MICHIGAN, MINNESOTA AND ARIZONA — Net Lease Office Properties (NYSE: NLOP) has sold four office assets across three states for gross proceeds totaling approximately $43.1 million. The properties included: a 143,650-square-foot building in Tucson, Ariz., primarily leased to Raytheon Corp.; a 58,722-square-foot asset in Dearborn, Mich., that is home to Carhartt Inc.; a 70,000-square-foot building in Plymouth, Mich., that is primarily leased to AVL Michigan Holding Corp.; and a 29,916-square-foot property leased to BCBSM Inc. in Eagan, Minn. Net proceeds after closing costs, together with funds from other sources, were used to repay approximately $46 million on J.P. Morgan’s senior secured mortgage and approximately $6 million on its mezzanine loan. Subsequent to the dispositions, NLOP owned 55 office properties, 50 of which are in the U.S. and five in Europe.
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.
PHOENIX — McShane Construction Co., on behalf of owner Jomax Residences, has completed the development of The Livano Deer Valley, a multifamily property in Phoenix. Humphreys & Partners Architects designed the project. Situated on 10.8 acres, the three-story community features 242 apartments in a mix of studio, one- and two-bedroom layouts with wood-style flooring, granite countertops, stainless steel appliances, designer ceramic tile backsplashes and abundant natural light. On-site amenities include a 4,000-square-foot designer clubhouse, 60,000-gallon resort-style pool, a dog park and courtyards with ample seating, fire pits and barbecues.
LOS ANGELES — Gantry has arranged a $28.5 million construction-to-permanent loan for the redevelopment of an existing office building located at 5245 Pacific Concourse Drive in Los Angeles. The 66,000-square-foot property is 100 percent pre-leased to the U.S. General Services Administration as a new facility for the Executive Office of Immigration Review, a subsidiary agency of the U.S. Department of Justice. Mark Ritchie, Amit Tyagi and Alicia Sabanero of Gantry’s Los Angeles office represented the borrower, a private real estate company. One of Gantry’s correspondent life company lenders provided the multi-decade loan, which features a long-term fixed interest rate.
PHOENIX — CapRock Partners has acquired an industrial facility located at 5858 W. Lower Buckeye Road in Phoenix, for an undisclosed price. The name of the seller was not released. During the acquisition process, CapRock secured two undisclosed tenants resulting in the property being 100 percent pre-leased at the close of escrow. Situated on 13.6 acres, the 249,844-square-foot, Class A distribution and manufacturing facility features 36-foot clear heights, 28 dock-high loading doors, two motorized oversized grade-level loading doors, ESFR sprinklers and heavy power (3,600 amps). The property’s exterior offers a fully secured, 245-foot concrete truck court, double-row trailer parking for 76 stalls and space for 166 auto stalls. Stein Koss, Tom Louer and Fenton Kelly at Lee & Associates represented CapRock Partners in the acquisition and leasing of the property. Josh Wyss of Cushman & Wakefield and Pat Harlan, James Panczykowski and Kyle Westfall of JLL represented the new tenants. The newly acquired asset is approximately two miles south of Loop 202 from CapRock West 202 Logistics, an eight-building, Class A industrial warehouse complex totaling 3.4 million square feet.
SAN DIEGO — Thorofare Capital, an affiliate of asset management platform Callodine Group, has provided a $26 million loan to Chapman Place LLC for the refinancing and lease-up of Chapman Place Apartments. Located in San Diego’s Point Loma submarket, Chapman Place Apartments features 82 units in a mix of 40 studios, 36 one-bedroom units and six two-bedroom units with an average size of 584 square feet. The three-story multifamily property is located at 3910 Chapman St. and was built to condominium-level finishes with a variety of amenities. Southwest Equity Partners manages the community. Thorofare’s floating-rate, short-term bridge loan will provide the borrower, a private investor, with runway to lease up and stabilize occupancy. The property was 25 percent leased at the time of loan closing, with most of the loan proceeds utilized to retire the original construction loan. Andrew Kim, Paul Hachigian and Jacob Yi of Thorofare originated the loan.
LAHTROP, CALIF. — Macy’s has executed a long-term lease for a logistics and distribution facility located at 3400 W. Yosemite Ave. within Phelan Lathrop Gateway industrial park. Terms of the transaction were not released. Phelan Development owns the 272,000-square-foot facility, which is south of Sacramento and east of the Bay Area. Jay Hagglund and Tyson Vallenari of Cushman & Wakefield represented Macy’s in the lease transaction.
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 …
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.