Piccadilly reaches deal on lease-back
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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 Thursday.
The 40,000-square-foot 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 3232 S. Sherwood Forest Blvd., which is next to one of the company’s cafeterias.
Terms of the deal were not disclosed.
However, the building earlier this year appeared on a commercial real estate Web site as being for sale for $3.5 million. Piccadilly denied in June that the building was for sale, saying it was mistakenly listed on the Web site. The company said at the time that a suite of 15,000 square feet on the second floor was unoccupied and available for lease at $10 per square foot.
The deal with Pelican 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.
Piccadilly was 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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