OHIO — Marcus & Millichap has brokered the sale of the Stop-N-Stor portfolio in Ohio for $31.4 million. The portfolio spans a total of eight properties, 3,050 units and 391,458 square feet in Lorain, Elyria, Cuyahoga Falls, Northwood, Oregon, Toledo and Stow, Ohio. The properties feature both nonclimate-controlled and climate-controlled units. Brett Hatcher and Gabriel Coe of Marcus & Millichap represented the seller and procured the buyer, an out-of-state investment group.
ROSEVILLE, MINN. — CBRE has negotiated the sale of the Long Lake Distribution Center in Roseville, a Twin Cities suburb, for $18.6 million. The 220,557-square-foot distribution center is located at 3015 and 3075 Long Lake Road. Constructed in 2015, the facility features 32-foot clear heights and 31 dock doors. The property was 84 percent occupied at the time of sale by two tenants. Judd Welliver, Ryan Watts, Sonja Dusil, and Tom Holtz of CBRE represented the seller, Investors Real Estate Trust. Boston-based TA Realty LLC purchased the property.
NEW YORK CITY — Columbia Property Trust has completed its acquisition of 149 Madison Avenue, a 12-story office building located in Manhattan’s Midtown South district. An undisclosed seller sold the 127,000-square-foot property for $87.7 million. The company is purchasing the property subject to a ground lease that expires in January 2018. At that time, Columbia plans to begin a comprehensive repositioning at the fully vacated building. Redgate will serve as project manager, Genslar as architect and Highland Associates as engineer for the renovation project.
ORLANDO, FLA. — A joint venture between affiliates of Miami-based Fifteen Group and San Francisco-based Meritage Group LP has acquired Patterson Court Apartments in Orlando for $68.7 million. The 384-unit property is situated at the intersection of International Drive and Little Lake Bryan Road in the I-Drive corridor of Orlando, less than three miles from Walt Disney World. Patterson Court includes one- to three-bedroom units and features a fitness center, resort-style pool with sundeck, study rooms, on-site laundry facilities and a car wash center.
JACKSONVILLE, FLA. — Michaelson Real Estate Group has purchased The Plaza Apartments, a 281-unit multifamily community in Jacksonville, for $14.7 million. Located at 3780 University Club Blvd., The Plaza is located less than seven miles from downtown Jacksonville. The property, constructed in 1975, includes 38 two-story buildings and features one- and two-bedroom floor plans with an average size of 716 square feet. Community amenities include a swimming pool, tennis courts, biking and walking trails and an on-site laundry facility.
BROOKHAVEN, GA. — Coro Realty Advisors and Easlan Capital have sold Brookleigh Marketplace, a 26,179-square-foot shopping center in Brookhaven, a city 11 miles north of downtown Atlanta. The property is located on Johnson Ferry Road at the entrance to a 56-acre mixed-use community. At the time of sale, Brookleigh Marketplace was fully leased to tenants including Primrose Schools, Burn Cycle/Kick/Yoga, Marlow’s Tavern, Jade Nails & Day Spa, Bon Glaze and PT Solutions. Mark Joines and Drew Fleming of NKF Capital Markets arranged the transaction on behalf of Coro and Easlan. Other terms of the deal were not disclosed.
SAN ANTONIO — NAPA Ventures LLC, an Austin-based investment firm, has sold Morgan Manor, a 150-unit multifamily community located at 7135 Oak Lawn Drive off Interstate 37 in northwest San Antonio. Built in 1963, the property offers a combination of studio, one-, two- and three-bedroom units. Prior to the sale, NAPA invested in renovations to the property’s unit interiors, landscaping and parking lots. The buyer was not disclosed.
HOUSTON — Chicago-based Brennan Investment Group LLC has acquired a five-building, 135,571-square-foot industrial park in northwest Houston. The buildings offer a mix of office and warehouse space and were collectively 84 percent leased at the time of sale. Other terms of sale were not released.
CARROLLTON, TEXAS — NAI Robert Lynn has secured a 43,839-square-foot industrial lease at 2045 Westgate Drive in the Dallas metro of Carrollton on behalf of Snap Drape Brands LLC, a provider of linens and draperies. Built in 1999, the building offers about 134,000 square feet of net rentable space. Cole Horowitz and Mark Miller of NAI Robert Lynn represented the tenant in the lease negotiations.
MIDLAND, MICH. — Realty Income has acquired a 102,513-square-foot retail building in Midland, located in central Michigan, for $10.2 million. Home Depot owns the building and currently has a long-term ground lease at the property, which is located at 1100 Joe Mann Blvd. near the Midland Mall. Home Depot has six years remaining on a 20-year lease. Jon Busse and Earl Clements of Colliers International represented the seller, Burlingame Midland LLC. Realty Income was self-represented in the transaction.
