Miami’s Benihana Makes Deal for 13 Properties

by Isaac Benmergui, Esq on August 20, 2012

The Miami-based restaurant chain, Benihana, inked a deal to sell 13 of its restaurant properties for $47.4 million to Cole Real Estate Investments. The most interesting aspect of the deal is that Benihana plans to lease back the properties. The company operates 95 restaurants total.

The 13 properties that were sold were located Benihana owns; all other restaurant sites are leased. The company is also consolidating in other ways, taking itself off the stock exchange and returning to a privately held business. The sale to lease deal makes good business sense should the company decide to close some of its restaurants in the future. Unloading the restaurant real estate also allows the company to ask for upgrades to the facilities without having to take money out of company profits. It also allows faster expansion of the chain, should it decide to grow. 

Getting Legal Help

The law offices of Isaac Benmergui can help you with your legal real estate needs; call 780-800-2510 or email Isaac@benmerguilaw.com for more information or to set up an appointment today.

 

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