national restaurant tenant

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Joined: Tue Sep 27, 2022 1:37 pm

national restaurant tenant

Post by Ambrosib »

I have a family member who has a nice commercial building that is currently being rented as a restaurant. It is an attractive building built in 2003, with some recent updates.

The problem is that it is rented to the wrong tenant. Right now it's a Chinese restaurant. It used to be a Chinese-Japanese combination with sushi and a bar, but the Japanese partner left, and since then everything has gone awry.

The area of this building is 4,600 square feet, and right now the owner of a Chinese restaurant is struggling to pay even half of the rent. They have expressed interest in leaving, but right now they are just keeping them with them so that there is some income.

A member of my family put it up for sale for more than a year with a small percentage, but recently also rented it out. The building is located on the main road, directly across the street from Menards and directly opposite a major shopping mall. The population of this city is only about 20,000 people.

They have a broker who put him on the list, but he is more than 200 miles away, and I don't think he knows much about restaurants and has no connection with the representatives of the tenants of the national chain. He even said that it might be better to find someone else to try to sell/lease the property.

What steps can we take to find a tenant of a National Restaurant or find a broker who has connections to rent it out?
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Joined: Tue May 03, 2022 6:08 am

Re: national restaurant tenant

Post by harrisonsandoval »

Contact a broker of a national firm that specializes in renting out national restaurants to tenants.
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Joined: Wed Mar 30, 2022 10:48 am

Re: national restaurant tenant

Post by ivortyrus »

Your relative shouldn't search for tenants for this profitable space. If I were him, I'd hire a real estate agent to promote the place and tell people about its potential. I understand that the location of the commercial space is so lucrative that your relative could sell it for a lot of money. I always come to cool restaurants with good drinks and quality food on the menu. Of course, the choice of restaurant for me always depends on its location relative to popular urban areas. I go to every Wednesday because it has a cool atmosphere, great high-class food, and is in the city's center. Tell your uncle about the usefulness of a real estate agent.
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