55 River Oaks Plaza, San Jose
Restaurant Realty recently sold Lalla Grill located in San Jose.
The transaction was completed by Keith Simpson of Restaurant Realty!
Lalla Grill is a bar and restaurant in San Jose with an ABC Type 47 hard liquor license started in October 2016 by seasoned operator, Pat Ottone. Pat has 4 other highly successful restaurants by the same name in Monterey County. It has 4000 sq. ft indoors space and a 1300 sq. ft patio and total seating for 200 guests. Pat made a huge investment to open his 5th Lalla Land in a new shell space located in a highly residential area of San Jose. But after struggling for 3 years, while his other restaurants supported the same concept, he contacted Keith Simpson, agent for Restaurant Realty Co. A past client recommended Pat contact Keith, so in August of 2019 a representation agreement was signed and Restaurant Realty aggressively marketed the bar and restaurant for sale. By January 2020 a purchase contract had been agreed to a highly qualified cash buyer also acceptable to the landlord. Pat knew he was selling at a huge loss compared to his original build out cost, but the price was better than the monthly hemorrhaging of cash-flow. The parties closed escrow on April 27th 2020. The buyer’s concept is completely different and will become an ‘A2B Indian Vegetarian Restaurant’ Franchise hopefully opening in June 2020. Buyer’s Suneetha Keerthipati Raghavaraju and Ramesh Gadiraju are excited about their new venture in this highly visible location in the heart of Silicon Valley.