Piccadilly Restaurant on Florida Boulevard sold for $2.95M

Editor’s note: This story has been updated since its original publication to clarify that Store Master Funding only purchased the Piccadilly building on Florida Lane and not the restaurant, which was leasing the site.

The Piccadilly Restaurant building on Florida Boulevard—and the land it sits on—has been purchased for $2.95 million by a publicly traded real estate investment trust that typically engages in sale-leaseback transactions, according to sales documents filed with the East Baton Rouge Clerk of Court this morning.  

Store Master Funding XIV, an affiliate of Scottsdale, Arizona-based Store Capital, bought the restaurant site from Circus Property and Three Ring Remainder I, two limited liability companies domiciled in Delaware. The transaction does not involve Piccadilly Holdings LLC, which was leasing the site. 

Chris Sanchez, Piccadilly’s senior vice president of operations, says the transaction will have no impact on the daily operations of the Piccadilly Restaurant at the site. The restaurant, which will remain open, simply gained a new landlord, he says. 

Michael Bennett, Store Capital’s executive vice president and general counsel, could not recall all of the details of the Piccadilly deal, but says his company’s use of sale-leaseback transactions typically infuses cash into the selling party’s business. In short, equity tends to get pumped back into the operating business.

Store Capital is the fastest growing net-lease real estate investment trust in the U.S. The company’s portfolio includes more than 1,900 properties in 48 states. Store invests in single tenant operational real estate.