Restaurant Real Estate in Pensacola
Restaurants are places that people gather to celebrate life. Breaking bread has always been a way for us to commune with one another and give thanks for all we have. As spring enters the calendar and the weather becomes more approachable, most of us will venture out to discover the new culinary tastes in our area. The Pensacola restaurant real estate sector has had quite a year of new tastes and more are on the horizon. There are three restaurants that I want to mention that seem to be starting the road to success. The next few paragraphs are just a few of the new restaurant real estate transactions taking place in Pensacola.So why is it that some restaurants succeed and others fail? I’m often asked this question. Click To Tweet
Three New Flavors of Restaurants
The first restaurant real estate transaction was when the former Big Daddy’s/Dollarhide location at Cordova Mall was purchased by the franchisee of Newk’s Eatery and completely transformed. Newk’s serves menu that features high quality and fresh soups, salads, sandwiches and artisan pizzas. They also have an outstanding catering business. This franchisee is dedicated to operations and complete guest satisfaction. The building is 9500 SF, 4500 SF will be occupied by Newk’s and they will lease the remaining portion of the building. Construction began in early February and is expected to open in May. Their business model is solid and we continue to look for new sites in the surrounding Pensacola area.
Next is the tremendous buzz that surrounds Restaurant Iron, which has relocated from Marcus Point Golf Course to downtown Pensacola at 22 N Palafox. Some of the many awards they have won include being voted Top Overall Restaurant in Pensacola and Top Chef in 2014, and receiving the coveted Golden Spoon Award. They have transformed their space into a hip, upscale restaurant with an open kitchen design serving Southern Contemporary Cuisine. Chef McPhail uses farm to table products from local producers, and has plans for additional restaurants in the area. We plan to take trips to New Orleans so he can share his vision, and allow me to transform restaurant real estate into his culinary canvas.
Finally the critically acclaimed opening of Twin Peaks, but don’t let the uniforms fool you as these restaurants are serious about their business. Twin Peaks built this restaurant around the food and then outfitted it with an audio/visual package that is second to none in the panhandle and is already known as the best place in town to watch the big game. Top that off with a 29 degree beer tap system and you have completed the trifecta of the sports bar. Twin Peaks leased the former Famous Dave’s BBQ on Bayou Blvd at Cordova Mall. This Atlanta based franchisee has a training program that included 100 hotel nights at the Hyatt Place at the airport. At their friends and family soft opening, they had all of the sub-contractors on site to monitor building and equipment issues to immediately respond to issues that will (and did) happen. This is an example of a franchisee that understands you only have one chance to make a first impression.A restaurant is like a three legged stool... Click To Tweet
Things to Come
So why is it that some restaurants succeed and others fail? I’m often asked this question. Since there are a thousand reasons, I will be answering this more in depth in future posts. However, the main reason is simple: lack of profitability. The real talent is knowing the cause AND having the ability to fix it. A restaurant is like a three legged stool: one leg is the service, one leg is the menu, and one leg is the business. All three legs are key to success if you want to be profitable and therefore stay open.
I look forward to breaking bread with you again soon.
About Michael Carro – Michael has extensive commercial real estate experience and has earned many awards for his accomplishments. His passion is with retail and restaurant real estate, and he is the host of The Restaurant Realty Show on News Radio 1620AM. Click here to read his full bio, or if you would like to contact him, you can call him at 850-434-7500, or email him at [email protected] or follow him on Twitter @MichaelCarro.