The new owner of Frisch’s Restaurants Inc. wasted no time in shaking things up at the nearly 70-year-old company.
NRD Capital Partners sold the real estate for 19 Greater Cincinnati Frisch’s Big Boy restaurants to National Retail Properties Inc., a real estate investment trust that owns a portfolio of freestanding retail stores, for nearly $47 million. The company entered into long-term lease deals with National Retail Properties and will continue to operate the restaurants as usual.
Aziz Hashim, managing partner of Atlanta-based private equity firm NRD, said the real estate was sold to unlock some of the value in Frisch’s. Proceeds from the sale will be used to capitalize the business, he said.
Only select locations were sold, and Hashim said he does not expect more restaurants to be sold for the time being.
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