Jack in the Box selling San Diego headquarters in big multimillion deal
Its stock has stock has dipped 13 percent in the last three months
Jack in the Box's San Diego headquarters will soon be part of the city's school district.
The fast-food giant, which brought in $870 million in U.S. revenue last year, announced it’s selling its 15,000-square-foot headquarters to the city school district in a deal worth just over $21 million.
San Diego Unified School District approved the purchase last week, according to a report in Nation’s Restaurant News.
|JACK||JACK IN THE BOX INC.||90.28||-1.44||-1.57%|
The school district used Measure YY bond money to secure the deal. Last year, voters approved Measure YY, $3.5 billion in financing, to improve the school district's facilities, the San Diego Union Tribune reported.
Escrow on the venture is expected to close Friday.
For the first 18 months of ownership, the school district will lease the property back to Jack in the Box at $1,000 a month to allow the food chain to continue its operations at the site while the company transitions to a new building, according to district documents. It then plans to convert the 8-acre land into an additional administrative facility.
BEYOND MEAT CHICKEN COULD CHANGE PLANT-BASED PECKING ORDER
Jack in the Box did not immediately respond to a request for comment from FOX Business, but the sale comes after Chief Executive Officer Lenny Comma said he would step down.
CLICK HERE TO GET FOX BUSINESS ON THE GO
The company, whose stock has dipped nearly 13 percent in the last three months, also announced in November its intention to explore a sale after divesting its Qdoba brand.