If you ever wondered how much it costs to buy restaurant space just steps from Lake Eola Park, a recent sale within the mixed-use 101 Eola building in Thornton Park may provide some insight.
According to a deed recently recorded in Orange County, local restaurateurs Jonathan Canonaco and Brian Buttner paid $2.3 million for their 5,200-square-foot restaurant space at 101 S. Eola Dr., where their Menagerie Eatery & Bar opened shop back in November. The deal breaks breaks down to about $442 per square foot.
And the partners didn’t stop there. Through entity Thornton Eola Properties LLC, Canonaco and Buttner paid an additional $3.5 million for the three remaining first-floor commercial units within the 12-story mid-rise building.
The total investment is valued at $5.8 million, or about $430 per square foot, for about 13,445 square feet of fully leased retail space. Tenants besides the restaurant include CKO Kickboxing, Allora Spa and Novelty Bar.
Buttner told GrowthSpotter the tenants will remain where they are, and that he and Canonaco always intended to own their space, but were waiting to finalize on a loan. Prior to the deal the partners were renting the space.
According to Orange County records, they financed the deal with two separate loans. One $2.3 million loan was issued by the seller, BA Eola, LLC, which is tied to the building’s developer Real Estate Inverlad Development (REID). The second was a roughly $1.9 million loan from Regions Bank.
The Menagerie Eatery & Bar took over the former New Orleans-themed eatery Muddy Waters. The duo also own a neighboring cocktail bar and restaurant called the Stubborn Mule.
In 2010, Buttner and Canonaco opened Teak Neighborhood Grill in MetroWest, and then later sold it to Chris Meyer and Jon Proechel in 2014. They are also behind the RusTeak Restaurant and Wine Bars that have opened in College Park and Ocoee.
Built in 2008, the 101 Eola mixed-use building features 146 residential units in Orlando’s Thornton Park neighborhood. The area is known for its trendy retailers and high volume of foot traffic.
Based in Orlando, REID was founded in 2002 by Luis Donaldson and Chance Gordy. According to its website, it’s active in Orlando, New York, South Florida and Buenos Aires. In Orlando it’s behind the The Yard at Ivanhoe mixed-use project, which is poised to bring up to 630 apartments and 57,000 square feet of retail across three buildings on 7.6 acres on the northeast corner of North Orange Avenue and Virginia Drive.