CoStar Group - April 15, 2009
In mid-December 2008, Dallas-based Cardinal Capital Partners, together with New York City-based Fortress Credit Corporation emerged as the buyer of a single-tenant portfolio of 39 Macaroni Grill restaurants, which are net leased for 20 years to Macaroni Grill's new private equity owner, Golden Gate Capital. The Cardinal-Fortress team specializes in corporate sale-leaseback transactions. In July 2008, the duo completed a sale-leaseback transaction with the new owner of Applebee's, acquiring 181 restaurants for $303 million.
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