UrbanMeritage and Novaya Real Estate Ventures purchased the Back Bay property at 346 Newbury St. in Boston for $13.1 million under their joint venture.

346 Newbury St. is a 4,500-square-foot, Class A retail property leased to Patagonia, an outdoors apparel and clothing retailer. The property was previously owned by Studio Realty Trust.

Michael Carucci of Gibson Sotheby’s International Realty brokered the sale between the two parties.