Dave & Buster's Sells, Leases Back 3 Properties in 3 States

National Retail Properties (NYSE: NNN), an Orlando-based REIT, acquired three Dave & Buster's Inc. restaurant properties for $29.6 million in a sale-leaseback deal. The Dallas-based restaurant and entertainment chain will continue to occupy the properties under various lease agreements, with an initial term of 17.5 years, according to a regulatory filing. Dave & Buster's will pay about $2.4 million in total in annual rent for the properties. The restaurants are located in Jacksonville, FL; Addison, IL; and Hilliard, OH, according to published reports. There are currently 48 Dave & Buster's locations throughout the U.S. and Canada, of which only one is still owned by the retailer -- its flagship location on Stemmons at Walnut Hill in Dallas. It leases all of its other properties, according to a company spokesperson.