Fuddruckers in Davenport sold to TGI Friday's franchise owner
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By Doug Schorpp | Wednesday, November 21, 2007 |
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After 15 months of off-and-on negotiations, the Fuddruckers on Elmore Avenue that closed this summer has been sold to a developer who will bring the Quad-Cities’ second TGI Friday’s restaurant.
Chris Wilkins, commercial real estate sales agent for Premier Partners LLC, said the property was sold Tuesday to Fifth Day Restaurants LLC, owned by William Torchia of East Peoria, Ill. He said Torchia previously operated several Subway restaurants throughout Illinois.
“He operates two franchises, one in Quincy and one in Peoria,” Wilkins said. “One is under construction in East Peoria, and he is also considering locations from Iowa City to DeKalb, within a couple of hours from here.
“Construction, or redevelopment, is set to begin in January and set to open in April. He plans to hire 150 employees. Their seating capacity will be about 270. From a space perspective, it fits well, although they will do a lot of renovations, exterior, interior. Personally, I think it is good use of the property.”
The building is located between Golden Corral and IHOP.
Wilkins said the TGI Friday’s in Moline is operated by another franchise owner.
Fuddruckers closed this summer after the franchise owner who was leasing the building suddenly shut it down without telling the landlord. Several weeks later, the investment group that owns the property began liquidating the contents of the former hamburger establishment.
The national chain restaurant opened in January 2005 with the local investors running the operation. But after two years, business was not as good as they expected, said Paul Nagovan, who represents the investment group that owned Fuddruckers.
Fuddruckers is best known for its burgers, which are made to order and then “built” by guests, using a station that offers an assortment of vegetables and condiments.
According to tgifridays.com, TGI Friday’s is one of the first American casual dining chains and opened its first restaurant in 1965 in New York City.
Doug Schorpp can be contacted at (563) 383-2292 or dschorpp@qctimes.com.
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