — ARA National Student Housing Group has arranged the sale of The Zone and The Enclave, two student housing properties serving the students of Texas A&M in College Station. The Zone is a 240-unit, 588-bed property featuring a resort-style pool, fitness center, tanning facilities, basketball and volleyball courts, game room with billiards and a business center. The Enclave is a 340-unit, 536-bed property featuring a resort-style pool, tanning facilities, a basketball court and a sand volleyball court. Chris Bancroft, Chris Epp and Kelly Witherspoon of ARA represented the sellers in the transaction. Both properties are 98 percent occupied. The buyer was Horizon Realty Advisors.
HOUSTON — Chicago-based Brennan Investment Group and DLJ Real Estate Capital Partners have acquired a nine-building industrial portfolio totaling 338,577 square feet in Houston. Brennan and DLJ plan to reposition and lease up the portfolio.