Our Summer Newsletter 2014

by Harold Shumacher

Atlanta Restaurant Real Estate Brokers

Current Listings

The Shumacher Group has exclusive listings on the following opportunities:

6703 Tara Blvd. Jonesboro Ga., Free-standing 6,800 sq. ft. fully equipped restaurant (former Up the Creek.) 1.3 acres with traffic signal access to Tara Blvd. Asking $1.3 mm

Contact Peter Kruskamp
peter@shumacher.com

455 Forest Parkway, Forest Park.2.6 acres located 1 mile east of I-75 and prxoximate to recently announced Kroger distribution center (with an anticipated 800 employees.) Asking $650,000. Zoned C-3 -general commercial

1.76 acre property in Calhoun, GA  just off of I-75. Priced to sell.

Contact Harold Shumacher
(404) 240-0040 or
harold@shumacher.com

Client's Corner

The following is a representative sampling of some of the transactions concluded over the past few quarters.

We’ve proudly represented the following restaurant and retail clients in successfully negotiating leases/sales or business sales/acquisitions. Our thanks to all of you.

Lease Transactions

Dinner Lab

Lease to Dinner Lab: Office & Commissary,  Decatur

Lease of Justin’s, Buckhead to Buffalo Wild Wing Cafe

Lease to Takorea, 4474 Chamblee Dunwoody Georgetown Shopping Center/Dunwoody (former Guthrie’s)


Purchase of 1165 Haynes Bridge Rd. (former Rainwater), by Ruth’s Chris expected to open in Fall 2014

 

Sales of the following Businesses

Grindhouse Killer Burgers

Sale of The Drafting Table, Atlanta (Grant Park)

Sale of Twisted Taco, Buckhead

Sale of Mama Maria’s Italian Grill, Covington

Sale of Famous Original Pizza, Alpharetta

Sale of Capital Room, Downtown Athens

Sale of Grindhouse Killer Burgers, Sweet Auburn Market, Atlanta

Sale of Vincent’s Italian Restaurant, Marietta

For a more complete list of recent transactions please visit our web site: www.shumacher.com

Welcome to the 27th year of Atlanta Restaurant Real Estate News. The information that follows is compiled from a variety of industry publications, restaurant insiders and personal observation.Since 1987, we’ve been distributing this publication to Atlanta’s leading real estate developers, landlords, brokers, restaurant owners and operators and vendors to the food service industry. It’s provided us an excellent means to keep in touch with our core audiences and make them aware of who we are and what we do. Your thoughts and comments are welcome.Please contact me at  harold@shumacher.com

For the first time in four, or even possibly five years, the convention floor at the recently concluded International Council of Shopping Center’s gab fest, now known as RECON, was active.  Retailers are back looking at, and in many cases doing deals. Developers are hawking new projects and long stalled centers are back underway.  Financing is not the issue it was a few years ago and the after market (i.e. buyers looking for cash flow) remains strong.

The surest sign of an active convention, the return of “Vegas Voice” a malady attributed to dry air, excessive talking, late hours and an abundance of alcohol.  By the third day, it seemed to be more common than not among the hardy deal junkies still stalking the rapidly emptying convention hall.

This year’s format, which included a half day on Sunday and two full days following ended up being a show with two “last days” as light attendance seemed to be the case on both Sunday and Tuesday. ICSC just announced next year’s show will revert to the Monday-Wednesday format. The reality is that no matter what schedule ICSC comes up with some attendees will be unhappy, especially those who have to travel from the East Coast.

It will be interesting to see what impact the soon to be expanded New York ICSC (held in early December each year) will have. With more convention space available, the proximity to large population centers and the appeal of New York at the holiday season we anticipate this show growing in importance.  I wouldn’t be surprised to see two annual shows (east and west) within five -ten years.

Over the past few years we have made a concerted effort to get off the strip and enjoy other aspects of Las Vegas night life. A couple of venues of note.

Thanks to the philanthropy of Tony Hsieh founder of Zappos Shoes, now a subsidiary of Amazon, downtown Las Vegas is undertaking a remarkable reformation-the instant creation of an artistic, intellectual, center ringed by new housing, galleries, creative businesses and small retail amenities. Having allocated over $350 million of personal funds, Hsieh’s vision is beginning to take shape. One of the most noteworthy projects is the Container Park, a one square block of various sized shipping containers housing a wide variety of businesses, many in the incubator stage. At the center of the project, is a children’s play area and a small stage where nightly concerts and performances are held.

What’s perhaps most remarkable is the audience. Less than two blocks from bustling Fremont street, the audience here looks like a snapshot for a Ralph Lauren ad, young brightly scrubbed suburbanites and their kids in the midst of sin city’s tawdriest district. The Park, less than a year old, is becoming a destination of note and we can easily see this concept translated to other urban areas (including somewhere along the Atlanta beltline.)

While downtown we enjoyed dinner at La Comida, (100 6th Street) a recently opened tacos and tequilla joint festooned with bright, religious oriented artwork and a lively bar scene.

The following evening it was, the ever growing “Chinatown” section of Las Vegas, mainly concentrated on and near Spring Mountain Road (about three miles west of the strip.)

Considered one of the country’s “modern day Chinatowns” (similar to Atlanta’s Chamblee and Dallas’ Richardson areas) the brightly colored strip centers all feature Asian art, signs in various languages and a wide array of amenities from grocery stores to foot massage parlors. Restaurants abound and one we happily discovered was Wendy’s Noodle House (3401 South Jones Boulevard) where we enjoyed a previously ordered selection of the restaurant’s best dishes.

Another hidden gem is the Barrymore (99 Convention Center Dr.) An old school dining room featuring traditional American cuisine, the restaurant is presided over by local chefs Andy Meidenbauer and Billy Richardson. It’s a quiet respite from the hustle bustle of the nearby strip especially on the comfortable patio.

“You’re going where? “Why?” “What’s there?” The easy answer is I’ve never been and wanted to see what we’d find. Ever since Ronald Reagan hawked soap on TV (on a program called “Death Valley Days”, popular in the 1950’s and early 60’s.) it has been intriguing to me.

It is the largest park in the national park system with 3 million acres. The 120 mile long valley nestles up between the Southern Nevada and California borders. The lowest, hottest and driest spot in America, Death Valley attracts a wide variety of tourists, even in the heat of the summer when temperatures average 115 -120 degrees.

What’s the appeal? Some of the most stunning vistas, diverse eco systems and unusual attractions to be found.

In the course of a single day golfers can play 18 holes that are all at or below sea level; tour Scotty’s Castle, a Spanish style edifice built in the 1920’s by a wealthy Chicago insurance executive and presided over in the day by a story telling cowboy who was part of Buffalo Bill Cody’s traveling circus (as well as a con artist) and roam hundreds of miles of desert scrub on the various roads throughout the park.

Scotty's Castle

Bad Water, the lowest elevation in North America, at 228 feet below sea level, you feel the heat blasts rising off the crusty salt beds as soon as you step out of your car.  If you go here be sure to take the nine mile loop known as the Artists’ Palate, a twisting one way lane that takes you by some stunning rock formations. This is best appreciated in the late afternoon/early evening when the setting sun accentuates the colors.

Nighttime hiking and star gazing are also big attractions here. With very little artificial light to interfere, the night time sky is ablaze, with planets, satellites darting across the horizon and all those constellations you studied but forgot the names of.

For the more adventurous, there are numerous hiking trails, off road jeep expeditions, with or without guides, camping and cycling.

Death Valley Landscape

The park has limited accommodations inside its boundaries so make reservations in advance. We stayed at Stovepipe Wells which is open year around. Built in the 1920’s, and upgraded through the years, the accommodations are comfortable but basic. There is a surprisingly good restaurant on the premises and a well stocked bar. The only other year-round accommodations are at Furnace Creek.

On the return trip we stopped at Rhyolite, a ghost town on the edge of Beatty (about 30 miles from the park’s eastern entrance). A gold discovery in the early 1900’s spurred the town’s growth and when the gold ran out it’s almost-as-quick demise. In less than 20 years, the town went from zero to 5,000 people and back to zero. Today, there are remnants of the boom years, an abandoned general store, train station, small cabins and the one of a kind glass house.

Rhyolite General Store

Surprisingly, there’s a collection of abstract art scattered about, the result of a cultural exchange with a community of European sculptors (mainly Belgian) that visit annually and create works in the desert.

Death Valley is approximately 120 miles from Las Vegas and is an easy two to two and a half hour drive.

Surprisingly older diners according to a recent Michelin study conducted by Harris Interactive. According to the findings, 30 percent of Americans aged 18-34 report they usually tip less than fifteen percent of the check for “good service.” (Lord knows what they do when they’re less than satisfied.) Older diners, defined as 35 and up, regularly tip 15 percent, even for poor to indifferent service.

Geographically, Northeastern residents tend to be the most generous with only 15% tipping less than 15%. In the South and West the numbers of lower tippers rises to 22% and 24% respectively. Perhaps not a surprise but parents with children tend to tip less than their childless counterparts.

 

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