US Restaurant Properties Submits Bid for Ground Round

BRAINTREE, MA-US Restaurant Properties, Inc. is the lead bidder in the acquisition of the Ground Round, Inc., a locally based casual dining chain. The bid was approximately $6.5 million.The deal is pending US Bankruptcy Court approval and includes Ground Round’s interest as a franchisor, trade names as well as franchisee subleases. In addition, US Restaurant will acquire restaurant assets of several non-operating Ground Round units. The Ground Round franchise system has 73 franchised units, primarily in the Northeast and Midwest. There are 19 Ground Round locations in Massachusetts.American Hospitality Concepts Inc., the parent company of the Ground Round, filed for Chapter 11 protection this past February. The company caused a stir at the time when it abruptly closed nine local locations, a move which reportedly resulted from a number of its lenders suddenly terminating financing. Dallas-based US Restaurant Properties is a real estate investment trust which focuses on acquiring, owning and leasing restaurant properties. The company also owns and leases a number of service station properties, most of which include convenience stores. The company currently owns 778 properties.