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Saturday, September 13, 2008

Steak & Ale locations up for sale next month

Greenville site, 64 others to be auctioned off
Source: GreenvilleOnline.com
By Angelia Davis, Business Writer

The closed Steak & Ale restaurant location on North Pleasantburg Drive is among 64 former restaurant sites that will be auctioned next month.

Chicago-based NRC Realty Advisors LLC is coordinating a sealed-bid sale of former Steak & Ale and Bennigan's Grill restaurants in South Carolina and 13 other states.

The two national restaurant chains filed for Chapter 7 bankruptcy protection in July and stores owned by their parent company, Metromedia Restaurant Group in Plano, Texas were closed.

Steak & Ale operated one restaurant in Greenville and one in Spartanburg. The site in Greenville is the only one in South Carolina being sold through NRC, according to the real estate firm's Web site.

Most of the properties are located in Colorado, Florida, Illinois and Texas. Other properties are in Georgia, Alabama, Maryland, Minnesota, New Jersey, Ohio, Oklahoma, Pennsylvania, and Tennessee.

Dennis Ruben, managing director of NRC, said that the sealed bid sale is "a great opportunity for restaurant operators and retail developers looking for proven suburban locations.'

He described them as "Class A locations ideal for new franchises, restaurateurs or retailers to make a big impact on a particular market."

The buildings range from 5,000 to 8,000 square feet on sites that are one to three acres.

The former Greenville restaurant at 700 N. Pleasantburg Drive is listed as 6,786 square feet and rests on 1.20 acres, according to NRC.

The bid deadline for the sealed bid sale is October 28. For additional information: www.nrc.com/820 or call (866) 447-0672 for more information.