PITTSBURGH — Excelitas Technologies Corp., a provider of photonics products for the medical, defense and automotive industries, has signed a 45,000-square-foot office lease in Pittsburgh’s Strip District for its new headquarters. The company, which is relocating from metro Boston, plans to invest $2.3 million in the build-out and take occupancy this summer. Dan Adamski and Dennis Davin of JLL represented Excelitas Technologies in the lease negotiations. The name and representative of the landlord were not disclosed.
PITTSBURGH — North Carolina-based grocer The Fresh Market will open a 32,131-square-foot store in Pittsburgh’s East Liberty neighborhood. The building at 5880 Centre Ave. was originally constructed in 2002 for Whole Foods Market, which vacated the space in 2022 for a larger store on nearby Penn Avenue. Herky Pollock of CBRE represented the undisclosed landlord in the lease negotiations. Brian Kerr of Hanna Langholz Wilson Ellis represented the tenant. The store will be Fresh Market’s first in Pittsburgh.
TORONTO AND SYRACUSE, N.Y. — Toronto-based Restaurant Brands International Inc. (RBI) has agreed to acquire Syracuse-based Carrols Restaurant Group Inc. for $1 billion. RBI (NYSE: QSR) owns the Burger King, Popeyes, Firehouse Subs and Tim Hortons brands. Carrols (NASDAQ: TAST) is the largest Burger King franchisee in the United States, operating 1,022 locations in 23 states. Burger King says the transaction is part of its “Reclaim the Flame” plan to accelerate sales growth and drive franchisee profitability. The transaction follows the brand’s initial $400 million investment announced in September 2022 to drive high-quality remodels, improve operations, enhance marketing and support ongoing technology and digital priorities. Burger King plans to remodel restaurants over the next five years by investing approximately $500 million of capital, funded by Carrols’ operating cash flow, to remodel roughly 600 acquired restaurants that are not currently considered “modern image.” Carrols will continue to operate the acquired restaurants in partnership with Burger King’s operations teams. Burger King ultimately plans to refranchise the vast majority of the portfolio to new or existing smaller franchise operators who live in their local communities. Following refranchising the acquired restaurants, which Burger King expects to be completed in five to seven years, Burger …
FEASTERVILLE-TREVOSE, PA. — JLL has secured construction debt and joint venture equity for a 320,250-square-foot industrial project in Feasterville-Trevose, about 20 miles northeast of Philadelphia. The sponsor is regional developer J.G. Petrucci Co. The building will be situated on a 19.5-acre site at 4626 Somerton Road and will feature a clear height of 36 feet, 55 tailgate doors, two drive-in doors and parking for 56 trailers and 195 cars. Jon Mikula, John Plower, Ryan Cottone and Michael Lachs of JLL arranged the construction loan through Principal Asset Management and structured the joint venture with Boston-based Cabot Properties.
CARLSTADT, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged a $49 million loan for the refinancing of a portfolio of four industrial buildings totaling 570,000 square feet in the Northern New Jersey community of Carlstadt. The buildings were constructed in the 1980s and feature clear heights of 22 feet, several loading docks and proximity to the New Jersey Turnpike. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the five-year, interest-only loan through an unnamed lender. The borrower was also not disclosed.
FLORENCE TOWNSHIP, N.J. — Colliers has negotiated a 431,720-square-foot industrial lease extension in the Southern New Jersey community of Florence Township. The cross-dock, single-tenant building at 1500 John Galt Way is located within The Haines Center Industrial Park and features clear heights of 30 to 37 feet. Marc Isdaner and Alex Stringfellow of Colliers represented the tenant, paper products provider Sylvamo North America, in the lease negotiations. Regional developer Whitesell Construction Co. owns the property.
HATFIELD, MASS. — The Yankee Candle Co. has opened a 360,000-square-foot warehouse and distribution center in the Central Massachusetts city of Hatfield. The company will occupy the entirety of the building at 142 Elm St., which was constructed in 1968 and totals 359,938 square feet, according to LoopNet Inc. Joe Garvey of Cushman & Wakefield and Mitch Bolotin of Colebrook Realty Services represented the tenant in the lease negotiations. Tyler McGrail, J.R. McDonald, Eric Jeremiah and Margaret Fee of Newmark represented the landlord, Boston-based FoxRock Properties.
NEW YORK CITY — The Paul Taylor Dance Co. has signed a 31,000-square-foot office lease at 307 West 38th Street in Midtown Manhattan. The company will relocate and expand from a 13,000-square-foot space at 551 Grand St. to the entire ninth and 10th floors of the 21-story building in early 2025. Jeffrey Rosenblatt of Lincoln Property Co. represented the tenant in the lease negotiations. Peter Duncan, Matthew Coudert and Alexander Bermingham represented the landlord, George Comfort & Sons, on an internal basis.
SOUTH BRUNSWICK, N.J. — Mesa West Capital has provided a $53.5 million construction loan for Bridge Point 99, a 291,578-square-foot industrial project in South Brunswick, located north of Trenton in Central New Jersey. The site at 999 Cranbury South River Road spans 26.6 acres. The rear-load building will feature a clear height of 40 feet, 47 loading doors, two drive-in doors, 130-foot truck court depths and parking for 49 trailers and 181 cars. Delivery is slated for the second quarter. Steve Roth and Ryan Kieser of CBRE arranged the debt on behalf of the borrower, Bridge Industrial.
NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has funded a $46 million bridge loan for Arris Grand, a 113-unit apartment building located at 982-998 Fulton St. in Brooklyn’s Clinton Hill neighborhood. Completed late last year, the nine-story building offers studio, one- and two-bedroom units and amenities such as a fitness center, rooftop terrace and lounges, as well as 7,154 square feet of street-level retail space. Fogarty Finger designed Arris Grand. The undisclosed borrower will use the proceeds to retire existing construction debt and fund costs of lease-up.