21 May 2015

A Million Bucks For An Old Meeting House + A Restaurant With A Salad Bar: Whoa!

Historic Landmark Restaurant to Close May 31st  
Just 9 hours ago, The Arizona Republic published online that one of Mesa's historic properties that began as a Mormon meeting house, then an insurance office, then a college campus, and then a restaurant for the last forty years - great history of "adaptive re-use"  Huh? . . . It has been sold for $975,000, according to the report http://www.azcentral.com/story/news/local/mesa/2015/05/20/historic-landmark-restaurant-closing-mesa/27651717/

Perhaps the first sign of escalating property values along the Light Rail Central Mesa Extension Project?
Are the new owners - a catering company moving into a small downtown area that already has 12 long-established catering establishments - banking on "flipping" this?

The article is a very nice reporting about the current owners with details over the years and their reasons for selling the business and the property. Please take the time to hover over the link to get redirected to the whole post.
It was purchased by Aldea Catering in Peoria.

Just what downtown Mesa needs - another location for catering - there are already 12!
The source of that information comes from a talk a couple of months ago with Ray Hart, owner-operator with his wife Michele, of another historic property on the National Register built by one of the early Mormon pioneer families here in Mesa: the James A. Macdonald House Antique Wedding House . . . 
What's the context? Read more >>>
MesaZona blog readers can scroll down to a posting from April with an excerpt quotation from Robert Robb " . . . To the extent light rail causes economic activity to be relocated, that does increase property values along the routes . . . "
This may be one of the first instances of what's been mentioned so often about the tangible rise in real estate values located along the expansion of light rail transit, but please keep in mind the selling price is both for the business and the property.

Update on June 1st: According to a Report in Phoenix Journal about Landmark Restaurant Sale 
former two-term Mesa City Council member Rex Griswold who lost out to Scott Smith in the run for mayor was one of the two brokers for Commercial Properties Inc that represented the seller in the transaction.
As noted above there's already a lot of competition here in downtown Mesa for catering services . . . if any of those already-established downtown businesses would like to make comments hear, I'm sure other readers will be happy to see what those reactions might be

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