Here’s a whopper of a deal.
A Dallas-based real estate investment trust has completed its purchase of three local Burger King restaurants as part of a larger, nationwide acquisition. The deals affect the properties, not the businesses that lease them.
Spirit Realty Capital bought 123 properties from Service Properties Trust in Newton, Mass., paying a total of $435 million for sites in 26 states that are leased to 54 different businesses. One-third are restaurants, including Burger King.
Locally, Spirit bought Burger King locations at 365 Amherst St. in Buffalo, 1459 French Road in Depew and 10 S. Cascade Drive in Springville for $3.4 million in all.
The total value of the deal was $435 million.
Service Properties sold the parcels and buildings because it found itself in a pickle after spending $2.4 billion to acquire a group of properties from another real estate trust – managed by Spirit.
Published by The Buffalo News