Mesirow Arranges Acquisition of $200 Million Bob Evans Restaurant Properties
CHICAGO, April 18, 2016 – Mesirow Financial announced that it successfully led the $197 million sale-leaseback for 143 Bob Evans restaurant properties across the Midwest, Mid-Atlantic and Southeast. Under the deal, which closed April 14, 2016, Mesirow Financial along with National Retail Properties, Inc. will separately own the 143 properties.
Led by Senior Managing Directors Garry Cohen and Douglas Barker, Mesirow Financial’s Sale-Leaseback Capital group arranged for the purchase of the geographically diverse restaurant properties, and timed the closing to occur before Bob Evans’ fiscal year-end. Mesirow worked in collaboration with Bob Evans to structure an absolute triple-net 20 year master lease with annual rent escalations, supported by a corporate lease guarantee.
Mesirow Financial’s Barker, stated, "We are excited to have partnered with Bob Evans to help monetize a portion of their restaurant portfolio. We worked very closely with the Bob Evans team, developing an incredible degree of cooperation evidencing the strength of what we expect to be a terrific long-term relationship.”
“The Bob Evans transaction is yet another in a succession of acquisitions completed by our Sale-Leaseback group, and the business is an important part of Mesirow Financial’s strategic initiatives,” said Richard Price, chairman and chief executive officer of Mesirow Financial.