Deal snapshot: CONSOLIDATED TOMOKA ACQUIRES FOUR US RESTAURANT PROPERTIES FOR USD 14.9M.
Florida-based real estate company Consolidated-Tomoka Land Co. (NYSE MKT: CTO) has acquired four single-tenant triple net lease properties in a sale-leaseback transaction with Florida-based hospitality industry provider Bloomin' Brands, Inc. (NASDAQ: BLMN) for USD 14.9m, the company said.
The portfolio includes three restaurant properties that operate as Outback Steakhouses, located in Austin, Texas, Charlotte, North Carolina, and Charlottesville, Virginia, and another property that operates as a Carrabba's Italian Grill, also located in Austin, Texas. The newly originated absolute triple-net leases, which include a corporate guaranty, each have an initial term of 15 years and include annual rent increases.
Sector: Construction/Real Estate
Target: Three Outback Steakhouses and a Carrabba's Italian Grill
Buyer: Consolidated-Tomoka Land
Vendor: Bloomin' Brands, Inc.
Deal size in USD: 14.9m
Buyer advisor: , ,
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|Publication:||M & A Navigator|
|Date:||Sep 19, 2016|
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