The two properties are a corporate-operated Olive Garden and a franchisee-operated Taco Bell. This is the third closing of the acquisition previously announced in September 2017. Closing of the remaining properties will vary based on the timing of parcelization of each respective property, subject to remaining due diligence and customary closing conditions.
The property is located in Michigan and is occupied under a triple-net lease guaranteed by Arbys corporate entity with approximately 6 years of term remaining. The transaction was priced at a 7.0% going-in cash cap rate, exclusive of transaction costs.
Headquartered in Scottsdale, Arizona, SGAs Food Group of Companies has combined 2017 net sales of $3.2 billion and approximately 3,400 employees.
The property is located in Tennessee and is occupied under a triple-net lease guaranteed by Buffalo Wild Wings corporate entity.