Cracker Barrel has completed a nationwide sale-leaseback involving 26 company-owned restaurants, generating about $77 million for debt reduction. Two Northeast Florida properties appear to be included: locations in Orange Park and Jacksonville sold for a combined $6.3 million while continuing to operate under lease agreements.
Key takeaways
The transaction converts owned real estate into capital while allowing Cracker Barrel to keep operating at the affected restaurants.
- The Orange Park property sold for $3.2 million.
- The Jacksonville property sold for $3.1 million.
- Dallas-based NETSTREIT Corp. appears to be the buyer.
- Cracker Barrel plans to use the national transaction’s proceeds to reduce debt.
Northeast Florida properties change hands
The Cracker Barrel at 4272 Eldridge Loop in Orange Park closed its sale July 14. A second location at 4680 Lenoir Ave. in Jacksonville closed July 17. Deeds recorded July 22 show sales prices of $3.2 million and $3.1 million, respectively.
The properties were acquired through NS Retail Holdings LLC, which is associated with NETSTREIT, a real estate investment trust focused on single-tenant and net-lease retail properties. Cracker Barrel operates its restaurants as company-owned locations rather than franchises.
Restaurants continue operating under leases
A sale-leaseback allows a company to sell real estate it owns and lease the properties back for continued use. The strategy provides access to capital without requiring the company to relocate or interrupt restaurant operations.
Other Northeast Florida Cracker Barrel locations listed as still owned by the company include restaurants on City Station Drive, Chaffee Point Boulevard and Commerce Center in Jacksonville, along with a location on Florida 16 in St. Augustine.
Debt reduction comes amid mixed sales trends
Cracker Barrel said the 26-property transaction generated approximately $77 million in net proceeds, which it intends to apply toward debt reduction. The move comes as the company works to improve its financial position and focus on its core restaurant business.
Through the first 11 weeks of fiscal 2026’s fourth quarter, food and beverage sales at existing restaurants were down about 2.5% from the same period a year earlier. Gift shop retail sales increased approximately 0.5%.
Maple Street Biscuit sale also announced
Cracker Barrel also announced an agreement to sell Maple Street Biscuit Co. to Biscuit Belly, which plans to convert the acquired locations to its gourmet biscuit sandwich brand. Cracker Barrel bought the Jacksonville-founded breakfast and brunch chain for $36 million in 2019.
Maple Street had 51 restaurants after closing 19 locations since spring 2025. Biscuit Belly is acquiring the assets of 35 restaurants, while the remaining 16 are expected to close. Cracker Barrel anticipates recording noncash charges of $37 million to $39 million related to the sale.
Company raises fiscal outlook
CEO Julie Masino said divesting Maple Street should sharpen Cracker Barrel’s focus on its core brand and improve profitability. The company now expects to meet or exceed the high end of its fiscal 2026 revenue forecast and exceed its adjusted earnings before interest, taxes, depreciation and amortization outlook.
Cracker Barrel previously projected fiscal-year revenue of $3.27 billion to $3.30 billion and adjusted EBITDA of $120 million to $125 million for the year ending July 31.
- Two Northeast Florida Cracker Barrel stores appear tied to $77 million national sale-leaseback deal, Jacksonville Daily Record.