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Last updated on Thursday, August 28, 2014, 2:55 pm

Red Lobster Properties Part of $1.5B Sale-Leaseback Deal

A sale-leaseback transaction involving two restaurants in Benton and Washington counties tipped the scales at a combined $5.41 million. Darden Restaurants Inc. of Orlando, Florida, sold the 7,159-SF Red Lobster restaurant at 1710 S. 46th St. in Rogers just east of Interstate 49 for $2.72 million. Darden also sold the 7,872-SF Red Lobster at 3885 N. Shiloh Drive near the intersection of College Avenue and Joyce Boulevard for $2.69 million. ARCP RL Portfolio LLC of Phoenix, managed by American Realty Capital Properties Inc. of Phoenix, is the new owner of both. Waco Title Co. of Springdale was the closing agent for both transactions. ARCP, a publicly traded company, announced July 28 it had closed on approximately 500 Red Lobster restaurant properties as part of an approximate $1.5 billion sale-leaseback... [ MORE ]

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