Annapolis, MD, January 31, 2024 – A major business sale and leaseback transaction involving 10 Popeye’s Restaurants, including three ground leased properties, has been successfully completed.
The innovative structuring of this transaction saw the businesses being sold and then 7 units leased back to the buyers. Charles Bros. Inc. and its associated entities served as the landlord and seller in this transaction, while Parikh Network/PN Restaurant Group were the tenant and buyer. The scale and complexity of this transaction demanded thorough expertise in areas such as pricing, lease rate negotiations, due diligence, and finalizing the closing processes.
Parikh Network LLC, operating as PN Restaurant Group, is a formidable player in the U.S. restaurant franchise industry. Based in New Jersey, the group currently operates 102 Popeyes restaurants nationwide. This recent acquisition furthers their expansion and dominance in the fast-food sector. PN Restaurant Group is recognized for its strategic growth, focusing on acquisitions of franchised restaurants and real estate investments, including single-use tenants and strip centers.
William Steffey, CRE, CCIM, Senior VP at Hyatt Commercial played a crucial role in overseeing this transaction. His responsibilities included managing the initial sales package, marketing the properties effectively to attract competitive bids, and handling the transaction’s nuanced details.
This transaction emphasizes the need for specialized expertise and careful attention in commercial real estate, showcasing the industry’s proficiency in strategic planning and negotiation. The deal’s completion contributes to evolving market standards, demonstrating the importance of professional skill in managing complex transactions for the benefit of all involved parties.