Property Type

Whopper of a Deal: Burger King Owner Agrees to Buy Largest Franchisee for $1B

by Kristin Harlow January 17, 2024

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 …

January 17, 2024

Alabama Development Hospitality Multifamily Southeast

WaterWalk Opens 126-Room Extended Stay Hotel-Apartment Property in Huntsville, Alabama

by John Nelson January 16, 2024

HUNTSVILLE, ALA. — WaterWalk has opened a 126-room extended stay hotel and apartment living property at 1550 Perimeter Parkway in Huntsville, the first Alabama property for the lodging brand and its 12th total. WaterWalk Huntsville comprises 76 fully furnished hotel rooms and 50 apartments that range in size from studios to two-bedroom units. All units feature kitchens with full-size appliances, a pantry and a kitchen island. Additionally, each unit features full-size washers and dryers, as well as bathrooms that include vanities with storage space and walk-in showers. Amenities include a lobby lounge, fitness center, outdoor pool and a patio with a fire pit, lawn games and grilling areas.

January 16, 2024

Development Georgia Retail Southeast

Buc-ee’s to Develop 74,000 SF Travel Center in Brunswick, Georgia

by John Nelson January 16, 2024

BRUNSWICK, GA. — Buc-ee’s will develop a 74,000-square-foot travel center in Brunswick, a coastal Georgia city midway between Savannah and Jacksonville along I-95. Construction is scheduled to begin Jan. 29. Upon completion, the property will feature 120 fueling stations, as well as a store offering snack, meal and drink options. Buc-ee’s currently operates 47 stores throughout its home state of Texas, as well as Alabama, Florida, Georgia, Kentucky, South Carolina, Missouri and Tennessee. The company is also underway on two travel centers in Virginia — one near Richmond along I-64 and another near Harrisonburg along I-81.

January 16, 2024

Development Kentucky Leasing Activity Mixed-Use Restaurant Retail Southeast

RD1 Spirts to Open 10,215 SF Distillery at The Commons in Lexington, Kentucky

by John Nelson January 16, 2024

LEXINGTON, KY. — RD1 Spirts has signed on to join as an anchor tenant at The Commons, a 40-acre mixed-use development in downtown Lexington. The locally based bourbon brand plans to invest $4.8 million to develop the two-story distillery at 113 Turner Commons Way, which will span 10,215 square feet and include an entrance off Main Street. The venue will include outdoor seating on both levels, four private tasting rooms, a glass-enclosed research-and-development space for wood finishing for RD1’s bourbon barrels, VIP speakeasy tasting room, craft cocktail bar and a gift shop. The venue will also include an 800-gallon pot, 175-gallon pot still, 750-gallon fermenter and a 1,000-gallon mash cooker that will cumulatively produce a barrel of bourbon per week. RD1 plans to open the distillery in August and support 11 full-time employees. The project team features law firm McBrayer and engineering firm VITOK, both out of Louisville, as well as architectural and design firm Lord Aeck Sargent. Ron Hardwick, a Louisville bourbon expert and shareholder of RD1, plans to lead the distillery design at the new venue. RD1 received approval for $521,000 in incentives from the Kentucky Tourism Development Finance Authority to help finance the project. In addition to …

January 16, 2024

Florida Industrial Leasing Activity Southeast

CBRE Arranges 42,143 SF Industrial Lease in Royal Palm Beach, Florida

by John Nelson January 16, 2024

ROYAL PALM BEACH, FLA. — CBRE has arranged a 42,143-square-foot industrial lease within Royal Palm Logistics Center, an industrial property located at 1131 N. State Road 7 in Royal Palm Beach, a city in South Florida’s Palm Beach County. The tenant, Bush Brothers Provision Co., is a family-owned meat packing and distribution company based in nearby West Palm Beach. Set to open its new space in August, the move represents the first relocation for Bush Brothers since 1925, according to CBRE. The tenant plans to create 25 new positions in addition to its existing 65-person workforce. Kirk Nelson, Robert Smith and Jeff Kelly of CBRE represented the tenant in the lease negotiations. The developer is McCraney Property Co. Royal Palm Logistics Center features 32-foot clear heights, an ESFR sprinkler system and dock-high and grade-level loading.

January 16, 2024

Acquisitions Development Florida Loans Multifamily Southeast

Kennedy Funding Provides $7.5M Acquisition Loan for Townhome Development Site in Santa Rosa Beach, Florida

by John Nelson January 16, 2024

SANTA ROSA BEACH, FLA. — Kennedy Funding has provided a $7.5 million acquisition loan for a land site in Santa Rosa Beach, a city in Florida’s Panhandle. The parcel currently houses a nine-bedroom home that fronts the Gulf of Mexico. The borrower, an entity doing business as 4228 Dana Beach LLC, plans to develop a luxury townhome development on the site. The construction timeline was not disclosed. Based in Englewood, N.J., Kennedy Funding is a direct lender that provides short-term bridge loans ranging from $1 million to $50 million for land purchases, working capital and developments.

January 16, 2024

Development Industrial Loans Northeast Pennsylvania

JLL Secures Construction Debt, Equity for 320,250 SF Industrial Project Near Philadelphia

by Taylor Williams January 16, 2024

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.

January 16, 2024

Emerald-Island-Rainbow-Club-Casino-Henderson-NV

Acquisitions Hospitality Nevada Retail Western

LOGIC Commercial Real Estate Brokers Sale of Emerald Island, Rainbow Club Casino in Henderson, Nevada

by Amy Works January 16, 2024

HENDERSON, NEV. — LOGIC Commercial Real Estate has arranged the sale of Emerald Island and Rainbow Club Casino in downtown Henderson. An affiliate of ECL Water Street LCC, a Las Vegas-based company with 45 properties in three states, acquired the assets from Tim Brooks for an undisclosed price. The buyer company is led by Ron Winchell and Marc Falcone. Tim Brooks, former owner, will continue overseeing both properties’ day-to-day operations as general manager. Covering approximately 2.7 acres, the portfolio features a combined gaming machine count of approximately 768 and each property holds a Nevada non-restricted gaming license. Vincent Advisory Group of LOGIC represented the seller in the transaction.

January 16, 2024

Acquisitions California Industrial Western

CBRE Negotiates $18.5M Sale of Two-Building Industrial Complex in Anaheim, California

by Amy Works January 16, 2024

ANAHEIM, CALIF. — CBRE has arranged the sale of an industrial complex located at 3000-3010 E. La Jolla St. in Anaheim. A Southern California-based private seller sold the asset to an undisclosed buyer for $18.5 million. Anthony DeLorenxo, Gary Stache, Bryan Johnson, Nick Williams and Keith Greer of CBRE Investment Properties represented the seller in the deal. Totaling 88,128 square feet, the complex consists of a 50,128-square-foot building at 3000 E. La Jolla St. and a 37,128-square-foot building at 3010 E. La Jolla St. Both facilities feature a dock and truck well. Sonfarrel Aerospace, an aerospace part manufacturer, has fully occupied the asset since 1974 and will continue to do so.

January 16, 2024

California Development Hospitality Mixed-Use Restaurant Retail Western

LRE & Co., American Hospitality Break Ground on Roseville Junction Mixed-Use Development in Roseville, California

by Amy Works January 16, 2024

ROSEVILLE, CALIF. — LRE & Co. and American Hospitality Services have broken ground on Roseville Junction, a mixed-use development at 290 Conference Center Drive in Roseville, a suburb northeast of Sacramento. Functioning as a sports and entertainment complex in Placer County, Roseville Junction will include two select-service hotels, three restaurants, an outdoor gathering place and The Electric Pickle, which will offer a bocce ball court, 10 pickleball courts and dining venues. Caption by Hyatt Roseville will feature 112 rooms and suites, a fitness center, meeting facilities and a reimagined hotel lobby with an on-site restaurant and beverage venue, an all-day café, market and bar with a lounge and social space. Hyatt House Roseville will offer 126 rooms, including studios and one-bedroom suites, public spaces, workout spaces and a rooftop bar.

January 16, 2024

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