NEW YORK CITY — New York City-based private equity firm KKR has entered into an agreement to acquire a national portfolio of 19 student housing properties totaling more than 10,000 beds. The names and the locations were not disclosed, but the properties collectively serve 14 four-year public universities across 10 states. Blackstone Real Estate Income Trust (BREIT) sold the portfolio to KKR after acquiring it in 2018 in a joint venture with South Carolina-based Greystar. University Partners, an affiliate of KKR, will manage the portfolio. TSB Capital Advisors and J.P. Morgan Securities LLC served as financial advisors to BREIT on the transaction, which is expected to close during the third quarter.
FALL RIVER, MASS. — Massachusetts-based development and investment firm VMD Cos. will develop The Campus at Innovation Way, a 900,000-square-foot industrial park that will be located near the Massachusetts-Rhode Island border in Fall River. The Campus at Innovation Way will consist of four buildings ranging in size from 203,800 to 291,200 square feet. Each building will feature a clear height of 36 feet, 48 tailboard loading docks and 180-foot truck court depths. The development is fully entitled, and VMD Cos. expects to break ground in the coming days. Delivery is slated for the second quarter of 2025. Newmark has been appointed as the leasing agent.
NEW YORK CITY — JLL has brokered the $47 million sale of a multifamily development site located at 45-40 Vernon Blvd. in the Long Island City area of Queens. The site formerly housed the Paragon Paint factory and is approved for approximately 192,000 square feet of development. The seller, a joint venture between Quadrum Global, Baron Property Group and Simon Development, previously retained Morris Adjmi Architects to design a 21-story, 202-unit property. The buyer was locally based investment and development firm ZD Jasper Realty. Brendan Maddigan, Rob Hinckley, Michael Mazzara, Ethan Stanton, Winfield Clifford and Vickram Jambu of JLL brokered the deal.
INDEPENDENCE, N.J. — New Jersey-based developer Woodmont Properties has completed the lease-up of the first phase of Woodmont Liberty at Independence, a 120-unit multifamily project located on an 11-acre site about 60 miles west of Manhattan. The property offers one- and two-bedroom units that are furnished with custom-designed kitchens, walk-in closets, keyless entry mechanisms, individual washers and dryers and private balconies/patios. Amenities include a pool, outdoor grilling and dining areas, a fitness center, game room, conference center, walking trails and a dog park. Leasing began last April, at which point rents started at $2,440 per month for a one-bedroom apartment.
NEWARK, DEL. — Phase Sensitive Innovations, a provider of radio-frequency components, devices and systems, will open a 12,000-square-foot lab facility in Newark, about 15 miles southeast of Wilmington. The new space will complement the company’s existing 20,000-square-foot facility within Sandy Brae Industrial Park. The company plans to hire an additional 20 workers to staff the new facility by the end of the year and add 30 to 40 more jobs in subsequent years.
BOISE, IDAHO, AND CLAY, N.Y. — Micron Technology Inc. (NASDAQ: MU) has signed a preliminary memorandum of terms (PMT) with the Biden Presidential Administration to receive $6.1 billion in funding under the CHIPS and Science Act to support new microchip manufacturing operations. The grants will support Micron’s plans to invest approximately $50 billion in gross capital expenditures for U.S. domestic memory manufacturing through 2030. These grants and additional state and local incentives will support the construction of one manufacturing facility to be co-located with the company’s existing R&D facility in Boise, as well as the construction of two manufacturing facilities in Clay, a suburb of Syracuse. Micron says the facilities are expected to create approximately 75,000 domestic jobs over the next 20-plus years. In Idaho, this includes 2,000 Micron jobs, 4,500 construction jobs and 15,000 indirect jobs. In New York, this includes 9,000 Micron jobs, 4,500 construction jobs and 40,000 indirect jobs. The two projects, as planned, will represent the single largest private investments ever made in the states of Idaho and New York, according to the company.
ATLANTA AND NEW YORK CITY — Private equity giant Blackstone has entered into a definitive merger agreement to acquire Tropical Smoothie Cafe, a franchiser of fast-casual restaurants, from Levine Leichtman Capital Partners. The deal values the Atlanta-based smoothie chain at around $2 billion, including debt, according to The Wall Street Journal. Tropical Smoothie Cafe began as a single location in Destin, Fla., in 1997. The chain has grown to more than 1,400 locations in 44 states today. The company opened more than 175 locations in 2023, 70 percent of which were opened by existing franchisees. In addition to smoothies, the company sells menu items like sandwiches, salads and bowls. In the first quarter of this year, Tropical Smoothie Cafe completed 64 franchise agreements and opened 39 new stores. Its newest airport location opened at Hartsfield-Jackson Atlanta International Airport. The launch of new menu items such as Tropic Bowls helped drive overall sales, which were above the industry average in the first quarter, according to the company. “Tropical Smoothie Cafe has had an impressive growth trajectory, consistently building on its loyal customer base as it has scaled nationwide,” says Peter Wallace, a senior managing director in Blackstone’s private equity business. “Blackstone …
NEWARK, N.J. — JLL has arranged $81 million in permanent financing for a 224,900-square-foot, newly constructed industrial building located in Newark. The 12.2-acre site at 100 Frontage Road is adjacent to Newark Liberty International Airport, and the building is fully leased to United Airlines. Building features include a clear height of 40 feet, 41 dock-high doors and parking for 130 cars and 38 trailers. Jim Cadranell, Greg Nalbandian and Michael Lachs of JLL arranged the five-year, interest-only loan through an undisclosed life insurance company. The borrower was Seagis Property Group.
YONKERS, N.Y. — Simone Development Cos. will redevelop One Executive Boulevard, a 133,768-square-foot office building in Yonkers, located north of New York City. The redevelopment will position the building to attract healthcare users, and renovations will include upgrades to the lobby, parking area, landscaping, bathrooms, façade and signage. Simone Development acquired the building last fall and subsequently signed SightMD, a provider of ophthalmology services, to a 9,049-square-foot lease.
ELIZABETH, N.J. — Berkadia has negotiated the $4.8 million sale of Marlaw Apartments, a 36-unit multifamily complex located in the Northern New Jersey community of Elizabeth. The property’s unit mix comprises one studio, 17 one-bedroom units and 18 two-bedroom apartments. Nat Gambuzza, Trevor Fiebel, Tim Blashford and Nick Balancia of Berkadia represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The property was fully occupied at the time of sale.
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