Case Study: Local Investor Purchases Page’s Restaurant – Leases to Heights Brewing
Background: The owners of Page’s Restaurant and Bar in Farmington were successful operators for 37 years but decided against re-opening when the State of Michigan finally allowed restaurants and bars to transition to ‘normal service’ after the Coronavirus Pandemic. They called on Dan Blugerman of P.A. Commercial to help them determine the price and to market the opportunity.
Strategy: The 3,400 sf building is in Downtown Farmington with a ‘zero lot line’ and public parking for staff and patrons. Additionally, Farmington Road was scheduled for a multi-million-dollar upgrade directly in front of the property. All these details were an essential part of the marketing presentation to each prospect.
The first ten proposals from investors and operators were below the seller’s expectations, so we increased our marketing efforts and were able to attract Heights Brewery to this property for their new location. The experience and dedication of the Heights Brewery owners proved as the key factor in attracting a local investor who purchased the building to a lease to the new Brewery.
Results: The former owners of Page’s Restaurant have begun their retirement and welcome being patrons, instead of providers, when out on the town for dinner and a beverage! Heights Brewing is currently in process of remodeling the space to appeal to beer enthusiasts.