Corbett Restaurant Group

Massachusetts Restaurants Sold in 2019

2019-03-07T13:52:00.003-05:00

Massachusetts Restaurants Sold in 2019 by Corbett Restaurant Group:

KooKoo Café
One Stop Liquors
Cantina Italiana

Massachusetts Restaurants Sold in 2018

2019-01-09T16:34:00.003-05:00

Massachusetts Restaurants Sold in 2018 by Corbett Restaurant Group:

Villa Mexicana
Beantown Coffee House
J.Dee Asian Bistro
Pizza Town
Self Portrait
Bread & Chocolate
The Tap Trailhouse
Gaetano's
Strip-T's Liquor License
Strip-T's Sale Of Restaurants
Talk of the Town Caterers & Bakers
The Greenhouse Pub
Quay Providence
Pat Sheehan's Pub
Perch 143
Box Seats
Pete's Place Bar & Grill
Yogurtology
101 Arch Liquor License Sale
Agostino's Italian Restaurant
Something Sweet Without Wheat
MC Roseland NJ Holdings LLC
Frog Pond Foundation, Inc.
Super Fans Deli and Pizzeria
The Common Cafe & Kitchen

Massachusetts Restaurants Sold In 2017

2019-01-09T16:32:00.001-05:00

Massachusetts Restaurants Sold In 2017 By Corbett Restaurant Group:
High Spot Deli
Petit Robert Bistro
Atlas Produce & Provisions
Verna's Donut Shop
Fat Biscuit
Brick Wall Kitchen
80-90 Washington Street Wrentham
Revolution Rock Bar
Airport Liquors
Tresca
Social Wines
Belle's Bistro
North Star
30 Prince St
Somers Pubs
143 Curve St Dedham
Prelude
Wild Willy's Burgers
T&T Ocean Liquors
Deli-licious
Elm Square Oyster Co.
Donut Villa
Acapulcos
Aprile's European Restaurant
The Halfway Cafe
Frozen Yogi
Isabella Restaurant
Clash of the Ash
Urban Cantina
Mario's Ristorante

Restaurant Round Up: July 2017

2017-07-26T12:54:00.002-04:00

Usually July is a slow month in business for all, but not at Corbett Restaurant Group. We started the month of July off strong when we announced the sale of Wild Willy's Burgers in Worcester.

We recently had a Corbett Restaurant Group team dinner at the newly opened Finn McCool's in Boston, and the food was dynamite if you haven't checked it out already.

President Todd Smith was also featured in UpServe's article "Restaurants Rethink Everything As Market Pains Pile Up" as well as the Boston Business Journal's Lessons Learned.

A Facebook post also just told us that our friends from our restaurant sale in South Boston at Certified Meatball Company will be opening soon!

Restaurants Sold In Boston in 2017

2017-07-21T12:34:00.002-04:00

A list of the Boston restaurants sold in 2017 by Corbett Restaurant Group.

High Spot Deli

Verna's Donut Shop

Brick Wall Kitchen

Julep & Broad Street Riot

Tresca

Social Wines

Belle's Bistro Westford

The North Star Boston

Mr. Dooley's Wrentham

Prelude Restaurant Methuen

Wild Willy's Burgers Worcester

Thinking of buying or selling a restaurant? Learn more about working with us.

Liquor Stores sold in Boston in 2017

2017-07-21T11:42:00.004-04:00

A list of the Liquor Stores sold in Boston sold by Corbett Restaurant Group in 2017.

Atlas Produce & Provisions in Everett

Social Wines in South Boston

T&T Ocean Liquors in Somerville

Thinking of buying or selling a liquor store? Click here to learn more about working with us.

Corbett Restaurant Group In The Boston Globe

2017-02-22T16:59:00.003-05:00

FOR RESTAURATEURS, THERE’S STRENGTH IN CLUSTERS

Are too many restaurants in one area competition?

Several restaurant groups in Boston have found their destiny in density, opening eateries in clusters along one block or square. And they’ll argue that they’re not cannibalizing their business, but building on it.

Read what Corbett Restaurant Group President, Todd Smith tells The Boston Globe about how it helps, not hurts restaurants.

DUDLEY SQUARE RESTAURANT SPACE

City’s plan for a big new Dudley Square eatery by Feb. stalls but one of Boston’s busiest restaurant real estate brokers wonders if the city was equally inexperienced.

“They really should have offered more incentives, like landlords do in the private space,” said Todd Smith, the owner of Corbett Restaurant Group. “That’s a big project. It’s a tough sell.”

Smith said big public investments in Dudley have not gone unnoticed by private investors. But he estimated that building out the large restaurant space would cost more than $2 million, limiting the pool of potential operators.

This article was originally posted by The Boston Globe here.

Corbett Restaurant Group in The Griffin Report

2017-02-22T14:48:00.004-05:00

Corbett Restaurant Group In The Boston Business Journal

2017-02-22T14:17:00.005-05:00

An interview with the Boston Business Journal. Read the full Boston Business Journal article here.

HIRING NEW EMPLOYEES IS WORTH DOING RIGHT

President, Todd Smith discusses the channels he uses for hiring need with the Boston Business Journal.

Restaurants Sold In Boston in 2016

2016-12-29T12:07:00.000-05:00

Restaurants Sold In Boston in 2016

A list of the Boston restaurants sold in 2016 by Corbett Restaurant Group.

Acton
Then: Il Forno / Now: Mayuri Indian Cuisine

Billerica
Then: Max & Dylans / Now: The Tilted Kilt

Boston
Then: Church / Now: Tapestry
Then: Boston Indian Kitchen / Now: Cornish Pastry Co.
Then: Barney Fanning's / Now: Broadside
Then: Griddlers / Now: All Star Pizza Bar
Limoo Tea Bar
Julep Bar
The Broad Street Riot
The Place Boston
Certified Meatball Company
Mulligans Deli

Brookline
Ribelle
Then:Corrib Pub / Now: Grainne O'Malleys

Cambridge
Then: Hit Wicket / Now: The Rising
Four Burgers

Chelmsford
Andiamo Restaurant + Bar

Concord
La Provence *New concept opening soon!

Framingham
Markari's Market

Methuen
Prelude

Natick
Bakery on the Common

Newton
Bread & Chocolate

Northborough
JJ's Sports Bar

Watertown
21 Nickels

Finding The Sweet Spots In The Restaurant Sector

2016-12-10T10:55:00.000-05:00

By Steve Adams | Banker & Tradesman Staff | Oct 30, 2016
Todd C. Smith
Title:President; Managing Partner, Corbett Restaurant Group
Age:42
Experience: 9 years
Boston’s restaurant scene is evolving. New concepts are spicing up ground-floor spaces in once-overlooked areas such as the Financial District, and a new allocation of 75 liquor licenses has been allocated for historically underserved neighborhoods. Todd C. Smith has completed over $93 million in sales and leases in the food and beverage industry since founding Boston-based Corbett Restaurant Group in 2007. Recent transactions include a 380-capacity sports bar called Finn McCool’s which is moving into the former Julep bar space 200 High St., a 60-seat Bistro 131 at 131 Broad St. and All Star Pizza in the former Griddler’s location at 204 Cambridge St.
Q: What was your real estate background before founding Corbett Restaurant Group?
A: I did 12 years in corporate America doing sales and commercial leasing for American Tower. We’d do 25-year leases with Verizon, AT&T and Sprint. That was my first exposure to long-term leasing. I did some work for a business brokerage and then I started my own company in 2007. As far as the economic cycle, it wasn’t the best time, but my plan was years in the making so I just pushed through it. I’d owned a restaurant of my own and saw an opportunity in the marketplace: UFood Grill in the Landmark Center on Brookline Avenue. I started (Corbett) with a cell phone and a laptop, just me out of my apartment. If you want to go into something like this, it’s a sink-or-swim opportunity. It takes a while. You have to be ready to take a pay cut for a while before you move on to what your larger goals.
Q: Why does the typical restaurant deal take up to eight months?
A: Usually because of licensing. If it’s a café or food use, those can be done in a few months. With a liquor license transfer and the city and state approval processes it can take on a minimum of 120 days, on top of marketing and lease assignment and negotiations. With a lease, usually you don’t get paid until after they take occupancy.
Q: How important is confidentiality in restaurant transactions?
A: We do all types of hospitality transactions: nightclubs, restaurants, food trucks, catering, you name it. There’s two basic transactions we specialize in: the sale of an existing business, and the other is leasing the space to a tenant, whether representing the landlord or developer or tenant. If you’re selling a specific restaurant, confidentiality is almost always crucial. That’s because the value of a restaurant entity is tied up in the gross sales and profit, and once your employees and key managers get wind you’re for sale, you might lose those folks. It can be devastating if it’s not managed properly. Once people get wind, you lose your customers, you lose everything.
Q: Is seller financing included in most transactions?
A: We see it in about 60 percent of the deals. Seller financing can make things happen but sometimes people just want the money and want to move on. It depends upon the seller’s situation. If they believe in the concept and don’t need the money right away, they’re more likely to offer the seller financing.
Q: What’s the formula for determining the value of a restaurant?
A: If you’re going to buy an existing business and run it as-is, it comes down to sales and profitability. If you want to change the concept, that usually comes down to location, quality of the lease, leasehold improvements and things like licenses.
Q: How much is a full liquor license worth in Boston?
A: About $400,000. Beer, wine and cordial licenses are going for about $100,000 to $110,000, which is up. It’s supply and demand.
Q: Boston was awarded 75 additional liquor licenses in 2014, including 60 for neighborhoods outside downtown that haven’t had many restaurants and bars in the past. What effect is that having?
A: It’s good because it helps us and helps businesses, but they need to add it responsibly. If you have over (900) licenses in Boston currently, you don’t want to render those licenses valueless by adding all of those licenses at once. Somerville just added 71 licenses, so by holding a license that two months ago you could get $200,000 for, now you can’t get anything. The value of a license in Somerville is zero right now, so if you hold a license, it’s not good for you. It’s good if you’re trying to open a restaurant.
Smith’s Top Five Places To Watch Boston Sporting Events:
The Playwright
Lincoln South
Jerry Remy’s
The North Star
The Greatest Bar
Original Article: http://www.bankerandtradesman.com/2016/10/finding-sweet-spots-restaurant-sector/

Somerville Liquor Licenses

2016-12-07T18:22:00.000-05:00

A dramatic increase in the number of available liquor licenses seems, on the surface, like a boon for Somerville’s bars and restaurants. But not everyone is convinced that the influx serves the best interests of restaurant owners—or the city as a whole.
Earlier this year, the Massachusetts legislature awarded Somerville 65 new liquor licenses—an increase of more than 60 percent from the city’s previous stock. It’s an unprecedented number of new licenses, and it means more bars and restaurants will soon be able to serve beer, wine and liquor.
This story originally appeared in Scout Somerville here.

For Restaurateurs, There’s Strength in Clusters

2016-12-07T17:40:00.000-05:00

Are too many restaurants in one area competiton?
Several restaurant groups in Boston have found their destiny in density, opening eateries in clusters along one block or square. And they’ll argue that they’re not cannibalizing their business, but building on it.
Read what Corbett Restaurant Group President, Todd Smith tells The Boston Globe about how it helps, not hurts restaurants.

Hiring New Employees Is Worth Doing Right

2016-12-07T17:01:00.000-05:00

President, Todd Smith discusses the channels he uses for hiring need with the Boston Business Journal.

What You Should Know About Buying A Restaurant

2016-12-07T08:08:00.000-05:00

Why Creativity Matters When Opening A Restaurant

2016-11-28T07:26:00.000-05:00

What You Should Know About Buying A Restaurant

2016-08-02T15:27:00.000-04:00

Dudley Square Restaurant Space

2016-05-21T15:37:00.000-04:00

City’s plan for a big new Dudley Square eatery by Feb. stalls but one of Boston’s busiest restaurant real estate brokers wonders if the city was equally inexperienced.
“They really should have offered more incentives, like landlords do in the private space,” said Todd Smith, the owner of Corbett Restaurant Group. “That’s a big project. It’s a tough sell.”
Smith said big public investments in Dudley have not gone unnoticed by private investors. But he estimated that building out the large restaurant space would cost more than $2 million, limiting the pool of potential operators.
This article was originally posted by The Boston Globe here.

A Place At The Table

2016-05-21T15:11:00.000-04:00

Read the full Boston Business Journal article here.

Why Is Boston Hospitality The Corbett Restaurant Group’s Middle Name?

2016-05-12T02:09:00.000-04:00

If you are a restaurant owner in the Boston area, you may have heard the Corbett Restaurant Group being referred to by industry peers as the leading purveyors of “Boston hospitality.” But what’s in a name? As it turns out, the Corbett Restaurant Group is one of the leading commercial real estate authorities in the region, with a special emphasis on helping new and old restaurant owners benefit from their expert knowledge of restaurant sales and leasing.

Your Boston Restaurant Sales And Leasing Authority

Restaurant sales and leasing in the Boston area can be a matter of great delicacy. When it comes to related areas, such as hospitality sales and leasing, the learning curve is steep, and there’s a great deal of knowledge for you to absorb in a strictly limited period of time. Whether you are a brand new owner of your very first location, or an experienced member of the industry, you’re certain to benefit from the assistance of a professional commercial real estate authority in the area.

Expert Restaurant Sales And Leasing Advice

Navigating the sometimes treacherous seas of legal red tape and industry regulations can be a tricky business for even the most experienced hospitality sales and leasing company, so it’s certainly best to deal with a recognized authority in the field. If you want to avoid a great many financial and logistical headaches down the road, it’s an excellent idea to seek out professional help as soon as possible.

Get Help For Your Hospitality Sales And Leasing Arrangements

There’s much more to owning and operating a successful restaurant than simply buying up the property and installing the requisite equipment. There are many legal transactions that need to be made, and if you aren’t fully aware of what you’re getting into, you can easily find yourself diving into the deep end without a life jacket. These are the precise sort of arrangements that will take time to finesse. You should certainly always seek professional help for your hospitality sales and leasing arrangements before you commit to your ultimate decision.

Commercial Real Estate Advice Made Easy

While there is no one size fits all solution to the thorny issues that can sometimes confront you as the new owner of a commercial property, there is plenty of professional assistance that you can lean on in order to put your best foot forward. Whether you plan on buying your very first property, or perhaps on unloading an old location and expanding to a new one, you’ll need to know how to connect with a potential seller or purchaser in a productive and profitable manner. Getting expert advice from a professional in this field is your best course of action.

Buying and Leasing a Restaurant in Boston Requires a Professional

2016-05-12T01:41:00.000-04:00

The great city of Boston have dedicated business people who serve the residents with pride. From spectacular restaurant service to luxurious hotel accommodations, Boston remains a popular spot for travel, leisure and business dealings. When looking for commercial real estate to start a restaurant, it’s necessary to partner with the best Brokers in town.
As an a new restaurateur, you know how important it is to choose the right commercial Broker, specifically one who specializes in restaurant and hospitality sales, to help you get your project off the ground.
The job of a commercial Broker is an incredibly complex job. We sit down and discuss your customer base and business goals. We need to understand your business in order to perform our job. A restaurant requires basic items, such as industrial ovens and stoves, but we might have to find properties with more elaborate setups. Charbroiling grills and walk-in freezers might be necessary for other restaurants.
Your budget may be limited when it comes to buying or leasing a property. With that fact in mind, we work to find turnkey properties. You simply need a space that can adequately hold several employees while leaving enough room for customers to enjoy their meals. Ideally, you would like to avoid any expensive buildout processes. Knocking out walls and adding counters may not be in your budget. With the right commercial agents by your side, our insider knowledge around Boston can turn up the perfect property before it’s scooped up by another buyer.
A reputable commercial real-estate agent also knows that you need to build your brand as a business. The property’s architecture needs to match your company’s style to a certain degree. With your business brand in mind, we can show you several properties in just a few days. By comparing and contrasting between the properties, we can help you locate the right property in no time.