The two Red Lobster restaurants in Milwaukee County, one located in Wauwatosa and the other in Greenfield, sold recently for a combined $9.5 million, according to state records.
The restaurants, located at 2810 N. Mayfair Road in Wauwatosa and at 4645 S. 76th St. in Greenfield, were purchased by an affiliate of Cole Capital, a Phoenix, Ariz.-based real estate investment trust that is the private capital business of New York-based American Realty Capital Properties Inc. The acquisition of the two Red Lobster restaurants in Milwaukee County is part of a $1.5 billion sale-leaseback deal announced in July in which American Realty Capital Properties acquired approximately 500 Red Lobster restaurants from Orlando-based Darden Restaurants Inc.
The Greenfield Red Lobster restaurant sold for about $5 million and the Wauwatosa Red Lobster sold for about $4.5 million, according to state records.
The restaurants sold for well above the assessed value of the properties. The Greenfield Red Lobster property has an assessed value of about $1.93 million and the Wauwatosa Red Lobster property has an assessed value of about $2.2 million, according to municipal records.
