Thursday, February 16, 2017

Buckhead, Tucker and Emory Restaurants: AVAILABLE

Local restaurant & real estate brokerage The Shumacher Group consistently has restaurants for sale in and around Atlanta and the southeast.   Below are three current listings for Atlanta area restaurants for sale and my take on each.  

CABO Cantina (closed) 264 Pharr Road (street level of Eclipse Condo building)
CABO opened last year in place of what has been a number of restaurants.  It is located at the corner of Pharr Road and Fulton Drive, close to both The Shops Buckhead Atlanta and Shops at Pharr, an adjacent center undergoing an extensive renovation and re-leasing effort. Parking has always been a challenge for the space, given it is dependent on a valet deck, but its proximity to all the "action" of Buckhead could make it an appealing space for someone. The fact that it's a second generation restaurant space also could make it attractive to an operator looking to limit their upfront expenses.    

Aqua Bistro, a Pan Asian eatery, was the longest running tenant to find success in the space but gave way to the ill-fated Bonehead's which closed less than six months later.  The space later became Buckhead Tavern, which in turn failed and became CABO.  

The sales listing indicates the 3,480 square foot restaurant provides seating for 150 with full service bar, outdoor patio and private dining room. "All in" monthly rent is $14,800 with four years left on the lease with a seven year option to renew.

CABO closed a few days ago and is offered at $225,000.  

Papi's Cuban & Caribbean Grill 4349 Lawrenceville Hwy (Cofer Crossing)
The local chain restaurant occupies a former Buffalo's Cafe in the Kroger/Walmart-anchored Cofer Crossing shopping center in the heart of Tucker.  Papi's recently opened a new location at Emory Point in the former Bonefish Grill and apparently sees their Tucker location as expendable.  The 4,200 square foot restaurant features seating for 120 plus an outdoor patio that seats over 30 and a bar that seats 14.

Cofer Crossing is heavily trafficked, well leased center that could be a good location for a new or expanding restaurant.  Papi's is located on an endcap space, providing extra visibility.  While Tucker has seen an increase in locally owned restaurants such as Magnolia Room Cafeteria, M572, and The Greater Good BBQ, I feel there is still unmet demand for quality, casual restaurants.  

The sales listing indicates that the restaurant's monthly rent of $7800 "all in."  The restaurant is being offered at "$150,000 OBO with very generous owner financing options to financially strong buyer."

Marcello's 1540 Avenue Place - Emory Point (phase 1)
Brothers Julian and Marcello Najm opened Marcello's last February at Emory Point in what had most recently been La Tagliatella, a failed Italian chain restaurant.  Marcello's has been a popular Chastain Park area eatery for many years and perhaps it should have stayed that way.  The Najms took on and renovated a space almost twive the size of their current Buckhead space, which had itself relocated and expanded previously.  The 4,400 square feet does offer great visibility on Clifton Road facing the CDC, but its distance from parking and upscale setting made it an infrequent choice for Emory Point residents and others nearby.  

Marcello's seats 150 plus bar seating for 14 and an outdoor patio that seats 54.  

The restaurant's monthly rent is $13,500 "all in" with nine years remaining on the initial lease with a ten year option to renew.

The sales listing indicates that the business is offered as  "keep concept or convert."  "Owner is not showing books other then expenses, lease and equipment list.  Key money at $185,000 which includes all seller owned asset package and rights to lease.  Disclaimer: Majority of equipment package is landlord owned but free to use under lease."


Anonymous said...

Eli - When oh when will the people learn to get your input BEFORE they open a new concept!?

Anonymous said...

Somebody send this info to Perry from ALFREDOS. I need my good Italian food back!!!

judy3962 said...

I can't believe that Marcello's is closing. I never even got a chance to try it. I don't understand why Italian food doesn't seem to work at Emory Point.

Unknown said...

I like Papi's. The food is great and the portions even better. Gonna miss them.

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