The Good Table is in Good Hands

For 38 years, The Good Table was operated by father-daughter restaurateurs, Lisa and Tony Kostopoulos. The popular spot, on Ocean House Road in Cape Elizabeth, was loved for its generous portions of comfort food, Greek specialties, and friendly staff.

But after nearly four decades, and a year of Covid, the Kostopoulos’ were beginning to think about the next chapter. Greg Boulos and Jon Rizzo first met with Lisa and Tony in March of 2021 for a high-level discussion of the process, should they decide to list the restaurant for sale. Our team was cognizant of the fact that they had been running this family business for many years, and there was an emotional attachment to the restaurant and they understood that this assignment may not be something that came together for quite some time. When the time did come, in January of 2023, they were ready.

Greg and Jon presented Lisa and Tony with an Opinion of Value with an analysis of different options for potential buyers. These included buying and running the business as it existed, buying the property and rebranding, buying the property and leasing it to a new end-user, or buying the property and redeveloping.

Ultimately, they confidentially marketed the property, approaching a handful of groups that would be interested in purchasing the property and/or the business. This helped the restaurant remain open during the busy season, while still taking advantage of interest from buyers.

Early on, Greg and Jon approached the Prentice Hospitality Group, which operates Evo, Twelve, the Chebeague Island Inn, and House Island, thinking it might be a good fit for their portfolio. What’s more, Prentice’s executive chef, Matt Ginn, is a Cape local. Indeed, The Good Table proved an excellent fit, and in a matter of weeks, they were under contract.

Prentice decided that it wasn’t a good idea to mess with a local icon. They will shepherd  The Good Table name and carry on the tradition of great food, great service, and good times.

Turning the Page: A Tale of Partnership, Persistence, and Property Success

Originally built in 1986, the office building at 43 Landy Street in Biddeford was purchased by Biddeford Investment Partners, LLC in 2005.

Throughout their 20-year ownership, BIP engaged Senior Partner, Drew Sigfridson, SIOR, and The Boulos Company team to help establish and formalize tenant relationships and occupancy of their 10,812± SF building. There were multiple tenants and renewals during this period, but the building stayed full with strong operating income. When their latest tenant communicated that they’d be looking for an alternative space, BIP turned to their longstanding partnership with The Boulos Company to discuss the next steps.

The Boulos team approached this opportunity with a mindset toward understanding BIP’s long-term goals and engaging the ownership group in the discussion and evaluation of pathways to lease or sell the property.  “Our focus was to identify all possible solutions,” said Associate, Reese McFarlane, “detailing the pros and cons of each scenario and supporting all three BIP partners in arriving at the best decision.”

After considering the market demand for owner-occupied properties, the Biddeford office space was listed on November 6, 2023, and went under contract just 39 days later, selling for $1,000,000.00.

“The decision was an emotional one for us,” said Partner Doug McVicar, “and we were concerned that office space would be difficult to sell in this post-pandemic market. But The Boulos Company reached into their hat and pulled out not just one excellent buyer, but two.”

Reese and Drew also negotiated an early termination of the lease with the existing tenant, which helped make this sale possible.

Doug shared, “We are very grateful for the successful sale of 43 Landry Street. Three things The Boulos Company did were most helpful. First, they explained the market and counseled confidence that – with a flexible approach – this job would be doable.  Second, they marketed the green and high-tech investments we had made in the property. That also probably resulted in finding new owners who shared our values, which was a plus for the partners.  And finally, they creatively engaged buyers, tenants, and various legal teams.”

“We sincerely appreciate partnership relationships with our clients, and this was a great example of a long-term relationship,” said Drew.