NORTH BRUNSWICK, N.J., Aug. 5, 2021 /PRNewswire-PRWeb/ -- For nearly 30 years the lakeside tavern more commonly known as Lory's Lakeside had been owned and operated by its sole proprietor, Todd Lory. In December of 2019, Mr Lory passed away suddenly, and afterward, the property and business were being managed by his estate. In July of 2020, during the Coronavirus epidemic, the estate contacted Bielat Santore & Company seeking representation to market and sell Lory's Lakeside, located at 97 Church Lane in North Brunswick, Middlesex County, New Jersey.
One year later, Lory's Lakeside has been sold according to Richard Santore of Bielat Santore & Company, Allenhurst, New Jersey, the broker for the sale. The 5,344 square foot restaurant and bar building situated on 1.3 +/- acres of lakeside property was acquired by a local entrepreneur who is also a regular customer of the establishment. Together with his brother, who is experienced in the restaurant and hospitality industry, Lory's Lakeside, as the name will remain, will have its second owner.
"Although the property offered a picturesque and advantageous setting, selling any restaurant in the height of the Covid-19 pandemic was not an easy task," continues Santore. Restaurant and bar sales plummeted in 2020 due to mandated shutdowns, gradual occupancy limit increases and the overall concern with going out in public during the pandemic. Notwithstanding the foregoing, the new buyer was positioned, and the firm went to work. "If you think finding a buyer was hard during the pandemic, try securing financing, processing a liquor license application and adhering to NJ State policies and procedures when everyone was working from home!" Bielat Santore & Company met the challenge and with the assistance of other industry professionals, produced a closed sale for the estate of Todd Lory.
The new owners will continue to operate the business as a neighborhood tavern and family restaurant, offering good food and drink at value-oriented price-points, indoor and outdoor dining, curb-side pickup, and late-night entertainment. In addition, the grounds at Lory's attract several private affairs, corporate gatherings, and community events each season. People want a place where they can go to relax, connect with friends, and be treated well. When a restaurant does it right, you can tell immediately. Local or not, you feel welcome and want to stay a while. It usually comes down to a few simple things: the warmth of a space, the selection of quality food and drink, and the friendliness and attentiveness of the staff. They are a clear reflection of the neighborhood that they're in and the people who create them. Everything must be done right in this neighborhood tavern… remember, the new owner lives in the neighborhood!
About Bielat Santore & Company
Bielat Santore & Company is an established commercial real estate firm. The company's expertise lies chiefly within the restaurant and hospitality industry, specializing in the sale of restaurants and other food and beverage real estate businesses. Since 1978, the principals of Bielat Santore & Company, Barry Bielat and Richard Santore, have sold more restaurants and similar type properties in New Jersey than any other real estate company. Furthermore, the firm has secured in excess of $500,000,000 in financing to facilitate these transactions. Visit the company's website, http://www.123bsc.com for the latest in new listings, property searches, available land, market data, financing trends, RSS feeds, press releases and more.
Media Contact
Richard Santore, Bielat Santore & Company, 732.531.4200, [email protected]
SOURCE Bielat Santore & Company
Share this article