Piccadilly sells, leases back space at headquarters
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Piccadilly Restaurants LLC has reached an agreement with Pelican State Credit Union in which Piccadilly will sell and then lease-back a portion of its headquarters building on South Sherwood Forest Boulevard, the companies announced today.
The building will serve as Pelican’s new corporate headquarters.
Piccadilly will lease-back about 15,000 square feet under a long-term lease, continuing to maintain its corporate headquarters at the same address.
Terms of the deal were not disclosed. The deal is expected to be completed in December. Piccadilly is represented by Mark Hebert of Kurz and Hebert Real Estate Inc. and Pelican is represented by Roger Clark of Labarre Associates Inc.
Pelican State Credit Union was established in 1956 and was formerly known as the Department of Hospitals Credit Union. The credit union serves more than 28,000 member-owners and has $171 million in assets.
Piccadilly, founded in Baton Rouge in 1944, operates about 120 food service operations with more than 4,500 employees in the Southeast.
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