According to a report from Washington.bizjournals.com, “Pizza Inn Inc. has agreed to sell its corporate office building and distribution facility in The Colony to Vintage Interests LP for $11.5 million, according to a regulatory filing Tuesday.”
The report stated, “Pizza Inn CEO and President Tim Taft was not immediately available for comment Wednesday afternoon.”
The article said, “The company entered into a purchase agreement with Vintage Interests on Oct. 20, under which Vintage would by the facilities at 3551 Plano Parkway in The Colony, according to a filing with the Securities and Exchange Commission.”
“An amendment to the agreement was entered on Nov. 21, under which Vintage, a Dallas real estate company, could extend the closing date for the deal to Dec. 29 instead of Dec. 19 if it provides notice of the extension and deposits an additional $100,000 in earnest money by Dec. 19,” the report stated. “Pizza Inn would then deposit six months rent for the office building in cash or credit,” it continued.
According to the report, “Clint Coleman, Pizza Inn’s interim CFO, said the company will use proceeds from the sale to pay down debt.”
Coleman was quoted in the article as saying, “Most of the debt we have right now was incurred to build all that real estate.”
