SOURCE: Certified Business Brokers
HOUSTON, TX--(Marketwire - Nov 12, 2012) - With the rush of new bars opening in areas of Houston like Midtown, Kirby and the Heights, some bar and club goers have already forgotten about the Austin 6th-Street-like party that was Washington Avenue just a few years ago. Within the last 45 days Ryan DeGennaro, a specialist in valuation, marketing and the negotiation and sale of privately-held businesses at Certified Business Brokers (CBB) in Houston, has sold three bars all within a stone's throw of each other on the Washington Avenue corridor.
"This new wave of operators is sure to be good news for the street and for the current operators who are looking for a boost from much of the traffic leaving to other parts of the city," said Mike Becker, owner of Pearl Bar immediately next to the Salt Bar space that had been closed for several months. The old Salt Bar was sold to new owner, Josh Flowers, and recently reopened as Little J's. "We've done some amazing things with the space," said Flowers. "If you haven't visited yet, come check us out." A beautiful new patio, a revitalized interior, and a slew of new TVs are some of the extensive renovations that were made to the spot to accommodate the sports bar crowd.
Just two doors away, The Lot on Washington was also sold, now operating as Underdog's Pub. The new operator, Dustin Evans, had years of prior experience at a major chain of bars prior to jumping into this new venture. "I was tired of making other people money, now it's time for me to step out and make it for myself," said Evans. Within days of taking over Evans had hired a fresh staff and improved the interior space dramatically. Although 'The Lot' sign is still standing in front of the property pending city permit approval, much has changed, for the better, in this popular destination.
Further down the street, the beautiful but somewhat unnoticed H-Town Bar and Grill also changed hands and was sold to Peter Tran and Napoleon Malimban. "We are slated to complete renovations by December 1, but that may be a little aggressive," said Tran, who plans to reopen the space as Winston's on Washington. Winston's will cater to the K9 loving crowd by not only donating a portion of profits to local animal shelters, but also providing a dog-friendly social spot for the area. The previous owner, Gene Monteagudo, decided to sell the bar so he could focus on his successful W-Grill drive-thru concept also on the same street.
"There are sure to be more changes popping up along the street soon," said DeGennaro of CBB. "As many of the older Washington locations lose their luster, a new crowd of entrepreneurs will come in bringing new ideas and concepts. Once that happens, the fickle Houston bar crowd will travel to check out the new digs and many will stay in the area just as they did before. A cruise through Midtown on a Saturday night right now reminds me of Washington Avenue just a few years ago. It's only a matter of time that change will come there too. We'll soon see the same happen in Midtown from some of the original operators of the initial Midtown boom. Just this week I completed a sale for the old Sammy's / Mainstage space which will be reopening very soon as a more relaxed craft beer concept. Houston's nightlife is alive with new projects in the works all over town. This has always been the story of the ever-buzzing Houston bar scene."
CBB provided valuation services, marketed the businesses for sale, and represented the owners in each sale. Ryan DeGennaro handled the details of each transaction.
About Certified Business Brokers (CBB):
Certified Business Brokers (CBB), the largest business brokerage firm in the State, has been selling Texas companies since 1974. The company is headquartered in Houston and has offices in Austin. Its clients are the owners of small to mid-size privately-held companies. CBB is a founding member of the International Business Brokers Association (IBBA) and the Texas Association of Business Brokers (TABB). They are also members of Association for Corporate Growth (ACG) and M&A Source. Their services include Business Brokerage, Mergers and Acquisitions, Business Valuations and Appraisals.