Four Corners Property Trust (FCPT) has concluded the acquisition of two corporate-operated Chili’s restaurants from certain subsidiaries of Brinker International for a purchase price of $5.9m in the US.
The company has completed the transaction through a sale-leaseback process and includes an initial annual cash rent of approximately $372,000.
These two restaurants are located in Florida and Texas, and were part of the transaction originally announced on 1 August to acquire 48 Chili’s Grill & Bar restaurants.
The transaction with the US-based real estate investment company also involves an initial annual cash rent of up to approximately $9.9m.
FCPT completed the acquisition of 46 restaurants involved in the deal announced on 8 August and this latest deal concludes the purchase of 48 properties.
Of the 48 restaurants, 14 are located in Florida, 13 in Texas and the remaining are spread across 15 states, including Arizona, California, Colorado, Los Angeles, North Carolina and Virginia among others.
All the restaurant locations involved in the transaction are under individual leases with 15 years of the initial term, along with 10% rent increases every five years during the initial term and a corporate guarantee from Brinker.
In July, FCPT also announced that it will purchase a corporate-operated Buffalo Wild Wings restaurant, an American casual dining restaurant and sports bar franchise, for $1.7m from Pennsylvania Real Estate Investment Trust (PREIT).