Red Lobster property sold for nearly $5 million

REIT invests in Springboro Pike site.
Montgomery County property image

Montgomery County property image
Business
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June 24, 2019
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A Springboro Pike Red Lobster restaurant’s real estate has a new owner.

Mill Valley, Calif.-based Four Corners Property Trust LLC bought the 8,300-square-foot restaurant property at 8200 Springboro Pike for more than $4.8 million last week. The seller of the Miami Twp. property was ARCP RL Portfolio VIII LLC, a foreign limited liability company.

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Four Corners has a portfolio of more than 620 restaurants, covering 4.2 million square feet in 45 states, the company says. The real estate investment trust owns Bob Evans, Taco Bell, Olive Garden, Longhorn Steakhouse and other locations.

The company also owns a Bob Evans property at 5525 Wilmington Pike.

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Thomas Gnau is a business reporter who joined the Dayton Daily News in 2007. He has reported for daily newspapers in Ohio since 1991.