Five Restaurant and Nightclub Properties Change Hands

For more retail coverage, click GlobeSt.com/RETAIL.

MIAMI-In separate, unrelated transactions, three South Florida restaurants and two nightclubs have changed ownership. Representatives of Boca Raton-based Prakas Group, a company headed by Athan Prakas that specializes in the restaurant and nightclub real estate sector, brokered all of the deals.

Among the largest of them is the sale of Vangelli’s Greek Taverna at 319 Clematis St. in West Palm Beach to Craig Pinches, the owner of three restaurant clubs in Worcester, England. James Layson of Prakas, who represented Pinches and the seller, Angelos Lefsos, tells GlobeSt.com Pinches is converting the 6,300-sf property into a new brand called Bond’s, which he says is “a 100-menu item restaurant and high-energy dance club.

“Pinches has been looking for a South Beach property,” Layson says, “and Clematis Street is undergoing rapid revitalization. He plans to open additional Bond’s in South Florida.” The new owner’s total investment, including acquisition and renovation, is about $800,000, according to Layson. Meanwhile, he says Lefsos is relocating to a smaller restaurant in Jupiter.

Flow Inc., which has a Flow club in New York City, sold the three-year-old, 4,000-sf Flow Night Club at 308 Clematis St. along with rights to the name to a company identified as Flow Downtown LLC. Layson says the buyer is “a whole new group that wanted to keep the Flow name.” It paid $350,000, or about $87.50 per sf, for the club and plans major renovations.

Richard Naser, who has properties in Boston, acquired the former Nerve Night Club, a 7,000-sf property at 301 Espanola Way in South Miami Beach, for $550,000, Layson says. Plans call for $200,000 in improvements before turning the club into Vive, described as “an international dance and entertainment venue.” Layson represented Naser and the seller, Crobar LLC, which also owns Crobar nightclub in South Beach and other properties in Miami and Chicago.

Meanwhile, Muggs Inc. sold the 4,500-sf JJ Muggs sports bar and grill at 10984 Royal Palm Blvd. in Coral Springs to a new owner identified as JM LLC for $325,000 or just over $72 per sf. Marsha Roehm, a Prakas sales agent, represented the seller, and the new owner was represented in house.

In another restaurant sale, Bill & Dan Inc. sold the 3,000-sf Peachtree Restaurant at 3130 Sample Rd. in Pompano Beach to Peaches LLC for $145,000 or about $48.33 per sf. Roehm represented both the buyer and the seller.