NEPTUNE CITY, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $6.5 million sale of Steiner Ocean Apartments, a 36-unit multifamily property in Neptune City, located near the Jersey Shore. The garden-style property comprises three two-story buildings. Daniel Lanni of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.
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 …
HACKENSACK, N.J. — Locally based developer Garden Communities has begun leasing The Jefferson, a 377-unit apartment complex in the Northern New Jersey community of Hackensack. Designed by Minno & Wasko Architects & Planners, The Jefferson features one- and two-bedroom units ranging in size from 735 to 1,598 square feet. Residences are furnished with quartz countertops, custom cabinetry, individual washers and dryers and keyless entry mechanisms. Amenities include a pool, fitness center, private bowling alleys, a billiards and entertainment room, golf simulator, business center, children’s playroom, outdoor grilling and dining areas, meditation gardens and a dog park. Rents start at $2,240 per month for a one-bedroom unit.
NEWTOWN, CONN. — New Jersey-based investment firm First National Realty Partners (FNRP) has acquired Sand Hill Plaza, a 163,500-square-foot shopping center located in the southern Connecticut community of Newtown. A 61,450-square-foot Stop & Shop grocery store anchors the center, which originally opened in 1990 and also houses tenants such as T.J. Maxx, Mattress Firm, Verizon, Great Clips and Quest Diagnostics. Justin Smith and Chris Peterson of Atlantic Capital Partners represented the undisclosed seller in the transaction.
BOSTON — International developer Skanska has completed a 118,000-square-foot expansion project in Boston for Brookline High School. The new building sits partially atop the MBTA’s Brookline Hills station and features lab space, classrooms for general use, dedicated event space, dining and food service areas, a library and collaboration spaces. Skanska also demolished a large portion of the existing campus to build a new, 70,000-square-foot wing with biology and chemistry labs/classrooms, collaboration and maker spaces, a culinary arts kitchen and a student restaurant/café.
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.
PITTSBURGH — Private wealth management firm Glenmede Trust Co. has signed a 7,989-square-foot office lease at the historic Union Trust Building in downtown Pittsburgh. The move-in is scheduled for May. The Union Trust Building originally opened in 1917 and spans 460,000 square feet. The landlord, The Davis Cos., recently completed a $100 million redevelopment of the property, which also houses 40,000 square feet of restaurant space in addition to a fitness center, conference facility and an auditorium.
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.
NEW YORK CITY — New York City-based developer HAP Investments is nearing completion of a 112-unit multifamily project located at 225 W. 28th St. in Manhattan’s Chelsea neighborhood. The 20-story building’s one- and two-bedroom units and three penthouses feature custom white oak cabinetry and marble countertops, and amenities include a pool, fitness center with a sauna and steam room, children’s play area and a rooftop deck with grilling areas. HAP Investments has received a temporary certificate of occupancy (TCO), allowing the first move-ins to commence, and expects to receive a permanent certificate this fall. More than 60 percent of the units were preleased at the time of the TCO issuance.