The property is located in Texas and is occupied under a triple-net lease with approximately 8 years of term remaining and 2.5% annual rent increases. The transaction was priced at a 6.75% going-in cash cap rate, exclusive of transaction costs.
The brand projects to open 17 franchise locations by year-end while awarding 25 more as it strategically expands its nationwide footprint.
New Directors to Bring Substantial Restaurant, Hospitality, Operational Turnaround, Corporate Governance and Corporate Finance Expertise
Acquisition includes Comedy Barn, Hatfield & McCoy and Smoky Mountain Opry
PGHC Holdings, Inc., the parent company of the popular New England restaurants Papa Gino's Pizzeria and D'Angelo Grilled Sandwiches, this week announced it received approval to sell its business to an affiliate of Wynnchurch Capital, LLC, a private equity investment firm. The sale, which does not include franchisee locations, is scheduled to close by January 31.
FoodMaven, a Colorado-based startup, announced today that the company has closed an additional financing. Tao Capital Partners joins as an investor in the current $10M dollar round, along with funding from members of the Walton family.
The lease has 20 years of initial term and rent increases of 10% every five years during the initial term. The capitalization rate is consistent with past transactions.
With current occupancy of the Beckrich Office Park at 96%, St. Joe anticipates future development at the office park. Construction on the new Starbucks is expected to begin by the end of February.
Redesigned stores and third-party delivery pay off for South's first fast-food restaurant
Nine Locations Planned