A Chili's restaurant. Photo by Google Streetview.
DALLAS, TEXAS–Earlier this summer Dallas-based Brinker International's, which owns such restaurants as Chili's, entered into three purchase agreements to sell and leaseback 143 restaurant properties to Four Corners Property Trust, a REIT headquartered in Mill Valley, CA.
By August it had completed sale leaseback transactions for 137 of these restaurants for $443.1 million. Their approximate net book value was $100.9 million and $61.3 million for building and leasehold improvements. For the net-lease space and even for sale lease back transactions, it was a good-sized deal.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
