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.
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