Daytona-based Consolidated-Tomoka Land Co. has picked up four single-tenant triple net lease properties in a sale-leaseback transaction for $14.9 million. Purchased from Bloomin’ Brands, the portfolio is made up of three restaurant properties that operate as Outback Steakhouses, located in Austin, Texas, Charlotte, North Carolina, and Charlottesville, Virginia, and a Carrabba’s Italian Grill, also located in Austin, Texas. The newly signed agreements include a corporate guarantee, with each lease having an initial term of 15 years and include annual rent increases. CEO John P. Albright said that while the “initial yield is below our cap rate guidance, this portfolio represents strong performing units in both attractive demographic areas and major retail corridors.”
