Bowling entertainment center chain Lucky Strike recently acquired the real estate of 58 of its locations, which were previously leased. The deal is worth some $306 million.
“By acquiring the real estate underlying these 58 existing locations, we maximize our flexibility to optimize our capital structure and location footprint,” said Bobby Lavan, the company’s chief financial officer. “The purchase price highlights the long-term attractiveness of the stable and growing cash flows of our individual locations.”
Spanning 16 states, the 58-property portfolio includes locations in prime spots in California, Illinois, Georgia, Arizona and Colorado. Overall, the company operates more than 360 locations across North America. Visit www.luckystrikeent.com to learn more.