NEW YORK CITY — Locally based brokerage firm Alpha Realty has negotiated the sale of four multifamily properties totaling 133 units that are located in various boroughs of New York City. The properties sold for a combined price of $16.6 million. Lev Mavashev and Yehuda Leser of Alpha Realty represented the sellers and the buyer, a locally based, family-owned management firm, in the transactions. All the parties involved requested anonymity.
LAKE GROVE, N.Y. —Wegmans will open a 100,000-square-foot store in Lake Grove, the regional grocer’s first on Long Island. Wegmans has entered into an agreement to purchase 8.5 acres of the 28-acre DSW Plaza, which is owned by Prestige Properties & Development. A timeline for construction and opening has not yet been determined. Founded in 1916, Wegmans operates 106 stores in seven states, with new stores planned to open in Virginia, Delaware and Manhattan within the next two years.
BUFFALO, N.Y. — Concord Summit Capital, a Miami-based financial intermediary, has arranged a $70 million bridge loan for the refinancing of Phase I of Heron Pointe Apartments, a 376-unit multifamily community in Buffalo. The borrower, Buffalo-based Rane Property Management, will use proceeds from the three-year, nonrecourse loan to pay off construction debt from the 232-unit first phase of the development. Construction of the 144-unit second phase is underway and is slated to be complete in the third quarter. Heron Pointe features one-, two- and three-bedroom units and amenities such as a clubhouse with a coffee room and fitness center, a pool, dog park and a playground. Kevin O’Grady, David Larson, Keegan Burger and Daniel Rojo of Concord Summit Capital arranged the loan through TPG, a San Francisco-based private equity firm previously known as Texas Pacific Group.
NEW YORK CITY — Standard Security Life Insurance Co. of New York has signed an 11,314-square-foot office lease at 488 Madison Avenue in Manhattan. Known as The Look Building, 488 Madison Avenue was originally constructed in 1949, rises 24 stories and spans 447,000 square feet. Scott Gutnick of Newmark represented the tenant, which will relocate from 485 Madison Avenue, in the lease negotiations. David Turino represented the landlord, The Feil Organization, on an internal basis.
NEW YORK CITY — Greystone has arranged an $80 million refinancing package for a portfolio of 10 seniors housing properties totaling 941 units. The communities are located across five different states and offer a mix of independent living, assisted living and memory care services. Cary Tremper of Greystone arranged the consolidation and refinancing of various debt obligations on behalf of the borrower, Sonida Senior Living. The initial term loan of $80 million, provided by a regional bank, has a four-year maturity with an optional one-year extension.
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.
