CRESCO Real Estate was hired as the exclusive Northeast Ohio real estate provider for The Melting Pot Restaurants. In 2008, it was determined that a second location in this market was viable and a search for a prime dining spot on the Westside of the Cleveland market was initiated.

Approach

• Conducted a full market search for approximately 6,000 square feet of space to accommodate a high end restaurant concept.
• Reviewed alternatives and proximity to the all important “rooftops” to aid in gauging disposable income.
• Helped prepare and finalize a business plan and supervised all real estate negotiations.
• Worked with franchisee to ensure compliance with corporate directives.

Results

• After a thorough analysis, a determination was made that there was no need to pay higher rents at a neighboring facility and we were able to save almost 35% in overall occupancy costs.
• Concluded a ten(10) year deal at a newly designed outdoor “lifestyle center.” A total of 6,077 square feet was leased.
• Negotiated a construction allowance package that provided $10.00/sf more from the Landlord.
• Chosen location allowed the restaurant the opportunity to open on time and within budget.