Editor’s note: This story has been updated since its original publication to clarify that Store Master Funding only purchased the Piccadilly building on Essen Lane and not the restaurant, which was leasing the site.
An Arizona-based real estate investment trust has added another Piccadilly restaurant location to its portfolio of properties.
Store Master Funding XIV, an affiliate of Scottsdale-based Store Capital, bought the restaurant’s Essen Lane location for nearly $3.7 million, according to sale documents. The sale does include the restaurant which was leasing the building. Piccadilly Holdings was not involved in the transaction.
The seller is listed as Circus Property I and Three Ring Remainder I, two limited liability companies domiciled in Delaware.
Store Capital is real estate investment trust that typically engages in sale-leaseback transactions that infuse cash into the selling party’s business. Earlier this month, the trust bought the Piccadilly restaurant building on Florida Boulevard for $2.95 million.
At that time, Chris Sanchez, Piccadilly’s senior vice president of operations, told Daily Report the building’s change of ownership would have no impact on the restaurant’s day-to-day operations.
Store’s portfolio includes more than 1,900 properties in 48 states.
