For the last year the inventory of existing restaurant space in Livermore, Pleasanton, and Dublin has been zero. I receive multiple calls a week from experienced restauranteurs looking for second or third locations and I have had to tell them that there is nothing available. But that has changed…
Since September we have seen an influx of restaurant closures leading to a number of second generation restaurant on the market. A very unusual situation. The most recent victim is Cellar 9, the restaurant in Grafton Station next to Buffalo Wild Wings. The 3,800 square foot restaurant is available for lease upon a very quiet closing. The other big closure was Carl’s Jr. on Hopyard Road a now vacant 3,200 square feet. Denny’s Cafe has recently closed in Livermore leaving 3,600 square feet available. Roti8 in Blackhawk Plaza closed within the past few weeks. Finally, Danville still has a small downtown space available, 1200-square feet that was the former home to Wild Vine Hideaway.
Earlier in the summer Izzy’s Steakhouse exited the market, leaving behind their space in San Ramon which was quickly backfilled by a second Buffalo Wild Wings. Marcello’s on San Ramon Valley Blvd Danville closed late spring which is now pending a deal with Ruggies, the San Ramon diner. Ike’s Lair the SF based deli is opening in Danville Square which used to be a quick-service mexican restaurant. Chipotle, Panera, and Wing Stop all have deals lined-up on second generation restaurant spaces in Livermore. Wild Vine on First Street in downtown Livermore closed July 1st and will soon be Lord’s Ice Cream. Last but not least, Amelia’s in downtown Pleasanton closed mid-summer and has recently been leased to a mexican restaurant.
Of course we cannot forget about the two biggest closures, TGI Fridays which will be torn down and rebuilt for a new tenant and Macaroni Grill which has not had any public announcements as to a new tenant.
This is not a complete list of all the movement, it would literally take me all day to write all the deals in the past six months. What I can tell you is that it has been a busy year for restaurants, good and bad, and I have no doubt we will continue to see restaurants on the move and more second generation space come to market.