Two restaurant sites near Park City Center have been purchased by a California-based investment company for a combined $4.7 million.
The BJ's Restaurant and Brewhouse and LongHorn Steakhouse on Plaza Boulevard in Lancaster city were purchased by Four Corners Property Trust, which is based outside of San Francisco.
Both restaurants are operated by corporate owners and have long-term leases in place, things Four Corners Property Trust highlighted in a news release announcing the deal.
BJ's Restaurant and Brewhouse, 925 Plaza Blvd., has been open since 2016, and is known for deep-dish pizza and craft beer.
The LongHorn Steakhouse at 993 Plaza Blvd. has been open since 2005. LongHorn is a brand of Darden Restaurants, which also owns Olive Garden.
Four Corners likely expects that the locations will continue to generate enough revenue for their corporate owners to stay put, even if their rent goes up in the future, according to Blaze Cambruzzi, managing partner at TRUE Commercial Real Estate and an adjunct professor of real estate and finance at Millersville University.
"The sales numbers are probably favorable to the restaurant, and if there are bumps in the rent, there's a good chance they'll probably stay and absorb them," he said.
Four Corners, which was spun off from Darden in 2015, owns more than 1,200 properties nationwide, including more than 100 other LongHorn Steakhouse locations. It purchased the Outback Steakhouse and Carrabba's Italian Grill located near the Oregon Pike exit of Route 30 last year for $6.84 million.
Brookfield Properties, Park City Center's owner, indicated in 2023 it was exploring a sale of the BJ's and LongHorn sites when it got approval from the city to subdivide the properties from the mall itself, along with a retail area on Plaza Drive that includes Bonefish Grill, DSW, Ashley Home Furnishings and the Olive Garden. That property is still owned by Brookfield.
Brookfield and Four Corners did not return calls seeking comment.