In May 2018 Keith Simpson of Restaurant Realty received a call from Sweetie PiesRestaurant in Placerville from the owner’s daughter, Darcie.
Darcie is a residential real estate agent and was referred to Keith from a past client. Her mother, Patty Clark, had owned the business and real estate with husband, Ron, since 1992. Patty took care of day to day operations while Ron kept the building, patio and equipment looking good and updated.
Built in the 1930’s, Sweetie Pies is an iconic building with historic significance in Placerville. Retirement was the owner’s motivation to sell. After a detailed evaluation the business and building were marketed for sale by Restaurant Realty for $850,000 in June of 2018.
After many immediate buyer inquiries, a strong offer was contracted within 2 weeks of advertising for sale with a buyer known to Keith and who was a seasoned operator in the Sacramento area with ownership of 3 restaurants for the past 20 years. Three SBA local lenders past on a loan due to many factors. A second buyer was in contract by July 2018 but got ‘cold feet’ during the due diligence process. Keith went back to buyer #1 to see if he was still interested and if an SBA lender could be persuaded. After much research Jim Barnett of Exchange bank in the East Bay was willing to finance. December 2018 this buyer was in contract. Jim of Exchange bank was extremely accommodating and a pleasure to work with throughout the arduous loan commitment process. Six months later on July 12th 2019 escrow closed for a sale price of $830,000.