PHOENIX and SAN FRANCISCO—VEREIT Inc. and Golden Gate Capital said Friday they had entered into two additional Red Lobster restaurant property transactions totaling approximately $400 million. GGC has acquired a pool of properties from VEREIT valued at approximately $210.5 million; the two companies will also opportunistically divest about $190 million of additional Red Lobsters through single- or multi-unit dispositions.

The new deals supplement the $604 million of Red Lobster transactions that VEREIT and GGC announced this past Nov. 5. "Following our previously announced transaction with Golden Gate Capital, we welcomed the opportunity to expand our partnership," says VEREIT CEO Glenn Rufrano. With the transactions announced Friday, VEREIT will have sold nearly $415 million of Red Lobster properties and plans to sell another $600 million through the strategic partnership, "providing a favorable form of liquidity and significantly reducing our overall exposure to restaurant real estate."

Rufrano adds that VEREIT has now executed approximately $1.4 billion of strategic dispositions in 2015, representing "the top end of this year's disposition guidance. We are well on our way to achieving our guidance of closing between $1.8 billion and $2.2 billion of dispositions by the end of 2016 as we continue to enhance our overall portfolio diversification."

The Red Lobster sites were part of VEREIT's $1.5-billion acquisition of approximately 500 locations from San Francisco-based GGC in a sale-leaseback. In turn, that deal was an outgrowth of GGC's $2.1-billion acquisition of the seafood chain from Darden Restaurants. Both deals closed in July 2014. During VEREIT's second-quarter earnings call this past August, Rufrano outlined VEREIT's plan to enhance diversification and improve balance sheet metrics by culling its portfolio.