This well established Pasadena restaurant and bar boasts a prime main street location with excellent visibility and a major new hotel opening nearby. The venue has extraordinarily tenant friendly landlords who are offering an attractive lease rate, with rent abatement provided for the first 6 months, and then an attractive gross lease rate with annual escalations. The venue had a dance and live entertainment permit in the past. Currently a new owner would need to attach a liquor license (cost included in the asking price). Buyer will need to replace kitchen equipment in their buildout.

This 4,000 square foot venue will lease for $7,600 per month gross on a new 10 year triple net lease with one 10 year option. The facility boasts a large kitchen with a hood, with the buyer to re-outfit equipment as desired. It has a conditional use permit for a Type 47 Liquor License (included at the $75,000 asking price) and had dance and live entertainment permitted.

As Pasadena has a somewhat limited number of lounge and nightclub offerings, this venue stands out due to its location and entitlements providing it a built-in sustainable competitive advantage. A large hotel is under development nearby which will add a solid amount of built-in foot traffic and likely enhance the venue’s ability to host corporate or other events.

New operators may take this established venue in any number of directions. They may wish to relaunch it as a gastropub, a bar and lounge venue, or another nightclub!

Posted Jul 26, 2016

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