An affiliate of San Francisco-based private equity firm Golden Gate Capital paid more than $5.54 million on Monday for its second Red Lobster property in Orlando's tourism corridor.
The buyer was BER Real Estate Investments IV, LLC, which is registered at the main office of Bob Evans Restaurants in Ohio but managed by Golden Gate Capital, which completed an acquisition in early May of the 523-unit Bob Evans restaurant division from Bob Evans Farms, Inc., for a reported $565 million.
Golden Gate Capital immediately began closing some sale-leasebacks of Bob Evans restaurant properties around the country in late May to other institutional investors. This new acquisition indicates the company is actively reinvesting those sale proceeds.
Located at 5936 International Dr., the 1.77-acre parcel features a Red Lobster restaurant built in 1974 with 7,766 square feet of conditioned area. It lies just north of Universal Orlando's former Wet 'n Wild site where it is planning redevelopment into two large resort hotels.
The company bought $204 million worth of Red Lobster properties across the country from VEREIT between October and December 2015, estimated near 50 sites overall. That included four Orlando locations and two in Kissimmee, GrowthSpotter reported at the time.
The locations of those late 2015 land acquisitions include another on International Drive, one near the Florida Mall, and one on Kissimmee's W192 tourism corridor.