Bob Evans Farms has completed the sale and leaseback of 145 namesake restaurants for an average of $1.4 million per location.
The company said the sales to two parties would net the company $164 million, which will be used to pay down debt and repurchase shares, according to CFO Mark Hood.
National Retail Properties bought 117 restaurants for $160.8 million, and Mesirow Realty Sale-Leaseback purchased 26 units for $36.4 million.
Bob Evans leased back the properties for 20 years, with rights to renew for 25 years thereafter. It said it would pay an additional $11 million in rent for the fiscal year ending next April because of the transactions.