The sale/leaseback deal gives Buffets funds to refinance 24 of its 100 restaurants in 12 states and increases CNL's restaurant portfolio to 674 locations. Rents, occupancies, sales and seating capacities at the acquired properties weren't disclosed.
For CNL Franchise, the deal was its largest since June 2000 when the company was created as part of CNL American Properties Fund Inc. Bank of America is CNL Franchise's partner. CNL Financial Group Inc. of Orlando is the parent of all the CNL funds and companies.
In South Florida, Buffets has Hometown Buffet restaurants in Davie and Hallandale. Buffets' other brands are Old Country Buffet and Tahoe Joe's Steakhouse.
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