ORLANDO-Locally based Trustreet Properties Inc. has closed on a $119-million portfolio acquired from Wendy's International which operated the fast-food restaurants in 23 states. The restaurants are leased to Wendy's franchises. The deal was completed at year-end 2005 but announced today by Trustreet.

In a prepared statement, Wendy's CEO Jack Schuessler, called the deal "an important strategic initiative [for Wendy's] to complete during 2005." He couldn't be reached by GlobeSt.com's publication deadline to learn the number of restaurants involved in the transaction.

In the same statement, Trustreet Properties president and CEO Curtis McWilliams says the deal "added quality assets" to the company's portfolio "and a greater concentration in this strong restaurant concept." McWilliams adds the transaction "also serves as a strong finale to an outstanding year [with Trustreet] having provided $524 million in net-lease financing to the restaurant industry in 2005."

Trustreet Properties is traded on the New York Stock Exchange. The company provides financial, real estate and advisory services to operators of national and regional restaurant chains.