Well, Miami-Dade streets done got itself 5 less KFCs…
KFC franchisor Kazi Foods of Florida could lose five restaurants in Miami after a getting deep-fried by its lenders.
The North Miami Beach-based company, managed by Zubair Kazi and Khatija Kazi, on Feb. 2 was hit with two foreclosure lawsuits concerning a combined $23.1 million in mortgages. Citicorp Leasing assigned all of the loans to the plaintiffs.
Colonial Pacific Leasing Corp.’s lawsuit targets a $9.6 million mortgage made in 2004 and a $9.5 million mortgage made in 2005. The lawsuit against Kazi Foods from General Electric Capital Corp. targets a $4 million mortgage made in 2006.
Kazi Foods operates KFC franchises in the five locations that are targeted for foreclosure:
17701 N.W. 27th Ave., Carol City: 1,720 square feet
966 S.W. Eighth St., Miami: 1,980 square feet
9690 S. Dixie Highway, Miami: 2,164 square feet
3521 N.W. Seventh Ave., Miami: 2,182 square feet
6135 N.W. 12th Ave., Miami: 1,583 square feet
Fort Lauderdale attorney Jeffrey Ostrow, who represents the lenders in both lawsuits, could not immediately be reached for comment.
Source/Words: South Florida Business Journal