PHOENIX-A San Jose, CA-based restaurateur, Lee's Sandwiches, plans to open more than 10 shops in the Valley. A 10-year lease sets up an immediate opening of a distribution center along East Encanto Boulevard.

McALLEN, TX-A prominent owner in the Valley closes a $2.8-million refinance for a 37,841-sf, fully leased office building. The 10-year, non-recourse loan boasts a rate of 100 basis points over the 10-year Treasury.

ATLANTA-The furniture retailer posts poor earningsbecause of changes to its distribution network.

HOUSTON-A local franchisee is fine-tuning plans to build a four-story Hilton Homewood Inn & Suites. The plan calls for a fourth-quarter groundbreaking on a 74-room hotel. If all goes as planned, doors open in mid-2006.

PHOENIX-In a back-up play, Van Buren Partners, with 300,000 sf of leases in hand, zeroes in on the win with a $21.8-million offer for a 1.5-million-sf shuttered facility with a $100-million replacement cost and 30 extra acres of developable land.

PHOENIX-In a back-up play, Van Buren Partners, with 300,000 sf of leases in hand, zeroes in on the win with a $21.8-million offer for a 1.5-million-sf shuttered facility with a $100-million replacement cost and 30 extra acres of developable land.

GLENDALE, AZ-A Newport Beach, CA owner, eyeing a lower interest rate, secures a Fannie Mae loan with a nine-year term and 5.59% fixed rate for the 319-suite Belaire Manor Manufactured Home Community. The borrower retires other debt two years early.

PHOENIX-A Mesa investor pays $8.5 million for the 90%-leased Vista Del Monte Apartments, offering the highest offer in a second marketing when a contract falls out. The seller earns $2.6 million from a four-year hold of the 1970s-era complex.