MIDDLETOWN, N.Y. — SRS Real Estate Partners has arranged the $8.7 million sale of a 14,564-square-foot, single-tenant retail property located in Middletown, about 75 miles north of New York City. The property was built on 1.1 acres in 2007 and is triple net leased to Walgreens on a long-term basis. Winston Guest, Matthew Mousavi and Patrick Luther of SRS Real Estate represented the seller in the transaction, and Josh Goldflam of Highcap Group represented the buyer. Both parties were New York-based private investors who requested anonymity.
NEW YORK CITY — Affiliates of private equity giant Blackstone (NYSE: BX) have agreed to acquire PS Business Parks (NYSE: PSB), a Glendale, Calif.-based commercial owner-operator primarily focused on industrial assets, for $7.6 billion. The deal is scheduled to close in the third quarter. Under the terms of the agreement, New York City-based Blackstone will purchase all outstanding shares of PSB’s common stock for $187.50 per share, which represents a premium of approximately 15 percent over the weighted average share price over the last 60 days. Blackstone plans to take the company private as part of the acquisition. Public Storage (NYSE: PSA), which is also based in Glendale, currently owns about 26 percent of PSB’s common stock, and the self-storage REIT’s executives and shareholders have voted in favor of the sale to Blackstone. The transaction will also include the acquisition of Public Storage’s limited partner equity interests in PSB’s operating partnership at the same per-share price of $187.50. As of March 30, 2022, PSB owned and operated 96 commercial properties across the country, primarily in California, South Florida, Texas and Northern Virginia. Those assets span approximately 27 million square feet and are occupied by nearly 5,000 tenants. Though mainly comprised …
MASSAPEQUA, N.Y. — Breslin Realty, a Long Island-based investment firm, has acquired Massapequa Plaza, a 50,000-square-foot shopping center in Nassau County. Tenants at the center include Costello’s Ace Hardware, Rite Aid, Northwell Health GoHealth Urgent Care, Great American Jewelry, Pequa Spirits Wine & Liquor, Gino’s Tuscany Restaurant, Sal’s Meat Market, Three Amigos Fresh Mexican Grill and Fit Body Boot Camp. The seller and sales price were not disclosed.
NEW YORK CITY — SL Green Realty Corp. (NYSE: SLG) has entered into an agreement to purchase 450 Park Avenue, a 33-story office building in Midtown Manhattan, for $445 million. The seller, Oxford Properties, is also a tenant in the 337,000-square-foot building, which was originally designed by Emery Roth & Sons. Other office users include Banco Bradesco and BDT Capital Partners, and the retail space will soon house a showroom for luxury automaker Aston Martin. Darcy Stacom, William Shanahan and Doug Middleton of CBRE brokered the deal, which is expected to close in the second quarter.
NEW YORK CITY — Chase Bank has provided a $60.8 million loan for the refinancing of a portfolio of seven light industrial properties totaling 199,457 square feet in New York City. Three of the properties are located in Brooklyn; two are in Queens, and two are in The Bronx. The Class B properties offer clear heights ranging from 16 to 28 feet, 20 loading positions, some office finish and ample parking. The portfolio was fully leased to eight tenants at the time of the loan closing. Greg Nalbandian, Jim Cadranell, Michael Lachs and Alex Staikos of JLL arranged the 10-year, nonrecourse loan, which carried a fixed interest rate, on behalf of the borrower, metro Philadelphia-based Seagis Property Group.
NEW YORK CITY — New York City-based developer HAP Investments is nearing completion of a 112-unit multifamily project located at 225 W. 28th St. in Manhattan’s Chelsea neighborhood. The 20-story building’s one- and two-bedroom units and three penthouses feature custom white oak cabinetry and marble countertops, and amenities include a pool, fitness center with a sauna and steam room, children’s play area and a rooftop deck with grilling areas. HAP Investments has received a temporary certificate of occupancy (TCO), allowing the first move-ins to commence, and expects to receive a permanent certificate this fall. More than 60 percent of the units were preleased at the time of the TCO issuance.
BROOKHAVEN, N.Y. — A joint venture between locally based developer AVR Realty Co. and Indianapolis-based Scannell Properties will develop Precision Innovation Park, a 400,000-square-foot speculative logistics center that will be located in the Long Island community of Brookhaven. The 150,000-square-foot Building 1 at Precision Innovation Park will feature a clear height of 36 feet, 28 dock doors, 28 trailer stalls and parking for 150 cars. The 250,000-square-foot Building 2 will have a clear height of 40 feet, 42 loading doors, 52 trailer stalls and parking for 250 vehicles. Both buildings will be outfitted with LED lighting with motion sensors and ESFR sprinkler systems. JLL has been tapped as the leasing agent. Completion is slated for early 2023.
NEW YORK CITY — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $35 million loan for the leasehold acquisition of 580 Broadway, a 141,645-square-foot office and retail building in Manhattan. Originally constructed in 1898, the 12-story building consists of 8,442 square feet of grade-level retail space, 7,292 square feet of below-grade retail space and 125,911 square feet of office space. Matthew Polci of Marcus & Millichap Capital Corp. and Steven Buchwald of IPA arranged the financing through Miami-based lender BridgeInvest. Justin Natalizio of The Anton Group negotiated the sale of the property via a long-term ground lease.
NEW YORK CITY — Boston-based private investment firm Bain Capital has signed a 14,765-square-foot office lease expansion at 535 Madison Avenue, a 37-story building in Manhattan’s Plaza District. The firm is essentially doubling its footprint and leasing one additional floor of space. The execution of this lease, along with deals with FTV Management Co. and Garda Capital Partners, brings the 480,000-square-foot building to full occupancy. Bryan Boisi and Connor Barnes of Cushman & Wakefield represented Bain Capital in the lease negotiations. Brian Gell and Laurence Briody of CBRE represented the landlord, Park Tower Group.
CICERO, N.Y. — San Francisco-based mortgage banking firm Gantry has arranged a $47.5 million construction loan for Lakeshore at Loso, a 248-unit multifamily project that will be located in the upstate New York community of Cicero. The community will comprise 12 three-story buildings that will feature one- and two-bedroom apartments and a clubhouse. The 24-acre property will also include walking trails, a boat launch and a 100-slip marina. Daniel Monte and Jack Stelianou of Gantry arranged the three-year loan through an undisclosed regional bank on behalf of the borrower, a locally based entity doing business as TreyJay Loso LLC.