That equity fund doesn’t have enough capital to own the land.
They most likely have between $10-20 billion in assets under their management, with multiple payouts to multiple parties on those assets.
The reason chain restaurants are getting hammered is they were heavily capitalized which led to over expansion during the cheap money era.
This led to saturation and redundancy at the same time the labor pool was tightening.(Better pay & compensation in other sectors for labor.)
Eventually, we will see the chains invest heavily in robotics and AI.
You already see this in McDonalds.
Applebee's and Chili's will be next. Your waiter will be a 🤖.