Case Study: Real Estate Broker Services/Site Selection
Mastro's Restaurants is an Arizona-based company that operates restaurants
under four brands, including Mastro's Steak House, The Ocean Club, Maloney's
Irish Pub and Cocomo Joe's. Owner Mike Mastro wanted to open an up-scale
Mastro's Steak House in Southern California. A satisfied Ira Spilky & Associates
client introduced Mike to Ira, who immediately went to work.
Development Plan of Action
Ira's first step, as always, was to study the Mastro's Steak House concept, to understand the company as completely as if he owned it himself. Check averages, customer profiles, menu, branding philosophies and more all came under Ira's scrutiny, and visits to the restaurants in Arizona were in order.
The site selection process itself was executed quickly, due to Ira's extensive
industry contacts. Ira was soon alerted, by the property's landlord, to a
location that fit Mastro's development criteria perfectly. The building was
the site of a recently closed high-end restaurant, fully licensed and fully
equipped, in the Triangle area of Beverly Hills. Ira gave Mike a tour of the
area and introduced him to Beverly Hills' mayor and Chamber of Commerce members.
Landlord and tenant agreed they had a terrific match on their hands.
Win-Win Profit Result
Ira then handled the lease negotiation process for Mastro's. Within 30 days,
an agreement was signed. Because both parties had contacted Ira Spilky & Associates,
Ira was able to put together a Win-Win situation that profited both. The
landlord got an established, successful tenant operating an attractive
and Mike Mastro got the presence he was looking for in one of the most
desirable locations in Southern California. The restaurant is exceeding expectations
in both volume and profit.
Mastro's Restaurants was so impressed with Ira's services that they have retained him for the long term. Ira is currently performing site selection and negotiations to help Mastro's expand into locations in Las Vegas and Anaheim.