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.
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.
WASHINGTON TOWNSHIP, N.J. — New Jersey-based Atkins Cos. has begun renovation of a 70,140-square-foot healthcare building in Washington Township, about 20 miles south of Philadelphia. The project team will convert a former fitness club into 33,000 square feet of clinical healthcare space on the ground floor and 7,000 square feet of leasable space on the second floor. All common areas will be upgraded with new lighting, ceilings, flooring, paint/wallcovering, furniture and artwork. Atkins will also upgrade building signage, entry points and security systems. Completion is slated for this summer.
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.