Joint Venture Beefs Up Retail Portfolio

P.S. Realty Partners LP has completed a $22 million sale-leaseback with Paragon Steakhouse for 19 steakhouses around the country. CS First Boston provided the financing.

A joint venture between Skyline Pacific Properties LLC and Franchise Realty Investments, P.S. Realty acquired restaurants located in California, Arizona, Ohio, Virginia, Indiana, Michigan and North Carolina. The restaurants operate under the names Carvers, Hungry Hunter Steakhouse, Hunter Steakhouse, Mountain Jack’s Steakhouse, Texas Loosey’s and Galveston’s.

In the Bay Area, properties are in Fremont, Lafayette, Oakland. In Southern California, sites are Bakersfield, Oceanside, Sacramento and Ventura.

Skyline Pacific is a San Francisco-based company that develops and acquires nationally recognized retail, restaurant and petroleum concepts throughout the United States. Dallas-based Franchise Realty provides sale-leaseback and acquisition financing or equity to chain restaurant and convenience store operators nationwide.