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© 2020 GATEWAY FINANCIAL REAL ESTATE

OVERVIEW

We worked closely with Cesar Vallin and Isamu Morikizono, owners and operators of Cloak & Petal Little Italy, to locate a 7,500 square foot restaurant on India street in the heart of Little Italy. Cesar, whom has an extensive background in operating bars, clubs and restaurants, has taken Cloak & Petal under his wing as managing partner and made it one of the premier restaurants in San Diego County. Congrats to you Cesar for fulfilling your dream and for creating a top notch team that you call family. I am truly grateful to be apart of landing this restaurant brand in Little Italy.

HIGHLIGHTS

Adding a first of its kind high-end Japanese restaurant in the heart of Little Italy had its challenges. Fortunately, we represented a first class operator and owner in conjunction with our real relationships in the local community to get this transaction over the finish line. This one took patience and persistence but we were successful with the asset sale plus an ABC Type 47 full liquor license transfer. In addition, we negotiated a new long term lease directly with the landlord. We initially located an existing restaurant for sale in Little Italy that included valuable assets, FF&E, leasehold improvements and an onsite Type 47 ABC liquor license with music. The Sellers original asking price was $2,000,000.00 that was primarily dedicated to recoup their extensive Tenant Improvements and full liquor license onsite. We were able to effectively value the asset sale at a much lower price by proving current value and then negotiated the price down by approximately 80% while establishing a great lease with options to extend with the Landlord directly.

CLOAK & PETAL

LITTLE ITALY / SAN DIEGO 

GATEWAY SERVICES
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