Along with the longtime Liverpudlian pub, the building also houses 10 apartments. (Mike Platania photo)
The French Quarter building, more commonly known as the longtime home of English pub Penny Lane, is under new local ownership.
Local investor and former Haley Automotive Group president Doug Pridgen bought the 3-story mixed-use property at 421 E. Franklin St. last month for $3.1 million.
Penny Lane, which has been downtown and owned by the O’Neill family since the late 1970s, will continue operating as usual on the ground floor of the structure, which dates to 1927. Pridgen said the restaurant’s lease carried over in the sale.
Though its restaurant tenant offers a taste of Liverpool, the building is named for the New Orleans neighborhood with which it shares architectural similarities.
The seller in the deal was Catalyst Development Co., a local firm led by Justin Paley. Catalyst bought the property for just under $1 million in 2015 and converted what Paley described as Class C office space on the building’s top two floors into 10 apartments, most of which have balconies and French doors.
“We’ve owned it for a decade, and added the value when we developed it back in 2016,” Paley said. “We’re just ready to go ahead and move on. It’s an economic decision in reality.”
Pridgen said he’s now retired and dabbles in real estate investing, mostly with residential buildings in the Fan area. He said he doesn’t typically go for mixed-use properties like the French Quarter building, but this was an opportunity to buy a landmark building with a strong commercial user.
The sale closed March 19. CBRE’s Andrew Blackmon, Peyton Cox and Calvin Griffith repped Paley in the sale. The property was most recently assessed by the city at $2.7 million.
Penny Lane is one of two longtime downtown restaurants to get a new landlord in recent weeks. The building housing Jewish deli Perly’s sold last month to Ramy Abraham, who’s also now a shareholder in the business.
Along with the longtime Liverpudlian pub, the building also houses 10 apartments. (Mike Platania photo)
The French Quarter building, more commonly known as the longtime home of English pub Penny Lane, is under new local ownership.
Local investor and former Haley Automotive Group president Doug Pridgen bought the 3-story mixed-use property at 421 E. Franklin St. last month for $3.1 million.
Penny Lane, which has been downtown and owned by the O’Neill family since the late 1970s, will continue operating as usual on the ground floor of the structure, which dates to 1927. Pridgen said the restaurant’s lease carried over in the sale.
Though its restaurant tenant offers a taste of Liverpool, the building is named for the New Orleans neighborhood with which it shares architectural similarities.
The seller in the deal was Catalyst Development Co., a local firm led by Justin Paley. Catalyst bought the property for just under $1 million in 2015 and converted what Paley described as Class C office space on the building’s top two floors into 10 apartments, most of which have balconies and French doors.
“We’ve owned it for a decade, and added the value when we developed it back in 2016,” Paley said. “We’re just ready to go ahead and move on. It’s an economic decision in reality.”
Pridgen said he’s now retired and dabbles in real estate investing, mostly with residential buildings in the Fan area. He said he doesn’t typically go for mixed-use properties like the French Quarter building, but this was an opportunity to buy a landmark building with a strong commercial user.
The sale closed March 19. CBRE’s Andrew Blackmon, Peyton Cox and Calvin Griffith repped Paley in the sale. The property was most recently assessed by the city at $2.7 million.
Penny Lane is one of two longtime downtown restaurants to get a new landlord in recent weeks. The building housing Jewish deli Perly’s sold last month to Ramy Abraham, who’s also now a shareholder in the business.
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Glad to hear it will continue as is.
Always liked that building with the balconies and arches in front .