August 6, 2018
Brinker International, headquartered in Dallas, is selling close to 100 restaurant properties in two separate deals. Once the transactions close, the restaurant giant will walk away with more than $300 million.
California-based Four Corners Property Trust will buy up to 48 corporately owned Chili’s Grill & Bar units for up to $155.7 million. Brinker will sign 15-year leases for each unit sold, and Four Corners will have lease-renewal options. Most of the units are in Texas and Florida. Brinker will also sell 50 units to SunTrust Equity Funding for up to $158.6 million. In this transaction, Brinker will also sign 15-year leases for the units, with lease-renewal options. The seller didn’t disclose the units’ locations in its agreement with SunTrust Equity.
Both transactions are scheduled to close in August 2018.
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