Mesirow Realty would give Bob Evans $200 million for the properties and receive $15.4 million a year in lease payments for at least 20 years, according to a press release.
The transaction is the second real estate sale – Bob Evans did a similar deal for two of its manufacturing plants earlier this year – following a battle with activist investor Thomas Sandell.
Sandell pushed for Bob Evans, which owns its restaurant properties, to unlock the value of its real estate to reward shareholders and pay down debt.
Bob Evans is also looking for a buyer for its corporate headquarters.
The net proceeds of the restaurant sale, about $170 million, will be used to pay debt and repurchase shares of stock. Shares of Bob Evans’ stock rose almost 2 percent in early trading.