American Realty Capital Properties Inc., a New York-based real estate investment trust (REIT), recently purchased seven Milwaukee area KFC restaurants and the Texas Roadhouse restaurant in Kenosha, from GE Capital Solutions, according to state records.
The deal is part of a 447-property portfolio that American Realty Capital purchased from GE Capital for $774 million. The portfolio included assets primarily net leased to national restaurant chains.
“These properties represent a diverse and accretive addition to our best-in-class net lease real estate portfolio,” said Nicholas Schorsch, chief executive officer and chairman of American Realty Capital Properties.
“We added a high-quality, diverse portfolio of branded net lease properties housing vibrant business models,” said Mike Weil, president of American Realty Capital Properties.
The properties that American Realty Capital Properties acquired in southeastern Wisconsin include (city of Milwaukee assessed values in parenthesis): the Texas Roadhouse at 7121 118th Ave., Kenosha, $3.18 million; the KFC at 1401 Miller Park Way, West Milwaukee, $1.76 million; the KFC at 7242 N. Teutonia Ave., Milwaukee, $1.74 million ($1.1 million); the KFC at 4400 N. 60th St., Milwaukee, $1.64 million ($1.07 million); the KFC at 5444 N. Lovers Lane Road, Milwaukee, $1.4 million ($909,000); the KFC at 7343 W. Appleton Ave., Milwaukee, $1.3 million ($847,000); the KFC at 101 N. Chicago Ave., South Milwaukee, the KFC at $1.1 million; 1570 W. Mitchell St., Milwaukee, $871,305 ($752,000).
