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August 20, 2007
Contact: Diane G. Diamantis
WordWork
561-487-9526
THE PRAKAS GROUP EXCLUSIVE BROKER IN PETES RESTAURANT SALE;
Boca Raton Landmark Restaurant to Change to Fishmarket Concept Restaurant
BOCA RATON, FL Athan Tom Prakas of The Prakas Group, Inc. brought together two savvy restaurateurs in a deal that is forever changing a 20-year Boca Raton dining institution. Prakas represented Pete Boinis, owner and manager of the famed Petes Restaurant on Glades Road, who engaged his firm to find a buyer. And find one he did. Prakas created the link that brought high profile restaurateur Pano Karatassos, founder and CEO of Buckhead Life Restaurant Group to purchase the Petes location, for a future fishmarket concept restaurant.
Petes, located at 7940 Glades Road, is the largest restaurant in Boca Raton at 15,000 SF, and seats approximately 550 guests. Tom Prakas represented both parties in the sale by Restaurant Associates, Inc. to 7940 Glades Rd., LLC. Petes Grand Ballroom, a 7,200 SF banquet hall owned by Boinis, was previously sold by The Prakas Group to Brazilian Tropicana in April 2006.
When Pete came to me and said he was ready to retire, I was sad but pleased he called me, said Prakas, whose seven-year-old real estate brokerage specializes in commercial properties, particularly restaurants and hospitality venues. Petes has been a five-star destination in the Boca Raton market because of its great American cuisine and appealing atmosphere on the water. I approached Pano about a fishmarket type restaurant, and boom, we have one great restaurant taking its place in history, and a new concept ready to take the market and peoples tastebuds by storm!
The Prakas Groups relationship with Karatassos first brought Buckhead Life Restaurant Group to Boca Raton in January 2006 for the establishment of Chops Lobster Bar in Royal Palm Plaza. Prakas firm represents Chops for additional locations throughout Florida. Buckhead Life Restaurant Group is one of the countrys premier restaurant groups with sales totaling over $150 million and is headquartered in Atlanta, GA. Many noteworthy restaurants are in the group including Panos & Pauls, Buckhead Diner, Bluepointe, and Pricci. Buckhead Life Restaurant Group has another fishmarket restaurant called Atlanta Fishmarket on Pharr Road in Atlanta.
Opening of the new fishmarket restaurant is projected for February or March of 2008, according to Tom Prakas. The restaurant will serve lunch and dinner. The new fishmarket restaurant will keep the banquet rooms from Petes for catering and events, but the interior will undergo a complete $3-4 million renovation.
It is a superior location for a restaurant, says Prakas, and Pano wished to complement his Chops presence in Boca with a second concept. The new fishmarket restaurant will cater to a wide economic basefamilies, singles, parties, business events, and tourists. Also, the restaurant will print its menu twice daily to accommodate the freshest seafood availablethe fish are still flopping when they are cooked. Boca Raton is now becoming a world class dining destination.
Prakas also noted, It is kind of a coincidence, but Pete, Pano and myself are all Greek. We like good restaurants! There was one other coincidence. When I asked Pete what he was going to do now that he is retiring, he said he is going to enjoyfishing. I think Petes restaurants changeover to a fishmarket was meant to be.
The Prakas Group, Inc., established in 2000, provides brokerage services for restaurant, nightclub and commercial properties throughout all of Floridas metropolitan areas and strategically located properties throughout the country. Other clients of The Prakas Group include The Falcone Group, Boca Tanning Club, Danny DeVito of DeVitos South Beach, Lake Buena Vista Resort Village and Spa, David Manero Restaurants, Johnny Rockets, Burton Handelsman, MDN Properties, Rodney Mayo, Tarpon Bend Restaurants, Gotham City, and Mama Mias, just to name a few.
The company is located at 705 East Palmetto Park Road, Boca Raton, FL, and at 7380 Sand Lake in Orlando. For more information, contact The Prakas Group at (561) 368-0003, or visit the companys website at www.prakasgroup.com.
Originally posted 2007-11-27 00:00:00. Republished by Blog Post Promoter