CORINTH AND FORT WORTH, TEXAS — Marcus & Millichap has brokered a portfolio sale comprising two self-storage facilities totaling 1,321 units in the Dallas-Fort Worth metroplex. The portfolio spans 162,960 net rentable square feet. The first property is a 557-unit facility in Corinth, located north of the metroplex, and the second property is a 764-unit facility in Fort Worth. Both properties were built in 2018 and are managed by Extra Space Storage. Brandon Karr of Marcus & Millichap represented the seller and buyer, both of which requested anonymity, in the transaction.
BAKER CITY, ORE. — Faris Lee Investments has arranged the $7.3 million sale of a single-tenant, 48,239-square-foot retail property in Baker City. Albertsons, the tenant, has approximately 15 years remaining on its absolute triple-net lease. Chris DePierro, Jeff Conover and Scott DeYoung of Faris Lee Investments represented the Orange County-based seller in the transaction. The buyer was not disclosed. The Albertsons grocery store is located adjacent to Interstate 84. Other national tenants in this area include McDonald’s, Safeway, Rite Aid, Bi-Mart, Shell and Subway.
NEWTON, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the $22.6 million sale of Merriam Gateway Apartments, a 101-unit multifamily building in Newton, about 60 miles west of New York City. The unit mix comprises eight studios, three studios with lofts, 75 one-bedroom apartments and 15 two-bedroom apartments. In addition, the property houses 10,000 square feet of commercial space. Joseph Keenan of Kislak represented the seller, an entity doing business as Merriam Gateway Apartments Inc., in the transaction. Justin Lupo, also with Kislak, procured the buyer, an affiliate of Blue Diamond Equities LLC. The property, which has since been rebranded as The Cobbler Lofts, was roughly 95 percent occupied at the time of sale.
MARIETTA, GA. — North American Properties (NAP) has acquired The Avenue East Cobb, a 230,000-square-foot retail development in Marietta. The seller and sales price were not disclosed. The property’s tenant roster features national brands such as lululemon atheltica, Sephora, Pottery Barn, Simply Mac, Bed Bath & Beyond and Williams Sonoma, as well as regional concepts such as High Country Outfitters, Stockyard Burgers & Bones and Tin Lizzy’s Cantina. NAP’s repositioning plan calls for the addition of a central event lawn surrounded by restaurants with patios. Built in 1999, Avenue East Cobb was the first to be developed as part of Cousins Properties’ portfolio of lifestyle centers branded “Avenue.” NAP is a real estate operator and development company based in Cincinnati. Since announcing its value-add acquisition strategy in December 2019, NAP’s Atlanta office has executed redevelopment and repositioning plans at Colony Square in Midtown Atlanta; Newport on the Levee in Newport, Ky.; and Birkdale Village in Huntersville, N.C.
HIGH SPRINGS, FLA. — SRS Real Estate Partners has brokered the $4.8 million sale of a single-tenant grocery property located at 20303 N US Highway 441 in High Springs, a suburb of Gainesville. The tenant, Winn-Dixie, has more than 27 years of lease remaining at the location. The Winn-Dixie is part of a 57,850-square-foot shopping center. Built in 1985 on 5.2 acres, the tenant roster includes Bealls Outlet, Advance Auto Parts and Cricket Wireless. The seller, an entity doing business as H&R High Springs LLC, sold the property to Kamin Realty LLC. Kevin Yaryan, Kyle Stonis and Pierce Mayson of SRS represented the seller in the transaction. The buyer was self-represented.
PLANO, TEXAS — Miami-based ESJ Capital Partners has purchased Park Ventura, a 194,000-square-foot office building in Plano. The property was built between 1998 and 2000 and was 90 percent leased to tenants such as Chevron, Cardinal Financial and Radnet at the time of sale. Tom Strohbehn and Scot Farber of Younger Partners represented the undisclosed seller in the transaction. Greg Greene and Scott Lewis of CBRE arranged acquisition financing through Prime Finance on behalf of ESJ Capital Partners, which plans to implement a capital improvement program to upgrade Park Ventura’s utility systems and activate outdoor spaces.
RENO, NEV. — Versity Investments has acquired Wolf Run, a 429-bed student housing community serving students attending the University of Nevada, Reno, for $59 million. The property consists of 17 one-, two- and three-story residential buildings alongside a two-story clubhouse and leasing office. The seller in the transaction was undisclosed. “Wolf Run proved itself in this market over a very difficult last 12 months,” says Brian Nelson, president of the Aliso Viejo, California-based company. “We believe the property’s location being two blocks from campus and fresh renovations had everything to do with its 99 percent occupancy during COVID.”
GREEN BAY, WIS. — Colliers International has brokered the sale of Bayside Marketplace in Green Bay for $18.6 million. Anchored by Fresh Thyme, the 229,572-square-foot shopping center is located on South Oneida Street. Additional tenants include Joann, Dunham’s Sports, Xperience Fitness, Dollar Tree and OfficeMax. Adam Connor and Mark Pucci of Colliers Wisconsin and El Warner and Charley Simpson of Colliers Los Angeles represented the seller, Atlanta-based The Ardent Cos. An Austin, Texas-based private buyer purchased the asset.
RICHARDSON, TEXAS — MCR, a New York City-based hospitality owner-operator, has acquired the Courtyard by Marriott Dallas Plano/Richardson and the Residence Inn by Marriott Dallas Plano/Richardson. The two hotels total 261 rooms and are located on the northeastern outskirts of Dallas. Both hotels offer pools, fitness centers and convenience stores. MCR acquired the properties as part of a five-hotel portfolio deal that carried a price tag of $94 million.
CHARLESTON, S.C. — JLL Capital Markets has facilitated the sale of 553 Trade Center Parkway, an industrial facility located within Charleston Trade Center. Pete Pittroff, Patrick Nally, Dave Andrews, Michael Scarnato and Josh McArdle of JLL worked on behalf of the developer and seller, The Keith Corp., to complete the sale to the buyer, LBA Logistics. The sales price was not disclosed. Built in 2019, the 136,500-square-foot property was 100 percent leased at the time of sale to Thorne Research Inc. and Advanced Packaging Solutions & Products Inc. The building is positioned adjacent to Interstate 26 with direct access to Charleston International Airport, the Port of Charleston and large local manufacturers including Mercedes-Benz, Boeing and Volvo. The Keith Corp. is a privately held commercial real estate firm based in Charlotte. LBA Logistics is an Irvine, Calif.-based industrial real estate and investment and management company, which operates a portfolio that totals over 68 million square feet across the country.