Blackstone-Goldman Sachs Deal
Commercial Observer
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Private equity giant Blackstone is using money from a new real estate fund to purchase Goldman Sachs’ stake in a residential tower in Manhattan in a sign of the bigger players in commercial real estate only getting bigger out of the pandemic. Meanwhile, a deal in South Florida highlights a couple of other post-COVID trends: the twin successes of grocery-anchored and open-air retail.
— Tom Acitelli, Deputy Editor
Blackstone Acquires Stake in 55 Suffolk From Goldman Sachs for $171M
Blackstone has acquired the minority partnership of Gotham Organization’s newly built residential tower in Manhattan's Lower East Side from Goldman Sachs for $171.4 million, property records show. The transaction, through which Blackstone will become a joint venture partner in Gotham Organization’s recently completed 378-unit The Suffolk, is being executed through Blackstone’s new $2.6 billion real estate secondaries fund, Strategic Partners Real Estate VIII, launched in September 2023. Gotham Organization and Goldman Sachs Asset Management’s Urban Investment Group secured $162.4 million of construction financing from Wells Fargo and U.S. Bank in late 2020 to proceed with the 30-story building at 55 Suffolk Street.
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Publix Buys Coral Springs Retail Center for $59M
In yet another instance of a retailer buying its own store, grocer Publix paid $58.5 million for a shopping center in Coral Springs, Fla., where it is the anchor tenant, property records show. Called Ramblewood Square, the 157,914-square-foot shopping center sits on 15 acres between 1201 and 1327 North University Drive, just north of the Coral Square mall. Tenants also include Ross Dress for Less, Men’s Wearhouse, Starbucks, T-Mobile, Five Below, the UPS Store, Aspen Dental and Wings Plus. The seller, private equity giant Apollo Global Management, purchased the retail center, which was built 1990, for $21 million in 2019, according to property records — which means Apollo nearly tripled its initial investment.
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