PDQ restaurant property sold in south Sarasota

A 1.54-acre restaurant property on U.S. 41 in south Sarasota has changed hands.

PDQ at 5164 S. Tamiami Trail sold for $2,155,600 in a deal that closed July 9, according to Sarasota County property records. The restaurant is just south of The Landings next to Rooms To Go.

The seller was Igel Family Realty III LLC, a New York entity that purchased the property in 2016 for $2,150,600; the recent sale represents a price increase of 0.23%.

The buyer is Jungle Plum Capital 4 LLC, a Sarasota company based at 15 Paradise Plaza, Suite 387, according to the Florida Division of Corporations.

The New York family office that sold the property is "repositioning some assets in their portfolio," says Rob Henry, senior advisor with SVN Commercial Partners, who represented the seller in the transaction. He also listed a PDQ in Pinellas Park for the same client and says that property has received multiple offers and is close to going under contract.

The Sarasota PDQ property had a triple-net lease and ended up at a 6.6% cap rate, according to Henry. "We were really pleased with that — that’s better than any of our sales comparables," he says. "We try to beat the market for all of our clients, and we felt like we were able to do that."

PDQ, which stands for “People Dedicated to Quality,” features a variety of chicken-based dishes, from nuggets and tenders to chicken sandwiches to salads, as well as sides and milkshakes. It was founded in 2011 in Tampa by Outback Steakhouse co-founder Bob Basham and MVP Holdings CEO Nick Reader.

There are 36 PDQ restaurants in Florida, three in North Carolina and one in New Jersey, according to PDQ’s website. 

"The Sarasota PDQ store is one of the best performing stores for PDQ," Henry says.

The chain was recently ranked No. 8 on USA Today’s list of the 10 best fast-food fried chicken restaurants nationwide, and the South Sarasota location is selling $8 three-piece tender meals until July 31 to celebrate the recognition.

Moving forward, the Sarasota restaurant will continue to operate as a PDQ, according to Brian Seidel, broker associate at American Property Group, who represented the buyer in the deal. He described his client as an investor who saw opportunity in a prime location, with PDQ running a "clean operation" that is “doing great” as a business.

Last year Yum Brands, the parent company of KFC, acquired 13 Florida leases from PDQ, according to the trade publication Nation’s Restaurant News. Since then, Yum Brands has been turning those PDQ locations — including some in Tampa, Trinity and Lakewood Ranch — into Saucy by KFC restaurants, which focus on chicken tenders complemented by an array of sauces.

The South Sarasota PDQ location is "staying a PDQ," Seidel says. It is among 14 PDQ restaurants in the region. Others are in Brandon; Clearwater; Fort Myers, which has two; Lakeland; Pinellas Park; Riverview; St. Petersburg; Seminole; Tampa, which has four; and Wesley Chapel.

“PDQ is delicious, and they have really good French fries,” Seidel says. “Come to PDQ and support the tendies.”