The real-estate arm of Cook Out Inc. has bought another Forsyth County restaurant property, this time the former Burger King on Reynolda Road.
According to a Forsyth County Register of Deeds filing Friday, 2897 Reynolds Road Inc. has spent $1.15 million to purchase the property at 2897 Reynolda Road. The deal closed Friday.
Cook Out could not be immediately reached for comment about its plans for the property.
The Thomasville restaurant chain already has four locations in Winston-Salem, as well as six in Greensboro, two in High Point, and one each in Asheboro, Boone, Burlington, Eden, Graham, Kernersville, King, Lexington, Mebane, Mount Airy, Thomasville and Wilkesboro. It is preparing to open its first restaurant in Elkin.
The seller is JPV-BTS LLC, an affiliate of Vallas Realty Inc. of Mobile, Ala., which had just spent $1.1 million on Wednesday to buy the property from Burger King Corp.
What was interesting in the Burger King-JPV-BTS deed is that JPV-BTS agreed to not allow the property to be used by several restaurant chains through 2041, including McDonald’s, Chick-fil-A, Chipotle, Dunkin’, KFC, Krispy Kreme Doughnuts and Starbucks.
In the past year, Cook Out has bought two properties with an Applebee’s restaurant as the tenant.
In December, the Cook Out real-estate arm bought the 1.26-acre property at 3865 John Gordon Lane in High Point.
In October, the Cook-Out real-estate arm paid $1.81 million to purchase a 1.55-acre lot in at 6310 Allegacy Way in Clemmons.
Jeremy Reaves, an official with Cook Out, said in October that the Clemmons property “was purchased as an investment property.”
“It is leased long term to the existing operating restaurant.”