Fortress JV Buys $127M Retail Portfolio

The sale included 62 fast-casual restaurants and a Dallas office property.

By Keith Loria

Guy Ponticello, CBRE Corporate Capital Markets
Guy Ponticello, CBRE Corporate Capital Markets

San Francisco—A joint venture between Sansome Pacific and the Fortress Investment Group has acquired a 63-property retail portfolio located across 15 states from Zurich Alternative Asset Management for $127 million.

The portfolio consists of 62 fast-casual restaurants and an office property in Dallas.

Guy Ponticiello, Bruce Westwood-Booth, Maury Vanden Eykel and Kyle Sals of CBRE’s Corporate Capital Markets team represented the seller in the transaction.

“The portfolio was encumbered by a legacy master lease on well-located restaurant properties, largely tenanted by Chili’s, On the Border and Macaroni Grill,” Ponticiello, CBRE’s Corporate Capital Markets’ managing director, said in a prepared release. “The short-term remaining lease term to an investment grade rated tenant provided an investor with near-term security of cash flow and an ability to capture future value through the restructuring and repositioning of the existing leases.”

The properties included in the transaction are located in: Alabama, Arkansas, California, Colorado, Georgia, Illinois, Indiana, Louisiana, Michigan, Missouri, North Carolina, Oklahoma, Tennessee and Texas.

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