Tornado or no tornado – Simko’s sells
NEPTUNE, NJ (PRWEB) May 29, 2021
On March 28, two days after owner Mike Simko signed a contract to sell his restaurant at 1311 Highway 35, Neptune, Monmouth County, New Jersey, “straight-line winds” of around 70 mph ripped through his neighborhood, leaving scattered debris, downed poles and wires and damaged vehicles in its wake. The rapid storm caused destruction at Simko’s restaurant, but did not defeat his deal.
According to Richard Santore of Bielat Santore & Company, Allenhurst, New Jersey, the broker for the sale, real estate at 1311 Highway 35, Neptune was sold to a real estate investor and the restaurant business itself sold to an independent restaurateur. . Mike Simko has spent most of his adult life in the restaurant business. Originally at Simko in Sayreville, New Jersey; he also had restaurants in Brick and Brielle. When he sold his location to Brielle in 2018, Mike bought the Neptune location which was previously occupied by Yvonne’s and before, Jack’s Rib and Ale House.
Completed in 2018, Simko’s Grill, Neptune is considered by many to be one of the best values ââin a Jersey Shore restaurant. It is easily accessible from Highway 35 at the Belmar / Neptune border. The 32 stool bar has 14 televisions giving guests the ability to watch all of their favorite sporting events. The two dining rooms can accommodate another 150 quests and there is an outdoor bar and terrace that can accommodate 80 people. Business was growing steadily in 2018 and 2019; then like all other restaurants, the coronavirus pandemic abruptly ended all business in March 2020.
âThis transaction was bifurcated: a buyer for real estate and a buyer for the company,â continues Santore de Bielat Santore & Company. The Real Estate Buyer is a private real estate development and investment company, investing in both enhanced real estate and land development opportunities to create and capture value. The company has interests in New Jersey, Georgia, Virginia and Florida. The catering business was purchased by an experienced operator who has worked throughout Monmouth County in various positions and roles within the industry. Although separate transactions, the closings took place simultaneously.
The restaurant will remain open like Simko, six days a week (closed Mondays) throughout the summer and fall, allowing for a name and concept change, as well as minor cosmetic renovations in the winter. .
About Bielat Santore & Company
Bielat Santore & Company is a well established commercial real estate company. The company’s expertise lies mainly in the restaurant and hospitality sector, specializing in the sale of restaurants and other real estate activities in the food and beverage sector. Since 1978, Bielat Santore & Company executives Barry Bielat and Richard Santore have sold more restaurants and similar type properties in New Jersey than any other real estate company. In addition, the firm has obtained more than $ 500,000,000 in financing to facilitate these transactions. Visit the company’s website, http://www.123bsc.com for the latest new listings, property searches, available land, market data, funding trends, RSS feeds, press releases and more.
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