The restaurants were sold to New Jersey-based Essential Properties Realty Trust, Inc.
GREENWOOD VILLAGE, Colo. — Greenwood Village-based Red Robin Gourmet Burgers Inc. just unloaded real estate in the Denver area as the struggling restaurant chain continues its efforts to pay off debt.
Red Robin (Nasdaq: RRGB) sold three suburban Denver locations last month to New Jersey-based Essential Properties Realty Trust, Inc., in addition to seven other properties in other parts of the country. The restaurant is not closing any of these locations, but instead leasing them back from Essential Properties Realty Trust.
In the Denver area, Red Robin sold its Lakewood restaurant at 3244 S. Wadsworth Blvd. for $2.66 million, per Jefferson County records. In Highlands Ranch, Red Robin unloaded its restaurant at 63 Centennial Blvd. for $2.56 million and in Castle Rock, Red Robin sold its restaurant at 46 E. Allen St. for $2 million, per Douglas County records.
In total, Red Robin made $24 million on the sale of all 10 of its properties, including the three in Denver’s suburbs, and will spend $23 million from these proceeds to pay off debt, according to a news release.
You can read the full story from our media partners at the Denver Business Journal.
More from the Denver Business Journal:
SUGGESTED VIDEOS: Latest from 9NEWS
9NEWS+
9NEWS+ has multiple live daily shows including 9NEWS Mornings, Next with Kyle Clark and 9NEWS+ Daily, an original streaming program. 9NEWS+ is where you can watch live breaking news, weather updates, and press conferences. You can also replay recent newscasts and find videos on demand of our top stories, local politics, investigations and Colorado specific features.
To download 9NEWS+ on Roku search for KUSA.
To download 9NEWS+ on Fire TV search for 9NEWS.
