VOL. 129 | NO. 198 | Friday, October 10, 2014
TGI Fridays Franchisee Buys 3 Local Restaurants
By Amos Maki
A New Orleans-based restaurant group has acquired three local TGI Fridays restaurants.
Southeast Restaurant Group bought the restaurants at 8325 U.S. 64, 7733 Winchester Road and 176 Goodman Road in Southaven, part of a broader 20-restaurant deal.
Southeast Restaurant Group, an affiliate of the KFK Group, also bought restaurants in Nashville and Jackson, Tenn.; Gulfport and Hattiesburg, Miss.; Huntsville, Ala.; Little Rock, Ark.; and Houston, Texas.
SRG’s purchase underscores Fridays move to refranchise the majority of its U.S. corporate-owned restaurants, as recently announced.
The initiative will give current and potential franchisees the opportunity to buy groups of restaurants and will enable the company to focus on brand innovation, marketing and supporting brand execution.
• In other news, a Collierville-based company that makes and distributes turf products to golf markets worldwide has bought its headquarters building.
Floratine Products Group Inc. bought the building at 355 E. South St. from Con-Ex Inc. for $1 million.
Built in 1993, the 39,300-square-foot Class A warehouse sits on 2.2 acres and was originally constructed for local furniture distributor Exact Commerce, which outgrew the space.
Floratine was slated to lease the building through December 2015 before the acquisition. The Shelby County Assessor of Property’s 2014 appraisal is $1 million.
• Meanwhile, an experienced Downtown development team has set its sights on a $17.8 million mixed-use project in the South Main Historic Arts District.
Robert Mallory and Vince Smith Jr., the developers behind the nearby Printer’s Alley and Annex Lofts projects, have teamed up with John Dicken Jr. to build a 145-unit apartment complex at the southeast corner of Front Street and Dr. Martin Luther King Jr. Avenue.
The developers plan on razing the one-story office building on the 1.7-acre site at 266 S. Main St. and replacing it with three buildings connected by an open-air courtyard.
Two three-story buildings – one 75,980 square feet and another 60,174 square feet – will contain the apartments while an 8,000-square-foot, two-story building will be for restaurant and entertainment tenants.
Most of the apartments will be one-bedroom units.
The developers, operating as 266 Developer LLC, will seek a 10-year payment-in-lieu-of-taxes freeze from the Center City Revenue Finance Corp.
The development team has a contract on the property and expects the acquisition to be $1.8 million. The Shelby County Assessor of Property’s 2014 appraisal is $1.1 million.
• In leasing news, Accept Insurance has entered the Memphis market.
Acceptance Insurance inked a lease for 1,300 square feet in the Plum Tree center at 5798 Winchester Road. Acceptance Insurance was represented by Robert Sloan of The Shopping Center Group LLC while Roger McLemore of Makowsky Ringel Greenberg LLC represented the landlord.
• In other news, Amro Liquors has renewed its lease at the Sycamore View Shopping Center. Owner Amro Shawa recently renewed the store’s 1,367-square-foot lease at 2141 Sycamore View Road. Chris Heinz represented landlord Loeb Properties.