Rittenhouse-based Restaurant Group
Property
Various Locations throughout Philadelphia
Services Provided:
Tenant Representation and Strategic Expansion Advisory
Client
Rittenhouse-based Restaurant Group
Transaction Size
Transaction Completion Date
Project Led By
Blueprint Commercial
Situation
The Rittenhouse-based restaurant group was seeking to expand in the Philadelphia market, but faced challenges finding suitable locations that could accommodate their diverse needs, ranging from day-to-day restaurant operations to large format catering and events.
Actions
Creative Leasing Solutions:
Second Location: Identified and secured a second-floor space for the client in University City. We negotiated above-market tenant improvements and signage on ground floor entrance, which facilitated a successful opening.
Third Location: Identified location just prior to COVID-19 pandemic and worked with our client to pause lease negotiations one week prior to COVID-19 restrictions hitting, which helped prevent financial strain on the restaurant group. Reengaged with the landlord of the third location and secured a fully turnkey restaurant space without a personal guarantee, mitigating risk for the client.
Expansion of Event Venues: Engaged with a landlord whose ground floor space was not leased due to COVID-19 and market conditions. Secured this location for a lower rent than their existing second-floor location. This allowed the restaurant group to successfully launch as a premier wedding and events venue in Philadelphia.
Central Kitchen Acquisition: Identified and assisted in acquiring a central kitchen in Northeast Philadelphia to service the city locations and western suburbs expansion. This opportunity included supplemental rental income to help offset operational expenses and debt servicing.
Results
Successful Expansion: Successfully negotiated and launched multiple locations, each uniquely positioned to enhance the client’s market presence and operational capabilities.
Innovative Cost Management: Negotiated deals that minimized financial risk and maximized operational flexibility, including significant tenant improvements and favorable lease terms.
Strategic Advisory: Continuously providing strategic guidance to navigate market conditions and expansion opportunities effectively.
Future Prospects: Actively seeking a premier event space in the country and identifying potential for a fourth restaurant location, demonstrating ongoing commitment and foresight in market expansion strategies.
SUBSCRIBE TO OUR COMMUNICATIONS
For exclusive market updates and information about listings sign up for our communications.
PHILADELPHIA'S TRUSTED COMMERCIAL REAL ESTATE EXPERTS
Our team blends deep expertise with innovative thinking to navigate the ever-evolving commercial real estate market. Whether you're looking to list a property, start your search for the perfect space, or need advice on a commercial sector, we're here to help. Reach out to us anytime.