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CRIC Capital Acquires Five Restaurants in Sale/Leaseback Deal

BOSTON-CRIC Capital acquires five restaurants from El Torito and Acapulco Restaurants Inc. in California and Missouri. The locally based real estate investor says the acquisition is in line with its strategy to annually acquire more than $400 million of single-tenant properties across the country.

By Naomi Grossman | Updated on April 09, 2004

BOSTON-CRIC Capital, LLC acquired five restaurants from El Torito and Acapulco Restaurants Inc., owners and tenants of Acapulco, El Torito and Casa Gallardo restaurants in California and Missouri. Financial details of the deal were not released but this acquisition brings CRIC Capital’s total deal volume to more than $100 million since November 2003. The company says the acquisition is in line with its strategy to annually acquire more than $400 million of single-tenant properties across the country. CRIC Capital recently acquired portfolios from Apple American Group LLC, Penhall International and GasMart USA.The five restaurants are located in Burbank, CA, Northridge, CA, St. Louis, Bridgeton, MO and Des Peres, MO. The property in Northridge is operated as an El Torito restaurant while the Burbank, property is operated as an Acapulco restaurant. The three Missouri properties in the portfolio are Casa Gallardo Restaurants, an El Torito brand. Acapulco Restaurants and El Torito will use proceeds from the sale/leaseback to pay down debt. “We are able to close these deals quickly and efficiently,” says Marcy Axelrad, a principal of CRIC Capital. “We have the equity to fund the entire acquisition without debt and the depth of experience necessary to ensure a smooth closing based on the significant number of retail and restaurant properties that we have underwritten and closed recently.” Locally based CRIC Capital, an investor in net leased and other credit real estate, is a joint venture of Boston-based Corporate Realty Investment Company LLC and Prudential Real Estate Investors, the real estate investment and advisory business of Prudential Financial, Inc. The company purchases real estate from and leases it back to investment grade and select below-investment grade companies through a variety of customized net leases.

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