NEW YORK CITY — Blackstone Real Estate Income Trust Inc. (BREIT) has entered into an agreement to acquire Simply Self Storage from an affiliate of Brookfield Asset Management for $1.2 billion. Brookfield acquired Simply Self Storage, whose operating portfolio spans approximately 8 million square feet across the country, in 2016 through one of its funds. The deal is expected to close before the end of the year. Simpson Thacher & Bartlett LLP is serving as legal advisor to BREIT, and BofA Securities and Deutsche Bank Securities Inc. are serving as financial advisors to BREIT. RBC Capital Markets LLC, Newmark Group Inc. and Fried, Frank, Harris, Shriver & Jacobson LLP advised Brookfield. BREIT currently owns a $300 million portfolio of self-storage facilities. Following this acquisition, BREIT will be the third-largest non-listed owner of self-storage in the country. Self-storage, which is typically viewed as a recession-resistant asset class, has seen its rates of absorption and leasing of new units rebound over the summer following a lull in move-in activity that normally occurs in the spring. Self-storage owner-operators expect some of the truncated move-in activity from spring and summer to be offset by the fact that in-person classes at many major universities have …
STAMFORD, CONN. — Newmark has negotiated the sale of the 760,000-square-foot Stamford Town Center, an urban mall in the city’s downtown area that was built in 1982 and houses approximately 100 tenants. According to the Stamford Advocate, the sales price was $20.1 million. The sale includes an additional 10 acres and a 3,500-space parking garage. Christian Bangert of Newmark represented the buyer, Yaraghi Realty, a division of family-owned furniture provider Safavieh, in the transaction. Christopher Hoffmann and Steven Livaditis of Eastdil Secured represented the seller, Taubman Centers. Anchor tenants at Stamford Town Center, which is located just two blocks north of Interstate 95, include Macy’s, Saks Fifth Avenue OFF 5th, H&M and Barnes & Noble.
ALLENTOWN, PA. — Cushman & Wakefield has arranged the sale of 2100 Mack Boulevard, a 250,000-square-foot office building in Allentown, located in the Lehigh Valley region. The six-story property is situated on 22 acres and features an auditorium, fully equipped fitness center and a full-service cafeteria. Lehigh Valley Health Network has occupied the building since 2009; prior to that, the property served as the headquarters for Mack Trucks. Andy Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt, Frank DiTommaso, Seth Zuidema and Gerry Blinebury of Cushman & Wakefield represented the seller, J.G. Petrucci Co., in the transaction. BHN Associates purchased the asset for an undisclosed price.
BAYONNE, N.J. — A local developer doing business as 957 Broadway, Urban Renewal LLC has opened Bay One, a 91-unit apartment complex located in the Northern New Jersey city of Bayonne. Bay One offers studio, one- and two-bedroom units and an 8,000-square-foot rooftop garden with grilling and dining areas, a fire pit lounge, fenced dog run and pet spa station. Rents start at $1,750 per month for a studio unit.
PHILADELPHIA — Bellwether Enterprise Real Estate Capital has acquired Philadelphia-based Maher Commercial Mortgage LLC, effectively expanding its presence in the Southern Pennsylvania and New Jersey region. The acquisition will add more than $900 million in annual loan volume and $3 billion in servicing to Bellwether Enterprise’s existing portfolios. Firm leader Thompson Maher will join Bellwether Enterprise as an executive vice president, and his six support staff and five loan producers will also join the acquiring entity.
NEW YORK CITY — The Howard Hughes Corp. (NYSE: HHC) has unveiled plans for a $1.4 billion multifamily project in Manhattan’s Seaport District. The proposal calls for the transformation of a full-block surface parking lot along the boundary of the South Street Seaport Historic District into a mixed-income development that would include some of the area’s first new affordable housing in decades. The development would ultimately feature 360 apartments, about 25 percent of which would be affordable, as well as 260 condominium units. In terms of the multifamily component, the centerpiece is 250 Water Street, where Dallas-based HHC plans to develop at least 100 affordable apartments that would be reserved for households earning 40 percent or less of the area median income. Only 2.5 percent of all housing in the Seaport District qualifies as affordable, and the median household income is more than $150,000. The project would also rehabilitate the historic South Street Seaport Museum, which has faced numerous obstacles over the past two decades, including a two-year closure following 9/11, flooding from Hurricane Sandy in 2012 and an existential threat to attendance from COVID-19. In addition, HHC would develop a new museum building on an adjacent vacant lot. The …
RIDGEFIELD PARK, N.J. — Cushman & Wakefield has brokered the sale of a 269,720-square-foot office building located at 55 Challenger Road in Ridgefield Park, located across the Hudson River from Harlem. The Class A building is located within Overpeck Corporate Center, a 60-acre mixed-use development that houses Samsung’s North American headquarters. Amenities include a fitness center, full-service cafeteria and a conference center. David Bernhaut, Andrew Merin, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Larkin of Cushman & Wakefield represented the sellers, KABR and Kushner, and procured The Birch Group as the buyer. Cushman & Wakefield also serves as the leasing agent for the building.
NEW YORK CITY — Centric Brands Inc., which sources, markets and sells apparel for men, women and children, has signed a 212,154-square-foot office lease at the Empire State Building. The space was previously leased to Global Brands Group and occupied by Centric Brands under a sublease. Peter Riguardi, Joseph Messina and Cynthia Wasserberger of JLL represented Centric Brands in the lease negotiations. Anthony Malkin, Ryan Kass and Shanae Ursini represented the landlord, Empire State Realty Trust, on an internal basis.
PISCATAWAY, N.J. — BNE Real Estate and Sterling Properties have begun leasing The Grove at Piscataway, a 110-unit apartment community in Northern New Jersey. The property offers one- and two-bedroom units that feature quartz countertops, tile backsplashes, custom cabinetry, stainless steel appliances and individual washers and dryers. Amenities include a fitness center, coworking lounge, children’s play area, Amazon package lockers and a dog spa, as well as an outdoor pool and grilling areas. Rents start from high $1800s, and limited-time incentives of up to two months free are currently available based on a 26-month lease.
LONG BEACH, N.Y. — Inland Real Estate Acquisitions has purchased 10 West Apartments, a 109-unit oceanfront multifamily property in Long Beach. The 11-story property features one studio, 67 one-bedroom, 38 two-bedroom and three three-bedroom units that are furnished with quartz countertops, stainless steel appliances, individual washers and dryers and private balconies. Amenities include a pool, fitness center, library and a lounge area. The building was renovated between 2013 and 2018 following Hurricane Sandy and was 99 percent occupied at the time of sale. The seller was not disclosed.