Little Pub sells South Park Hill’s The Elm and adjoining buildings for $ 2.4m
Needing a money injection as a result of pandemic, Little Pub Co. threw away one in every of its older bars.
The corporate, which owns 16 neighborhood pubs and eating places within the space, final week offered its buildings at 5001-5019 E. Colfax Ave., together with a surrounding 22-space parking zone for $ 2.35 million, in keeping with public information.
The property housed the bar at Little Pub The Elm, which opened in 2004 and closed in December. There are additionally two tenants – Jett Sushi and Bikram Yoga Mile Excessive – who will keep.
CEO and founder Mark Berzins mentioned the corporate “had it listed all through the pandemic with fingers crossed that it could promote.”
âWe constructed our new bar in Commerce Metropolis known as State Home 38 from scratch, and opened it round Thanksgiving in 2019,â Berzins mentioned. âWe had been nonetheless engaged on a listing of issues once we had been closed, and this parcel by no means received out of its building mortgage as a result of we could not afford the financing. As we speak it is nonetheless working on a building mortgage, and technically it is in default as a result of it has been so lengthy. We had no earnings, no capacity to recapitalize it, so we wanted the cash from the true property sale. “
Little Pub, based in 1994, purchased the true property in 2004 for $ 675,000, in keeping with information.
âWe selected The Elm as a result of we had good fairness on this plot, and it was one of many largest we had,â he added.
The client was East Elm Colfax LLC, managed by Andrew Ramunno, whose LinkedIn profile signifies he’s vp of investments for Wells Fargo Advisors. He didn’t reply to requests for remark.
Berzins mentioned he believed the brand new proprietor had a tenant in thoughts for The Elm, who bought their fixtures and tools.
Berzins’ father helped design the restaurant, aiming for an artwork deco fashion and including distinctive touches, comparable to inexperienced poured concrete panels that line the patio.
âThere are a variety of members of the Berzins household on this house,â he says. âSo it’s kind of bittersweet, however I am glad the brand new proprietor is not demolishing the constructing.
In September, Berzins additionally offered Little Pub’s 4 Barrel Bar and Barbeque in Arvada, which by no means reopened after closing, for $ 700,000, in keeping with property information.
In whole, Little Pub has closed 4 bars up to now 5 years.
âClearly, I hate to promote something,â Berzins mentioned. âHowever I’ve the impression that our older shops have been so profitable. Over the previous 5 years, we have misplaced Little Pub # 2, which was The Spot in Golden. We offered Little Pub # 4, which was the Irish Hound, and now we have offered Little Pub # 6, which is The Elm. So perhaps it is improper to be a small peer pub. “
In February, Berzins’ longtime pal Kevin “KC” Gallagher resigned as CEO of Little Pub and offered his shares. Berzins mentioned it was an out of courtroom departure, and Gallagher switched to specializing in different companies outdoors of the bar trade.