ALBANY, N.Y. — New York-based brokerage firm Jacobson Properties has negotiated the sale of a 17,380-square-foot medical office building in Albany. St. Peter’s Health Partners occupies the building and also operates a hospital about three miles away. A partnership of four limited liability companies sold the asset to a healthcare REIT for approximately $5.2 million, with all parties requesting anonymity. Lisa Menin of Jacobson Properties brokered the deal.
STROUDSBURG, PA. — Regional brokerage firm Scope Commercial Real Estate Services has arranged the $4.3 million sale of Bridge Street Apartments, a 52-unit affordable housing complex in the Lehigh Valley community of Stroudsburg. The eight-building, garden-style complex originally opened in 2000 and exclusively offers four-bedroom units. A national multifamily investment firm sold the asset to a regional buyer, with both parties requesting anonymity. Jonathan Massaro of Scope Commercial brokered the deal.
NEW YORK CITY — Seedtag Advertising has signed a 5,909-square-foot office lease at 13-15 W. 27th St. in Manhattan’s NoMad district. Seedtag will move into the entire third floor of the 11-story building, which recently underwent a capital improvement progam, at an undisclosed date. Sebastian Infante and Jamie Katcher of Raise Commercial Real Estate represented the tenant in the lease negotiations. Michael Heaner, Elliot Warren and Grant Greenspan of Kaufman Organization represented the landlord.
SALT LAKE CITY AND BUFFALO, N.Y. — Extra Space Storage Inc. (NYSE: EXR), a Salt Lake City-based REIT, has entered into a definitive agreement to acquire Buffalo-based REIT Life Storage (NYSE: LSI) in an all-stock transaction. According to multiple news outlets including The Wall Street Journal and Reuters, the deal is valued at $12.7 billion. The combined portfolio will yield the largest self-storage operation in the country, with over 3,500 locations spanning over 264 million square feet that serve more than 2 million customers. In announcing the deal, executives of both REITs noted that combining their respective platforms creates opportunities to maximize value for shareholders via additional scaling of third-party management services and access to elevated levels of joint-venture equity and bridge-loan debt for future developments and acquisitions. Under the terms of the agreement, Life Storage shareholders will receive roughly nine-tenths of a share of Extra Space common stock for each share of Life Storage stock that they own. At closing, Extra Space and Life Storage shareholders are expected to own approximately 65 percent and 35 percent of the combined company, respectively. The boards of directors of both companies have unanimously approved the transaction, and the deal is expected to …
NEW YORK CITY — The Durst Organization has completed the lease-up of SVEN, a 70-story apartment tower in Queens. Designed by Handel Architects, the building is the borough’s second tallest and houses 958 units, including 288 income-restricted residences, as well as 50,000 square feet of amenities. Leasing began in January 2021, and the building’s market-rate residences are now fully occupied. Finback Brewery will also open a microbrewery and taproom at SVEN later this year.
STAMFORD, CONN. — Urby, a joint venture between Ironstate Development and Brookfield Properties, has delivered the final phase of Stamford Urby, a 641-unit apartment community located in southern coastal Connecticut. Designed by Concrete Amsterdam, the latest phase of the project added 176 units to the 11-building development. Residences are available in studio, one- and two-bedroom formats, with rents starting at approximately $2,075 per month for a studio. Amenities include a pool, outdoor grilling and dining areas, a fitness center, dog park, central courtyard and a coworking lounge.
NEW YORK CITY — Marcus & Millichap has brokered the $22.5 million sale of a 19,437-square-foot mixed-use building at 150 Lawrence St. in Brooklyn. According to LoopNet Inc., the building was originally constructed in 1920 and features office and residential uses. Shaun Riney, Michael Salvatico and Robbie Ferman of Marcus & Millichap represented the seller, The Kao Family, in the transaction. The trio also procured the buyer, private investor and developer Solomon Schwimmer. Future plans for the parcel were not disclosed.
NEW FREEDOM, PA. — Burkentine, a Pennsylvania-based residential developer, has opened Franklin Square, a 134-unit multifamily complex in New Freedom, located along the Maryland-Pennsylvania border. Franklin Square consists of 62 for-rent townhomes with one- to four-bedroom floor plans and 72 garden-style apartments, all on a six-acre site. Vortex Brewing Co. anchors the complex’s retail component. Information on starting rents was not disclosed.
HACKENSACK, N.J. — Law firm Newman, Simpson & Cohen LLP has signed a 5,909-square-foot office lease at Court North Plaza in the Northern New Jersey community of Hackensack. The three-building, 335,000-square-foot complex offers a fitness center, conference room and a cafeteria, as well as an onsite bank, dry cleaner and car detailing service. Stephen Jennings internally represented the landlord, Alfred Sanzari Enterprises, in the lease negotiations. Josh Folco, formerly of Alexander Anderson Real Estate Group, represented the tenant.
BOSTON — MassDevelopment, Massachusetts’ state development finance agency and land bank, has issued $151.7 million in tax-exempt bonds to public housing authorities in the Boston suburbs of Brookline, Cambridge, Framingham and Medford. The proceeds will be used to renovate and preserve 368 units of housing for families, seniors, individuals living with disabilities and people experiencing homelessness. Additionally, the bonds will be used to create 46 new affordable apartments as well as to upgrade common areas, infrastructure, safety systems and landscaping. Brookline Housing Authority will use $40 million in proceeds to renovate the Sussman House Apartments in the southwest Boston suburb of Brookline. The community is a 100-unit complex that was built in 1969. Renovations include installing a new roof, windows and exterior cladding system; replacing the central heating and cooling system; upgrading elevators and unit interiors; and a new community room. Cambridge Housing Authority will use $21 million in proceeds to renovate and expand its building at 116 Norfolk St. in Cambridge, which is across the Charles River from Boston. The property, which was built in 1920, will be converted from 38 single-room units into studio apartments with their own kitchens and full bathrooms. Additionally, the project calls for 24 …