Michel of HK Group sells three restaurants totaling 6,200 s/f; Also promoted to senior vice president
Ralph Michel, senior vice president at HK Group, recently sold John Dough's Pizza, Tim's Philly Steaks and Backstreet Restaurant.
John Dough is a 3,300 s/f restaurant and bar located at 77 North Main St. in South Norwalk. The buyer, Sweet Lucy Lynn's, will make renovations before opening for business.
Tim's Philly Steaks is a 1,400 s/f free-standing, building on US-1 at 336 Westport Ave. in Norwalk.
Royal Guard Fish & Chips is currently making renovations to the space and will open their new concept to the public. Backstreet Restaurant is a 1,500 s/f space located at 22 Center St. in Darien. The new owners, The Third Rail Restaurant, have renovated the interior and outdoor dining space and have already re-opened.
Michel has had 20 transactions in the past 12 months and he has recently been promoted from vice president to senior vice president. Over his relatively short career as a broker, he has made a niche for himself in the restaurant industry and has become a premier restaurant broker in Fairfield County.
Beverly, MA Jay Goldberg, president and owner of Spire Investments has completed the purchase of four multifamily buildings. The 33-unit purchase amounted to a sale price of $9.2 million or $278,788 per unit. The properties are all located in downtown and consist of one- and two-bedroom units.
Now what? As the year comes to a close, the state of retail is always in the news. The answers vary greatly depending on who in the various related industries you ask, each offering a unique lens on the challenges and opportunities ahead.
This may seem self-serving, and I’ll be the first to admit it. But unlike some of the artificial intelligence tools now reshaping our industry, I am fully aware of my own bias. So, hear me out. The rise of AI in commercial real estate is not a distant threat or a speculative headline.