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.
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.
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 …
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.
NEW YORK CITY — Apparel retailer Vuori will open a 4,500-square-foot store at 120 Fifth Avenue, a 70,000-square-foot building in Manhattan’s Union Square neighborhood. Richard Skulnik and Lindsay Zegans of RIPCO Real Estate represented the tenant in the lease negotiations. Alan Schmerzler, Sean Moran and Patrick O’Rourke of Cushman & Wakefield represented the landlord, Bromley Cos. The opening is scheduled for the fall.
NEW YORK CITY — Holding company Tide Rock has signed a two-year, 4,123-square-foot office lease at 340 Madison Avenue in Manhattan. The company is taking space on the 22nd floor of the 750,000-square-foot building. Jack Cohen of Spaces CRE represented the tenant in the lease negotiations. William Elder and Andrew Ackerman represented the landlord, RXR, in an internal basis.
BINGHAMTON, N.Y. — TSB Capital Advisors has arranged a loan of an undisclosed amount for the refinancing of Twin River Commons, a 371-bed student housing property located near the State University of New York (SUNY) at Binghamton campus. The floating-rate loan was secured on behalf of the borrower, Chicago-based Harrison Street. The community offers units in studio through four-bedroom configurations with bed-to-bath parity. Shared amenities include a fitness center, clubhouse, fireplace lounge with billiards and games, package lockers and an outdoor courtyard and kitchen. The direct lender was not disclosed.
NEW YORK CITY — Locally based brokerage firm and financial intermediary Ariel Property Advisors has arranged a $6 million loan for the refinancing of a portfolio of four multifamily buildings totaling 22 units in Brooklyn’s Bedford-Stuyvesant area. The portfolio, which was fully occupied at the time of the loan closing, includes five commercial units. Matthew Dzbanek, Matt Swerdlow, Rhea Vivek and Anthony Priest of Ariel arranged the nonrecourse, fixed-rate loan, which carried a five-year term and a 30-year amortization schedule. The borrower and direct lender were not disclosed.
NEW YORK CITY — Northampton Capital Partners has signed a 5,542-square-foot office lease at 340 Madison Avenue in Manhattan. The alternative asset management firm is taking space on the 10th floor of the 750,000-square-foot building. David Mainthow and Steven Langton of Cushman & Wakefield represented the tenant in the lease negotiations. Paul Glickman, Matt Astrachan, Cynthia Wasserberger, Dan Turkewitz and Harrison Potter of JLL, along with internal agents William Elder and Andrew Ackerman, represented the landlord, RXR.
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