Sizzler USA Real Property Inc., the real estate division of Worldwide Restaurant Concepts’ Sizzler International, has sold off a number of its store properties and leased back the restaurants. The move comes a few months after WRC announced that it engaged the investment banking firm Houlihan Lokey Howard & Zukin to explore what the company called strategic alternatives. The company said that those alternatives could include repositioning its restaurants, a sale or a merger. “Management and the Board believe that our stock price does not reflect the true value of our company and our prospects,” said Chuck Boppell, CEO of WRC, in a press release. Sherman Oaks-based WRC in its most recent quarterly report for the 12 weeks ended Oct. 17, 2004, said it earned $861,000 or $0.03 per share on revenues of $79.4 million. That compared with net income of $318,000 or $0.00 per share for the comparable period a year ago. The company’s stock price this morning was trading at $4.50, near its 52-week high of $4.70 per share. The restaurant properties sold include one location in Van Nuys, and three others in the Los Angeles area. Max Franco, Michael Park, Brian Baker and Michael Hobbs of Grubb & Ellis represented the seller and Franco, Park and Baker also represented the buyer of the portfolio, Boston-based investment group CRIC Capital.
