STORE Capital Completes Taco Mac Chain Sale/Leaseback
STORE Capital, a real estate investment trust, announced it has completed a $19.2 million sale-leaseback with Tappan Street Restaurant Group (TSRG). TSRG is the parent company of Taco Mac, a Southeastern casual-dining restaurant chain with 28 restaurants across metro Atlanta, GA; Charlotte, NC and Chattanooga, TN.
The transaction occurred simultaneously with an equity investment by CIC Partners, a Dallas-based middle-market private equity firm, in TSRG to help Taco Mac continue its expansion. Under the terms of its agreement, STORE Capital purchased six properties, including five Taco Mac restaurants located in Georgia and North Carolina and TSRG’s corporate headquarters located in Alpharetta, GA. STORE then leased the properties back to TSRG under a long-term, triple-net lease.
The five Taco Mac properties and TSRG’s corporate headquarters adds to STORE Capital’s robust portfolio of restaurant properties. The Company also serves a large number of real estate intensive institutions including for-profit secondary education, home furnishing stores, fitness centers, early childhood education and pre-school services, grocery stores and movie theaters, among others.
STORE Capital is a real estate investment trust principally backed by funds managed by Oaktree Capital Management.