Madeira Beach, FL (June 26, 2014) – After serving up tapas and other European inspired fare for the past decade, Pridgen Realty has secured a new home for Café Alma on 111 Boardwalk Place in the heart of Madeira Beach at John’s Pass. Set to open on July 8th as Alma, the move marks the first downtown dining establishment to expand operations in the John’s Pass tourist district.
Pridgen Realty also closed a second commercial lease deal with the Yogurt City making the building 100 percent tenant occupied. The franchise is scheduled to open later this summer.
“When we first began serving diners in downtown St. Petersburg, there were only 30 other restaurants in the area,” explained Scott Vogel, President of Café Alma. “Today, there are more than 100 restaurants in the downtown entertainment district. David Kramer of Pridgen Realty opened our eyes to the massive business potential John’s Pass has to offer.”
Initially representing both Vogel and a private real estate investment group seeking an established commercial property primed for maximum revenue growth, Kramer paired the two entrepreneurs forging a near overnight success story.
Kramer identified untapped market potential in the formerly bank-owned, three-story property built in 2008 just before the market crash. Nearly vacant with only one remaining retail tenant, Kramer negotiated a purchase price of less than half of the original cost while also securing favorable leasing terms for his clients Alma and soon after Yogurt City.
“It’s rare to have the opportunity to blend our work as buyers agents and commercial leasing experts into one seamless transaction,” explained David Kramer, Senior Vice President, Pridgen Realty. “In this case, it was essential to ensure the property would guarantee the investor a steady revenue stream before closing on the property.”
In order to keep pace, that also meant, Alma needed to be ready to begin serving customers within a highly compressed timeframe. Kramer relied on his extensive experience building and managing a combined total of nearly 5 million square feet of commercial real estate. He oversaw the inspection of all essential systems including elevator, fire system, structural plans, roofing, paint, air conditioning units, and grease traps, just to name a few, and completed the sizeable task in under 30 days.
Alma will feature a VIP private dining room with seating for up to 50 guests and dining accommodations for up to 300. In addition to bringing the restaurant’s core tapas menu to John’s Pass, Alma will also feature locally caught, day boat fish, Seminole Pride Angus Beef, Florida wild caught catfish and shrimp, and other seasonal, local fare.
About Pridgen Real Estate Services
A full-service industrial, office, and retail and residential real estate brokerage firm, property management company, and real estate development consultants, Pridgen Real Estate Services maximizes client benefits by providing the most comprehensive, cost efficient and effective real estate services available.