X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ORLANDO-Trustreet Properties Inc. has completed itslargest acquisition since the REIT was formed inAugust 2004, providing $139 million in sale/leasebackfinancing for 67 Perkins Restaurant and Bakery stores.

The REIT, which was created by a merger betweenOrlando, FL-based CNL Restaurant Properties Inc.,Dallas-based US Restaurant Properties Inc. and 18CNL Income Funds, closed the deal with the RestaurantCo., which owns and operates Perkins.

Memphis, TN-based Restaurant Co., which owned andoperated 153 stores and 333 franchises, hired PiperJaffray in March to evaluate “a variety of financialand strategic alternatives” for Perkins. Manyrestaurant owners and operators utilizesale-leasebacks to grow their business. For example,Trustreet Properties has done business withApplebee’s, Arby’s, Bennigans, Burger King, GoldenCorral, IHOP, Jack in the Box, KFC, Pizza Hut, TGIFriday’s and Wendy’s.

Currently, the REIT has financial interests in about2,900 properties in 49 states. According to recent SECfilings, Trustreet Properties portfolio is 95.7%occupied with an average remaining lease term of10.8 years. More than 75% of the REIT’s leaseexpirations do not occur until after 2011.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE 2020Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.