In yet another whopper of a restaurant deal, a Dallas-based real estate investment firm that specializes in restaurants has purchased a Burger King restaurant near the Peace Bridge, paying $1.2 million.
U.S. Restaurant Properties, through Brand 601 Busti Ave., bought the fast-food establishment at 601 Busti and 200 Porter Ave. from the Pelissier Family Trust, based in Huntington Beach, Calif.
U.S. Restaurant Properties is a private real estate investment trust that was formed in 2012. It initially focused primarily on restaurants with leases of less than 10 years left on their terms, but started getting into sale-leaseback arrangements a year later, as well as property development.
A predecessor firm by the same name, founded in 1995, had grown into one of the nation's largest restaurant-focused real estate investment trusts, with more than 1,000 properties, before it merged with another fund and then was acquired by GE Capital in 2007.
Both were founded and led by CEO Robert Stetson, who formerly served as chief financial officer, chief operating officer and later president of the restaurant division of Burger King Corp.