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19,100 Views | 128 Replies | Last: 3 yr ago by CoachRTM
Diggity
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AG
A real estate play would definitely make sense and I think they do tend to own a lot of their locations.
RVAg02
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AG
Diggity said:

A real estate play would definitely make sense and I think they do tend to own a lot of their locations.
bingo
Bondag
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AG
The 1st generation is in mid 70's (the 2 left) so I can see them trying to set up their retirement between this and selling off Lubys and making what they have left easier to manage.
Diggity
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AG
Looks like I'm wrong on Yia Yia's. The Pappas family owns the improvements only. Must be a long term land lease.
cajunaggie08
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But they do own the land and property for the Pappadeaux on Richmond and the Pappa's Seafood on Shepherd. HCAD has Pappadeaux valued at $7.4 Million and Pappa's Seafood at $1.1 Million
Ags #1
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Always liked to pappas seafood house. LIked their fried crawfish and wife loved their salads
Diggity
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AG
nice
cajunaggie08
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Another Pappas related shell company owns the North Freeway spot worth $1.1 Million and a completely different Pappas property company owns the Shrimp Shack on the Gulf Freeway also valued at around $1.1 Million.
Diggity
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AG
hell, they might own the land as well and just split it up. I can't for the life of me figure out who owns it from the tax records. Could be the church I suppose.
CowtownAg06
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From a Chron Article on Covid positives regarding Cotlivare:

Quote:

That duty prompted the owners of Coltivare in the Heights to close on Thursday after an employee's partner tested positive. Agricole Hospitality, the restaurant group that owns Coltivare, paid out of pocket to have the entire staff of about 40 tested at an expense of $175 per exam, said co-owner Morgan Weber.

"We paid for a one-hour turnaround on the tests and have had zero positive test results come back." said Weber. "It gives me heartburn to think about how many times we are going to need to do this, but it is the responsible thing to do. I am hoping it doesn't become necessary every two weeks for the next year."
et98
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Wings n More in The Woodlands is done. It was the only "real" Wings n More outside of B/CS as far as I know. We ate there a lot. It was a tradition for our family to eat there after attending certain types of events. This one really hurts.
92Ag95
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AG
Welp...
Aggie09Derek
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https://houston.culturemap.com/news/restaurants-bars/06-25-20-whats-eric-eating-podcast-aaron-bludorn-restaurant/

Podcast touches on some of the Pappas stuff
Jugstore Cowboy
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AG
Any of y'all been to Preslee's on 19TH (and have an opinion on it)?

Guess I haven't gone that way in a few months, but noticed last night that the old Chinese restaurant building looks a bit cooler and hipper.
TX04Aggie
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I live down street from Preslees. Not bad, turns into a daycare/playground on weekends with the big fenced in yard/patio (pre covid) But nice that the young families have a place to be at an "ice house" I am sure. Food is pretty good actually. No complaints, they seem to have worked out the kinks from when they first opened.
Jugstore Cowboy
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I'll try to check it out for lunch soon, assuming there aren't any new orders to shut down restaurants.
Alex Bregman
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It, King's, and Cedar might be the only places to survive now that the bars are shut down.
drumboy
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Im close to Preslees, kids like it but food is way too salty. I'm old I guess. CFS was good.

Decent beers.
Diggity
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AG
hope they work that **** out. I don't know who Whitestone thinks they'll get to replace Ninfa's in the near future but guess you gotta draw the line somewhere.

Quote:

"Ninfa's has not paid rent since March despite being open and operating throughout the pandemic. We've held extensive discussions with Ninfa's, however, to date they have declined solutions for a mutually beneficial resolution. Whitestone REIT has contributed significant investment and resources to Ninfa's and we have a vested stake in their success. Ninfa's refusal to make any payment toward rent or property expenses has left us with no choice. It is unfortunate Ninfa's is not honoring its commitments as we also have responsibilities to our stakeholders, debt holders and shareholders."


Ninfa's Uptown locked out by landlord over lease dispute
swimmerbabe11
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you scared me for a second when I thought this was about ninjas on navigation
Diggity
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AG
it's their second outpost. nice spot.
ChipFTAC01
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Diggity said:

it's their second outpost. nice spot.


Food's good but every time I've even there it's been with terrible company.

It sucks for Landlord's in times like this. I guarantee you that Whitestone didn't want to do this but no rent for 6 mo? GTFO.
Diggity
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AG
Regretting investing in that REIT now
Jugstore Cowboy
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Well someone is actually expanding:
https://www.bizjournals.com/houston/news/2020/08/27/the-burger-joint-to-open-third-location.html

The Burger Joint is planning a third location at Baybrook. They're also opening up a taco place on Shepherd.
CoachRTM
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If you have cash, it's a great time to grow/expand and negotiate good long term deals.

The number of restaurants (or businesses in general, really) with cash in hand right now is probably minuscule, however.
 
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