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(KSL News) -- Dee's Family Restaurant has sold five of its locations in the Salt Lake area.
Phillips Edison Group, a commercial real estate developer, bought the land yesterday, but won't say what they're doing with it until Friday.
Dee's president says seven restaurants will stay in Utah and will upgrade and expand. He said the deal was attractive because the property value underneath the restaurants is more valuable than the restaurants.
He said it was more valuable to sell and use the money to diversify more locations and commercial space than to keep the restaurants.
For more on this story, check tomorrow's Deseret Morning News.