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New owner said Rally’s sites will continue

A pair of Dayton Rally’s drive-through restaurant properties were sold last week, each for $825,000, according to Montgomery County property records.

The two will continue to operate as Rally’s drive-through units, the new owner said Monday.

A Southern California investor tied to several limited liability companies was involved in the transactions, which were executed Feb. 11.

One Rally’s Drive-Ins at 3955 Salem Ave. was sold as two parcels (with an address at 3757 Evansville Ave. also recorded as part of the sale), to different purchasers. That single Rally’s is at the corner of Salem and Evansville.

A second Rally’s was also sold, on Gettysburg Avenue, for which property records did not give an address. There is a Rally’s at 1205 N. Gettysburg.

David A. Hardin Trustees sold the Salem/Evansville Rally’s to Jack Lompoc LLC, with other investors. The same buyer also purchased the property on Evansville. And the Hardin trust also sold the Gettysburg property to Casa Vidor, a Texas limited liability company.

Michael Waterman, of Encino, Calif., has ties to both buyers. Property web sites identify Waterman as managing member of Casa Vidor LLC and a member of Jack Lompoc LLC. He is also a member of Dayton Rite Aid LLC, although Waterman said that property was sold.

Waterman is president of Pegasus Investments, where he focuses on single-tenant, triple net-lease property investments. Triple net leases — sometimes called “NNN leases” — place the responsibility on the property’s tenant not only for rent, but other costs, such as insurance, repairs and taxes.

Waterman said the sites will both remain Rally’s restaurants. “We’ve got long-term leases with them,” he said. “They’re successfully operating the locations.”

“They’re all affiliated entities of ours,” Waterman said of the purchasing LLCs.

Waterman said he also recently sold a Rally’s in West Carrollton about six months ago.

Private-equity firm Sentinel Capital Partners agreed to acquire Checkers Drive-In Restaurants Inc. from Wellspring Capital Management LLC last month. Checkers operates about 800 Checker’s and Rally’s hamburger units.

The acquisition, announced in late January, was expected to close in two months.

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