Luby’s Closes $ 88 Million Sale of Dozens of Texas Properties

Photo of Amanda Drane

Luby’s, 730 FM 1960, airs on Friday, December 28, 2018 in Houston. This section of FM1960 is also referred to as Cypress Creek Parkway.

Melissa Phillip, Houston Chronicle / Staff Photographer

Luby’s has finalized the previously announced sale of dozens of Texas properties to an Arizona-based real estate company.

Store Capital has bought 26 properties in a deal valued at $ 88 million, according to the press release on Friday. Luby’s has seven other real estate properties under contract.

The sale is the latest in Luby’s ongoing liquidation effort, which came after shareholders voted overwhelmingly last year in favor of a plan to dissolve the company, allowing the company to sell shares. assets and distribute the proceeds among investors.

Luby’s has sold its restaurant brands Luby’s Cafeterias and Fuddruckers and is still seeking buyers for its remaining real estate, packaged food business and foodservice arm Culinary Contract Services.

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