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New Frisch's owner sells restaurant assets

Posted: 8:01 AM, Sep 15, 2015
Updated: 2015-09-15 08:01:03-04

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:

1001 Gest Street

Queensgate

 $2,481,346

5216 Glenway

West Price Hill

 $2,250,000

4645 Spring Grove

Spring Grove Village

 $1,206,371

7706 Beechmont Ave

Anderson Township

 $2,528,263

9830 Colerain Ave

Coleran Township

 $2,738,503

5202 Delhi Road

Delhi Township

 $3,066,346

5339 North Bend

Green Township

 $2,776,778

4227 Bridgetown Road

Cheviot

 $3,384,957

1181 Stone Drive

Harrison Village

 $3,019,955

2439 Sharon Road

Sharonville

 $1,793,741

1429 Kemper Road

Sharonville

 $2,291,304

9070 Plainfield Road

Blue Ash

 $3,888,301

12150 Mason Road

Symmes Township

 $2,886,135

4765 Montgomery Road

Norwood

 $3,460,261

1719 Germantown Road

Middletown

 $2,099,147

6640 Dixie Highway

Fairfield

 $2,127,849

2949 Dixie Highway

Hamilton

 $1,351,706

7075 Yankee Road

Liberty Township

 $1,124,000

3050 Anchor Drive

Fairfield Township

 $2,448,486