New Frisch's owner sells restaurant assets

CORRECTION: An earlier version of this story reported 20 stores were sold.

CINCINNATI - The new owner of Frisch’s Restaurants Inc. has sold about a fourth of the restaurant properties owned by the Cincinnati-based restaurant chain, in a move that’s likely aimed at raising cash to help finance its $175 million acquisition.

NRD Capital Partners of Atlanta has not responded to WCPO’s questions about the sales.

Real estate records in Hamilton and Butler counties show National Retail Properties LP of Orlando, Fla., purchased 19 Frisch’s restaurant locations since Sept. 3 for a combined price of $46.9 million. The sales came just a few days after an affiliate of NRD Capital paid $175 million for all outstanding shares of the iconic Cincinnati restaurant chain.

National Retail Properties is a real estate investment company that acquires properties subject to long-term leases. Retail companies often sell their real estate to such investors and lease back the property back to continue operations at the same location.

It’s a way of raising cash and gaining tax advantages from ongoing lease expenses.

Frisch’s owned 80 restaurants worth a combined $124 million when its fiscal year ended in June, according to its annual report to shareholders.

Here’s a list of the 19 properties acquired by National Retail Properties this month: