Here’s a parking space with your ribs: Flanigan’s expands North Miami footprint with $7M assemblage
Flanigan’s Enterprises is making sure that its customers always have parking.
The publicly traded Fort Lauderdale-based restaurant group paid $2.5 million for a 20,000-square-foot lot adjacent to its North Miami location on Biscayne Boulevard, broker Jonathan Molano told The Real Deal. In all, Flanigan’s spent $7.15 million over the past five years buying the real estate under and next to its North Miami liquor store and restaurant.
Jimmy Flanigan, president and CEO of the company, said Flanigan’s Seafood Bar and Grill has been at that spot, at 13205 Biscayne Boulevard, for about 40 years. “We endeavor to own all of our properties and the corridor seems right for me to own [the real estate],” Flanigan said.
“Parking has become such a critical part of our business,” he said, adding that Flanigan’s also wanted to make sure that it didn’t have problems with visibility on Biscayne Boulevard, if a developer had purchased the lot.
Records show Flanigan’s paid $1.75 million for the restaurant and liquor store building in 2010 and $2.9 million for the two lots immediately south in 2012. Altogether, the land totals 80,000 square feet, including the most recent purchase of the parking lot at 13105 Biscayne Boulevard. That deal closed on Thursday, said Molano of Bay Harbor Islands-based Blue B Properties.
March Property Acquisitions LLC, an entity controlled by Monica Peisach Sasson and Sebastian Guejman, sold the final piece to Flanigan’s for about $125 per square foot. The LLC paid $1.8 million for the parcel in 2015, which means it just traded for a nearly 39 percent increase. Molano said Flanigan’s outbid the gas station on the corner of the block, at 13005 Biscayne Boulevard.
Investment along the Biscayne Boulevard corridor has been ramping up in North Miami and North Miami Beach. New projects include Uptown 163, a mixed-use project CK Prive Group plans to build on northeast corner of Northeast 163rd Street and Biscayne Boulevard. Prestige Imports owner Brett David has been acquiring land near his North Miami Beach dealership, also citing visibility and proximity to his original property.
Flanigan’s owns 26 restaurants and liquor stores, according to the company’s corporate filing for the fiscal year ending Oct. 1. It netted $1.1 million in the first quarter ended Dec. 31 and generated nearly $26.6 million in revenue, its first quarter filing shows.
Flanigan’s is moving its Big Daddy liquor stores out of the restaurant spaces into standalone buildings and is renovating the restaurants, Flanigan said. The Coconut Grove restaurant and store were completed about four years ago, and North Miami and Hollywood are next. Flanigan said he expects to spend about $2 million on a yearlong renovation of the North Miami location, which will remain open throughout.