Tom Prakas, president and broker of Boca Raton-based the Prakas Group, represented the DeVito enterprise in the transaction with owner Century Hotel Partners. He tells GlobeSt.com the DeVito group paid $1.2 million for assets, including a liquor license and some furnishings and fixtures. The rent rate for the space is $33,000 a month, Prakas says.
The location is along South Beach's south of Fifth stretch known as restaurant row. Within one block are Smith & Wollenski's, Prime 112 Steak House, Joe's Stone Crab and Taverna Opa. The DeVito site can accommodate approximately 200 patrons at a time.
"It's a prime spot for an Italian restaurant with DeVito's draw," Prakas says. This is DeVito's first, but not necessarily last, venture in restaurant ownership, according to Prakas, whose firm specializes in restaurant and nightclub properties.
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