Monday, September 21, 2015
NRC Announces Sale of 24 Denny’s in Arizona and New York
Source: FSR magazine
NRC Realty & Capital Advisors, LLC announced the sale of 24 Denny’s franchised restaurants in Arizona and New York by Top Line Restaurants, Inc. of Chandler, Arizona, and its affiliates to FEAST Foods, LLC of Murrieta, California.
NRC acted as exclusive financial advisor to Top Line in connection with the sale and provided valuation services, assisted in the structure of the sale, identified qualified prospects, and aided in the negotiation of the sale documents.
The sale consisted of seven Denny’s locations in Arizona, six of which are located in the Phoenix area, with one restaurant located in Safford, Arizona. In New York, eight of the properties are situated in and around Rochester, while nine are located in and around the Syracuse area. All sites are operated under franchise agreements with the Denny’s franchisor, DFO, LLC.
Top Line, owned by Glenn and Tina Beattie, will continue operating 14 Denny’s locations in the Buffalo metropolitan area. The Beatties are also a franchisee of Corner Bakery Café and operate three Corner Bakery locations in Rhode Island. Glenn and Tina together have almost 40 years of experience working in the Denny’s brand and have been recognized with multiple awards, including the President’s Guiding Principle Award in 2012.
“We couldn’t be more pleased to be able to sell our Arizona and Rochester and Syracuse, New York stores to FEAST Foods. They are a very experienced and professional restaurant company, and already have a significant presence in the Denny’s system,” says Glenn Beattie, president of Top Line. “NRC Realty & Capital Advisors did a superb job in assisting us in the preparation for the sale of our assets. We were very impressed with the process and the number of qualified prospective purchasers they helped to identify.”
FEAST Foods, LLC, prior to this purchase, operated 197 restaurants, including Jack in the Box, Corner Bakery Café and Denny’s, throughout California, Texas, Oklahoma, Oregon, Idaho, and Washington.
“Glenn and Tina Beattie have been some of the most successful Denny’s franchisees for many years and have been highly regarded by their peers, both in the family dining sector specifically and in the restaurant industry in general,” says Dennis Ruben, executive managing director of NRC. “NRC was honored to have been able to assist Top Line and the Beatties with the successful sale of these Denny’s locations.”