Why would Red Lobster’s land be somehow immune from the increased value over forty years that everywhere else in the US it increased?
It is not immune, but it is also not necessarily owned by Red Lobster. At least in my neck of the woods, the restaurants are on land owned by some commercial property company and if Red Lobster goes out of business, they will just rent it to the next restaurant. Red Lobster VCs will get nothing out of the deal.