Roadside Tavern Sold
HAZLET: Frank & Teddy’s Tavern, 175 Highway 36, Hazlet, Monmouth County, New Jersey has been sold according to Richard Santore of Bielat Santore & Company, Allenhurst, New Jersey, the broker for the sale. This roadside tavern had been a neighborhood tavern for nearly 90 years. 85 of those years as Stryker’s Bar and thereafter as Frank and Teddy’s. Although Stryker’s was a family owned and operated business, which included the owners living above the bar, the most recent ownership of Frank & Teddy’s was absentee. The establishment was purchased by a contractor as an investment property. He had a friend that was in the bar business and that friend and his wife were to operate. Unfortunately, the arrangement did not work out and the bar was eventually closed and remained closed for two years prior to the sale.
New ownership has not announced any plans for the 2,300 square foot building which sits on 1.2 acres of land. Other uses for the facility are being contemplated and this purchase may mark the end of the 90-year run as a roadside tavern. This is the second restaurant/bar sold by Bielat Santore & Company during the Covid-19 shutdown. “It is amazing that we have been able to close two deals during this crisis,” says Santore. “We have four or five more deals that went under contract before the mandated shutdown of restaurants in New Jersey. Those contracts and closings have been extended until such time when restaurants and bars are able to open for business again,” continues Santore.
Of course, it will be challenging to market and sell businesses that have temporarily been shuttered during the pandemic, because valuations are based on historical financial data. However, whether you choose to reopen your business or not, owners can still position them for sale. So, what should you do if you want to sell in the next 6 – 12 months? Contact a good business broker that specializes in the sale of hospitality real estate and businesses. Bielat Santore & Company, Allenhurst, NJ has been brokering such sales for over 40 years and will be able to help you come up with flexible deal structures and capital sources to make a sale.
“Believe or not, even during this pandemic, there are buyers looking for hospitality real estate,” adds Santore. It is going to be extremely difficult to sell a business without real estate until the economy and small businesses rally back to near-normal; but if you own real estate, there are buyers out there.”