Four Corners Property acquires Outback and Carrabba’s units across 10 states
Four Corners Property Trust, a company that invests in retail properties, has acquired 19 Bloomin’ Brands Inc. restaurant properties in 10 states for $66.4 million, the company said Tuesday.
The Mill Valley, Calif.-based trust said the deal included 20 total restaurants — 10 Outback Steakhouse restaurants and 10 Carrabba’s Italian Grill restaurants – including one dual-tenant property with both concepts.
The properties are in 10 states, including Arizona, Florida, Georgia, Kentucky, Louisiana, North Carolina, Nevada, Pennsylvania, South Carolina, and Tennessee.
“The sites are in strong retail corridors with high traffic and attractive demographics,” FCPT said in a statement. “The properties are under two long-term master leases of 10 restaurants each and leased to corporate Bloomin’ Brands entities.”
As of the closing date, Bloomin’ Brands is FCPT’s third largest tenant, comprising approximately 3.3% of the company’s cash rent. In addition, Outback Steakhouse and Carrabba’s Italian Grill restaurants are FCPT’s sixth and 13th largest brands by cash rent, respectively.
FCPT said that after this transaction, Orlando, Fla.-based Darden Restaurants Inn., parent to the Oliver Garden and LongHorn Steakhouse concepts, will now comprise less than 50% of the company’s cash rent.
“We are very pleased with the large addition of Bloomin’ Brands restaurants to our portfolio,” William Lenehan, FCPT CEO and president, said in a statement. “We’re particularly glad to see another large public company operator rise to our No. 3 tenant behind Darden and Brinker.”
Dallas-based Brinker International Inc owns the Chili’s Grill & Bar and Maggiano’s Little Italy brands.
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