What’s Ken Been Doing Lately?

Earlier this past year, Ken completed a major transaction in the Pismo Beach, California area that included a successful seafood restaurant (Cracked Crab) and the respective real estate.  The transaction was a complicated one in that there were open building permits with the city and the next-door property had been using the service driveway for many years and claiming an easement for this use.

Additionally, the restaurant owner’s husband had passed away unexpectedly about 18 months before the completion of the sales transaction had all the information relative to dealing with the neighboring property owner and the two open permits.

Ken’s experience with City agencies was instrumental in developing a plan to complete items in the open permit and satisfying the conditions of approval by the City.  It was a painstaking process that involved reconstructing plans/engineering and several meetings with City officials, architects, engineers, and surrounding property owners before obtaining City approval on the plans associated with satisfying the open permit.   At the same time, the easement issue was resolved with the neighboring property owner.

The City took the opportunity to impose several conditions on the surviving owner that required additional plans and engineering.  So in addition to being listing broker on the sales transaction, Ken also took responsibility for developing plans putting the project out to bid, and assisted the owner (due to her lack of experience) in selecting the appropriate contractors to complete the required work.

While all of this was going on, Ken also found and represented both a buyer and seller in the purchase of the business and the real estate.  The work required by the City was a condition of the approval by the buyer in this transaction.  The timing of completing all construction-related work to satisfy the City’s conditions of approval, resolving the easement issue while keeping the transaction on schedule, closed escrow in 2017 for 3.7 million dollars.

Ken also consulted with a fast casual start-up company in Orange County and Riverside County.  He was asked to evaluate the current food and labor costs.  Both of these prime costs were out of control.  Over several months, he assisted the owner’s representatives in the evaluation of the concept in their current locations, provided the operators with valuable direction in controlling their prime costs (food and labor), setting up the bookkeeping system, and in the selection of vendors/suppliers.

Most recently, Ken searched and found a new location for Prego Mediterranean restaurant that had been a mainstay in its Irvine location for the past 27 years.  The owner’s lease expired in March of 2017 and the landlord decided not to renew the Prego lease.  Ken worked diligently to find an “A” location for the relocation of the Prego concept.

The challenge given to Ken by the current owner of Prego was to find a new location, negotiate a fair and balanced lease, develop plans for the build-out, obtain the proper permits, and get the new restaurant open before the end of 2017.   Additionally, the new location had to be within 3 miles of the existing Irvine location, so the existing customer base for Prego could easily frequently the new location.

Ken not only found an “A” location, he negotiated the lease from start to finish on behalf of the owner/tenant.  In order to assure the owner the new location would be open before the Christmas season, he put his many years of experience to work and took the project on as Project Manager, worked diligently to get the plans completed and approved, hired the respective contractors, completed the project and got the restaurant open for business on November 23, 2017.