Melting Pot Restaurants
Rocky River/Fairview Park, Ohio
Tenant Representation
Bob Garber, SIOR and George Pofok, CCIM of CRESCO Real Estate were hired as the exclusive Northeast Ohio real estate providers for The Melting Pot Restaurants. In 2008, it was determined that a second location in this market was viable and a search for a prime dining spot on the Westside of the Cleveland market began.
Approach
- Conducted a full market search for approximately 6,000 square feet of space to accommodate a high end restaurant concept.
- Reviewed alternatives and proximity to the all important “rooftops” to aid in gauging disposable income.
- Helped prepare and finalize business plan and oversee all real estate negotiations.
- Worked with franchisee to ensure compliance with his corporate directives.
Results
- Concluded a ten (10) year deal at a newly designed outdoor “lifestyle center”, leasing a total of 6,077 square feet.
- After thorough analysis, determination was made that there was no need to pay higher rents at a neighboring facility, saving almost 35% in overall occupancy costs.
- Negotiated a construction allowance package that provided $10.00/sf more from the Landlord.
- Chosen location allowed the restaurant the opportunity to open on time and within budget.