Shumacher Newsletter Spring 2012

by Harold Shumacher

Atlanta Restaurant Real Estate Brokers
Current Listings

The Shumacher Group has exclusive listings on the following opportunities:

High visibility expressway oriented locations, 3 and 6 acres respectively-adjacent to Gwinnett Mall and Southlake.

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

Bank Foreclosures

…Priced to sell

Former Up the Creek - 2295 Ronald Reagan Parkway  Snellville, Ga.  6,362 sq. ft. building, 1.29 acres of land.  Asking $1.7 mm or best offer.

SOLD – Former Flambeaux's, 2871 Stonecrest Circle,fronting I-20 at Stonecrest Mall. 9,000 sq. ft. fully equipped restaurant on two acres.  Originally priced at $1,800,000 reduced to $1,275,000.

6198 Memorial Dr., Free-standing 5,300 sq. ft. building .67 acres.

4095 Lawrenceville Highway, Lilburn, Ga. 1.15 acres.  Asking $665,000.

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

Numerous sports bars, sandwich shops, casual and fine dining opportunities leaseholds for sale.

Contact Steven Josovitz
(770) 840-2121 or
steven@shumacher.com

For additional listings please visit our web site www.shumacher.com

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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

Del Frisco's Grille

Former Craft Restaurant Space -  Peachtree Road to - Del Frisco Grille


Castaways - Lake Lanier

Former Mrs. Winner’s -   Barrett Lakes Parkway to - Taco Bell

Former Mrs. Winner’s -   Hwy. 92 Woodstock to -  Velox Insurance

Sales of the following Businesses

 
Romeo's NY PIzza

Sale of Two Dad's Pizza - Canton to – Romeo's N.Y. Pizza

Sale of Pizza Vito - Alpharetta to – Romeo's N.Y. Pizza

Sale of former Decatur Diner

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


Social Shumacher

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Welcome to the 25th 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

Recon 2012-Live from Las Vegas

Three years ago, in the teeth of the recession, real estate pundits were saying "it’ll be heaven if we can get to ’11". That proved wrong and maybe it should be updated to “it’ll be keen to get to ’14.”  The good news from this year’s annual International Council of Shopping Center’s trade show, now known as RECON, is things are getting better. Two years ago the emphasis was on maintaining relationships (and for many keeping or looking for new jobs). Last year there was a glimmer of optimism… and this year, well let’s just say, there’s some bloom on the rose.  

RECON 2012 in Las Vegas

Developers are talking about real deals, site plans are showing name brand anchor tenants (such as Kohl’s, Academy Sports, Kroger, Publix, Wal-Mart super and neighborhood stores). Even sideline players like Home Depot and Target are dipping their toes back into the new store waters. In metro Atlanta, much of the charge is being led by banks, convenience stores, Family Dollar, Dollar General and new retailers like Five Below with an emphasis on value retailing.

The show aisles were more crowded than in previous years – slightly over 33,000 attendees at last report – though the attendance is still skewing toward the older end of the age spectrum. The downturn weeded out many younger and marginal brokers so it’ll be interesting to see what impact that will have on the future of the industry. One likely reality is that many of us may still be trodding the crowded halls well into our late 60’s and early 70’s (Not a pretty picture but a likely reality). There seemed to be more parties, dinners and functions than in previous years. Developers are beginning to spend money again which always bodes well. Bankers are even taking developers out to dinner this year (instead of the other way around where developers used a meal as an opportunity to extend or refinance). Rumors persist that three of the biggest developers – Simon, Westfield and Macerich, –  who have operated outside the convention hall the past few years will be returning to the main convention hall next year. If that does occur it will be interesting to see what impact that has on traffic patterns.

RECON 2012 in Las Vegas - Leasing Mall

In Metro Atlanta major  development  projects underway include CBL and Horizon’s outlet center on I-575 between Woodstock and Canton, Oliver McMillian’s long stalled Buckhead Atlanta undertaking and North America’s Avalon development in Alpharetta. All three are in the early stages of construction and should prove to be realities in late 2013 and early to mid 2014.

Several major restaurant chains also came out of RECON with ambitious growth plans including sub stalwarts Jimmy John’s and Firehouse, Pei Wei, owned by P.F. Chang’s and burger newcomer Burger Fi (both represented by The Shumacher Group). Also look for continued activity from pizzerias, Del Taco and Taco Bell and Darden restaurants (especially of the Olive Garden concept).


From Glitter to Granola

It didn’t start out as a philosophical statement but a trip to Portland, Oregon from the brightly lit byways of Las Vegas couldn’t have been more startling. Let’s just say as amped up as Vegas is, Portland has an almost totally different, totally laid back vibe. From the make it so department at our boutique hotel to the bike storage hangers on the light rail cars or 22,000 brightly clad fans attending a soccer game, Portland is one of the country’s most unique cities.

More European in appearance and design, Portland is an easy city to get around for a first time visitor. The metro, known as the MAX, runs from the airport to the city center for $2.40/rider one way. In the central city, trolleys and light rail cars are free with easy transfers to buses. The blocks are short ("Portland blocks" as they’re called by locals) so walking is the preferred mode of transportation. Strict zoning laws have relegated most big box development to the outer stretches of the city and as a result there are a large number of neighborhood oriented shopping areas, boutique hotels, retailers and restaurants with a distinct emphasis on the original, artisan, home made and locally grown or produced. The rainy weather, a cliché to many but in reality about the same amount of annual rainfall as Atlanta receives, dictates constant attention to weather forecasts and making sure to carry a parka or fleece wherever you go.

The downtown area has the expected concentration of government, professional services, and cultural amenities. The biggest difference we noted is that in 3 days we saw only one person clad in a coat and tie. Casual attire seems the rule of the day, even in nicer restaurants. It’s always a challenge to compare neighborhoods in one city to those of another but there are some areas that reminded us of Atlanta. The emerging Mississippi corridor, in North Portland, has a definite Grant Park/Cabbagetown vibe with smaller houses, racially diverse neighborhoods and counter culture style stores and food trucks the order of the day. The Hawthorne area, a wide boulevard on the city’s Southeast side, has more of a Candler Park/Inman Park buzz with bigger, nicer houses, more landscaping in place and more kids on the streets. The shops and restaurants are also more to the upscale end of the spectrum.  Portland’s trendiest shopping street may be 23rd Avenue, also known as trendy third, home to smart boutiques and designer restaurants. The proximity to a large medical complex gives the area a Virginia-Highland meets Emory feel.

The other major entertainment and retail hub is the Pearl District, in the northwest quadrant of the city, a collection of old warehouses and office buildings turned into lofts, apartments, clubs, bars and bistros (think the meat packing district in New York or River North in Chicago).  Three  restaurants we enjoyed in that area include Clyde Common, a farm to table eatery with an emphasis on local ingredients, San Diego-based Isabel with an emphasis on Latin American and Asian Fare, and Andina, possibly the finest Peruvian restaurant we’ve encountered in this country.

Cultural amenities also abound. Known as the Rose City, the city’s annual Rose Festival draws thousands to Washington Park where over 7,000 bushes representing hundreds of varieties can be found. Nearby is the Japanese Garden, considered one of the finest in the world outside of Japan. Not to be outdone by its Pacific rival the newest addition is a Chinese Garden that takes up a city block in the heart of the city, providing a quiet environment in the midst of high rise offices.  The Portland Art Museum  is small but includes a wide variety of modern and traditional art, much of it with a northwestern bent.

If you venture out of the city, an easy day trip is Multnomah Falls, the second tallest  waterfall in North America at 620 feet, approximately 40 miles east of the city. If you have the time, take the scenic route (Washington 14) on the north side of the river for some spectacular vistas of the Columbia River Gorge.  

Atlanta’s Busiest Restaurant

The hottest “restaurant scene”  this summer may prove to be a three acre tract of land at Howell Mill and I-75, the home of Atlanta’s first food truck lot. Opened in late April, and following a hiccup over permitting, the park now offers 10-15 trucks per day open for lunch and dinner 7 days a week. An early visit offered a mixed array of families, dating couples, curious tourists and a flock of foodies. Extras include limited on site free parking, a bocce ball court, picnic tables, ample room to roll out a blanket for al fresco dining and a stage for periodic live entertainment. For more info check out the web site Atlantafoodtruckpark.com.

Atlanta's Food Truck Park (image from Facebook)

Late Spring is also proving a busy time for brick and mortar  restaurant openings. Among the newcomers to keep an eye on are STG,  Buckhead:  a  reincarnated Watershed, South Buckhead; The Lawrence, Proof and Provision  and Spence,  Midtown and The Optimist, Midtown West. Longtime South Buckhead mainstay, Café Intermezzo, will re-locate to midtown later this year. Other end of the year openings to keep an eye on include Del Frisco’s Grille, in the former Craft space on Peachtree, Yum Bunz, Midtown West and  the first American location for La Tagliatelle,  the former Silk space in Midtown. 

Recent closings of note include Ruby Tuesday’s, Deatur; The Library, Brookhaven, and  long-time Southside mainstay Harold’s Barbecue.


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