Property Lines

Welcome to Property Lines, Indy's source for neighborhood real estate news. Your host is Scott Olson, IBJ's real estate beat reporter. Founded by Cory Schouten.
Real Estate & Retail

Restaurant in a bit of a Pickle

June 1, 2009
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Spicy PickleIndianapolis didn't exactly warm to Spicy Pickle. The Denver-based restaurant chain shut down both of its Indianapolis-area locations shortly after opening them last year. But the chain hasn't rid itself of the market yet. Simon Property Group Inc. has filed suit against franchisee AJ Enterprises LLC, seeking more than $977,000 in unpaid rent for a prime space at Castleton Square Mall. Spicy Pickle took 1,860 square feet in the mall's new lifestyle component several months after it announced plans to open 10 local stores. Its other location was along 116th Street in Fishers. The Castleton lease called for the franchisee Alicja Jaworski to pay $40 per square foot, or $74,400, per year, along with 8 percent of sales (above a certain threshold). The franchisee has not yet responded to the suit and could not be reached. Shares in Spicy Pickle Franchising Inc. were trading at 19 cents today. Earlier post is here.
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