SYOSSET, N.Y. — Simi Capital Group, an investment firm with offices in New York City and Miami, and Cerberus Capital Management have acquired an industrial building located in the Long Island community of Syosset for $15 million. The building sits on a six-acre site. The seller was not disclosed. The new ownership plans to utilize the property as an outdoor storage facility.
DALLAS AND DENVER — In two separate transactions exceeding $25 billion in value, data center REITs CyrusOne Inc. (NASDAQ: CONE) and CoreSite Realty Corp. (NYSE: COR) have agreed to be acquired. KKR and Global Infrastructure Partners (GIP) are teaming up to acquire all outstanding shares of common stock for CyrusOne at $90.50 per share for a deal value of approximately $15 billion, including the assumption of debt. In the other mega transaction, telecommunications firm American Tower Corp. (NYSE: AMT) has agreed to acquire Denver-based CoreSite for $170 per share in cash. The total consideration for the transaction is approximately $10.1 billion, including the assumption and/or repayment of CoreSite’s existing debt at closing. The purchase price for CyrusOne, a Dallas-based company that owns and operates 50 data centers worldwide, reflects an approximately 25 percent premium over CyrusOne’s stock price on Sept. 27, which was the last day of trading before market speculation of a potential sale was published. KKR and GIP plan to grow CyrusOne’s global footprint of data centers following the closing of the acquisition. The company’s provides IT infrastructure for more than 1,000 clients, including 200 Fortune 1000 companies, according to CyrusOne. The transaction, which CyrusOne’s board of directors …
BOXBOROUGH, MASS. — Massachusetts-based development and investment firm Campanelli has acquired the 409,000-square-foot former CISCO campus in Boxborough, about 30 miles west of Boston. The property was built in 2002 as the California-based technology and cybersecurity firm’s Massachusetts headquarters. Campanelli acquired the campus, which spans 110 acres, in partnership with TriGate Capital. Campanelli is working on a master plan to add up to 1 million square feet of commercial space that could include research and development, lab or office space and will rebrand the property as The Park at Beaver Brook. Newmark has been tapped to lead leasing efforts.
NEWARK, N.J. — Fairstead, an investment firm with three offices along the East Coast, and Maine-based LIHC Investment Group have purchased the 691-unit Essex Plaza seniors affordable housing portfolio in Newark. The portfolio consists of 13 buildings. The partnership plans to invest in capital improvements, including the enhancement of the portfolio’s proptech features, sustainability and community programming. Information about income restrictions for the portfolio was not released. Dane Global represented the buyer and seller in the transaction.
NEW YORK CITY — The Yucaipa Cos., a Los Angeles-based private equity firm, has acquired the American Stock Exchange Building, a commercial property located at 123 Greenwich St. in Manhattan. The 14-story building was originally constructed in 1921; the namesake tenant vacated the premises after merging with the New York Stock Exchange in 2008. Today, the building plays host to conferences, trade shows, fashion shows, art exhibitions and private parties. National direct lender iBorrow provided $97.1 million in acquisition financing to Yucaipa, which plans to reposition the building as a private membership club operated by Membership Collective Group, the parent company of Soho House.
BOSTON — Home security services provider SimpliSafe has signed a 150,000-square-foot office lease at 100 Summer Street, a 1.1 million-square-foot building in downtown Boston. SimpliSafe will relocate from its existing 80,000-square-foot space at 294 Washington Street next fall. Cushman & Wakefield represented the tenant in the lease negotiations. Newmark represented the landlord, Boston-based private equity firm Rockpoint Group.
AVON, MASS. — New York City-based Ready Capital has closed a $6 million loan for the acquisition and renovation of a 60,000-square-foot warehouse in Avon, a southern suburb of Boston. The nonrecourse, interest-only loan featured a floating interest rate, 36-month term and two extension options. The undisclosed sponsor plans to implement a capital improvement plan to modernize the warehouse and convert a portion of the office suite into flex space.
NEW ROCHELLE, N.Y. — Greystone has arranged a $77.2 million bridge loan for the refinancing of The Rockwell, a 114-unit apartment building in New Rochelle, a northern suburb of New York City. The property includes 21,000 square feet of retail space that is leased to CVS, Smokehouse Tailgate Grill, Finish Line PT and Kung Fu Tea. Drew Fletcher, Matthew Klauer and Jesse Kopecky of Greystone arranged the debt through Cerberus Capital Management on behalf of the borrower, a joint venture between locally based developer Young Cos. and private investor Phil Craft.
BRIDGEWATER, N.J. — CBRE has negotiated the sale of Grande Commons, a 199,310-square-foot office building located in the Northern New Jersey community of Bridgewater. Jeff Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Travis Langer and Zach McHale of CBRE represented the seller, American Equity Partners, in the transaction. At the time of sale, the building was 82 percent leased to tenants in the pharmaceutical, engineering, finance and legal services sectors. The buyer and sales price were not disclosed.
BASKING RIDGE, N.J. — Callahan Construction Managers has broken ground on Residence at Basking Ridge, a 90-unit seniors housing project that will be located about 40 miles west of New York City. Developed by LCB Senior Living and designed by The Architectural Team, the property will offer assisted living, memory care and respite care services. Amenities will include common living rooms, a bistro, salon and a fitness area. The development team expects to begin welcoming residents in early 2023.