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Mill Valley Investor Acquiring Nearly 50 Chili’s in $156M Deal
Mill Valley, CA-based Four Corners Property Trust (FCPT) plans to acquire up to 48 corporate-operated Chili’s restaurants through a sale-leaseback transaction with subsidiaries of Brinker International, Inc. for a purchase price of up to $155.7 million. The transaction is expected to close on or around August 8, 2018, subject to due diligence and customary closing conditions.
FCPT’s Bill Lenehan added, “In addition to the attractive locations, we are particularly pleased with the property-level rent setting and strong coverage in this portfolio.”
The properties are under individual leases with 15 years of initial term, rent increases of 10% every five years during the initial term, and a corporate guarantee from Brinker International, Inc.
The properties are located principally in Florida (14 properties) and Texas (13 properties), but are spread across 15 states and include exposure to western U.S. geography (AZ, CA, CO, FL, GA, LA, MS, NC, NM, NV, OK, SC, TN, TX, VA).
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition


