ATLANTA — Restaurant Brands International Inc. (RBI) (NYSE: QSR) has agreed to acquire Atlanta-based Popeyes Louisiana Kitchen Inc. (NASDAQ: PLKI) for $1.8 billion. Ontario, Canada-based RBI is the parent company of fast food giants Burger King and Tim Hortons. The company owns a portfolio of over 20,000 restaurants throughout the world. Popeyes will continue to be managed independently in the U.S. following the close of the transaction, which is slated for April of this year. RBI plans to expand the Popeyes brand at an increasing pace in both the U.S. and international markets over the next few years. The concept, founded in New Orleans in 1972, has over 2,600 restaurants in the U.S. and 25 other countries. “Popeyes is a powerful brand with a rich Louisiana heritage that resonates with guests around the world,” says Daniel Schwartz, CEO of RBI. “With this transaction, RBI is adding a brand that has a distinctive position within a compelling segment and strong U.S. and international prospects for growth.” Under the terms of the transaction, Popeyes shareholders will receive $79 per share in cash at closing. Following the successful completion of the tender offer, RBI will acquire all remaining shares through a second-step merger …
Expect the Orange County retail landscape to be characterized by continued strong fundamentals and high transaction volumes in 2017. The area remains among the most stable markets nationally—attractive to both high-end and affordable retailers thanks to its high median income and population growth. However, a bit of volatility would be welcomed in the coming year to generate leasing opportunities and enhance rental rate growth. Significant store closings, including a selection of Walmarts, Macy’s, Staples and Sears, in addition to Sports Authority and Sports Chalet locations, affected many of our regional malls and shopping centers in 2016. As a result, we will continue to see more space absorbed rather than closed or constructed in the coming year. This type of instability breeds opportunity. From grocers to soft goods to restaurateurs, traditional and non-traditional retailers remain motivated to identify what works best across Southern California. Retailers who have been working to right-size and reconfigure their traditional formats will catch everyone’s attention in 2017. Target recently announced the opening of a flex-format concept with plans for a 41,000-square-foot store in Orange in the fall. Burlington Coat Factory has been evaluating a smaller footprint, while 365 by Whole Foods will soon enter the Orange …
PALO ALTO AND REDWOOD CITY, CALIF. — Natixis has provided a $75 million loan to Pollock Realty Corp. to refinance three office buildings in Silicon Valley. The refinance included an 81,031-square-foot property in the Stanford Research Park in Palo Alto; a separate, 56,279-square-foot building in Stanford Research Park in Palo Alto; and a 34,796-square-foot building in the Redwood Shores region of Redwood City. Gregory Gray of Barry Slatt Mortgage arranged the financing, which was originated out of Natixis’ Los Angeles office.
LAS VEGAS — Hamilton Zanze has purchased the 232-unit Alicante Villa Apartments in Las Vegas for $35.5 million. The community is located at 4370 S. Grand Canyon Drive. Alicante Villa was built in 2001 four miles from downtown Summerlin. CBRE’s Jeffrey Swinger represented the seller, Kislak, in this transaction.
LAKEWOOD, WASH. — Security Properties has acquired the 267-unit Beaumont Grand apartments in Lakewood for $35.2 million. The community is located at 8504 82nd St. SW. It is situated near the Port of Tacoma and Joint Base Lewis-McChord, a U.S. military installation supporting more than 66,000 jobs. The property is 95 percent leased. HFF’s Ira Virden and Chris Ross represented the seller, Grand Peaks Properties, and its finance partner, Pacific Coast Capital Partners, in this transaction.
LAS VEGAS — Alston Construction has completed a 68,875-square-foot, built-to-suit facility for 3G Productions in Las Vegas. The new facility is located on 5.4 acres at the corner of Euclid Avenue and Russell Road. The firm completed a 51,400-square-foot concrete tilt up building with a 16,875-square-foot steel/concrete deck mezzanine to be used in the future by the owner. PFIILP Eastern Russell 70 LLC owns the $9 million project. 3G Production will offer the facility as a corporate event venue.
SACRAMENTO, CALIF. — Monticello Asset Management, through one of its investment vehicles, has participated in a $14.3 million bridge-to-HUD loan to 2200 Gramercy Drive LLC. The borrower will use the funds to acquire an assisted living and skilled nursing facility in Sacramento. Built in 1991, the seller is a private owner planning to retire. The property features 85 assisted living beds and 120 skilled nursing beds. The operator of the facility plans to implement a $2 million capital improvement plan throughout the facility. Improvements include new floors, wallpaper and beds, along with upgrades to technology, the rehabilitation gym, lighting and the dining room, among other improvements.
WEEHAWKEN, N.J. — Landsea has closed on a $102.3 million construction loan for Avora, a condominium project in Weehawken. With occupancy scheduled for first quarter 2018, the 11-story building will feature 184 condominium units in one-, two- and three-bedroom layouts, 6,000 square feet of ground-floor retail space, a private screening theater, a business center, a fitness center, an outdoor pool, sun decks, grilling areas and an amphitheater. Thomas Didio, Michael Gigliotti and Dan Cashdan of HFF secured the financing through Bank of the Ozarks for the developer.
NEW BRUNSWICK, N.J. — Saxum Real Estate has purchased a vacant retail building, located at 37 Easton Ave. in Brunswick, for an undisclosed price. Completed in 2009, the two-story building features 18,000 square feet of space that can be reconfigured to multi-tenant retail, office and residential space. Marc Duval, Jose Cruz, Kevin O’Hearn, Michael Oliver and Stephen Simonelli of HFF represented the undisclosed seller in the deal.
EASTCHESTER, TUCKAHOE AND GREENBURGH, N.Y. — Q10 New York Realty Advisors, an affiliate of Houlihan-Parnes Realtors, has arranged an $8.9 million permanent loan secured by three properties in Westchester County, N.Y. The borrower is a long-term owner of the properties, which include a retail strip center in Eastchester and two warehouse/industrial buildings in Tuckahoe and Greenburgh. The warehouse buildings are net-leased to Verizon. Jeanne Cronin of Q10 secured the five-year loan, which features a 30-year amortization schedule, through a community bank for the borrower.