Bienvenidos to El Acapulco

We can all look forward with great anticipation to the grand opening of another new restaurant in Cape Girardeau. No one likes to see a building stand empty in our town, least of all me. Thanks to the cooperation of all parties, the former El Chico's building at 202 Mt. Auburn Road was scarcely vacant two weeks.

A well established regional chain, El Acapulco has purchased the building and is well under way with the many renovations to prepare the building for opening by the end of the year. El Acapulco is owned by the Montano family and headquartered in Jonesboro, Ark. There are more than 20 such restaurants scattered throughout Arkansas, as well as the one that opened in Poplar Bluff several months ago and one due to open in Memphis, Tenn.

The menu boasts over 100 items and combinations of items. Most meals will be available for under $10. There will be 27 combination lunch specials for only $4.99. The restaurant will be open to serve lunch and dinner seven days a week.

The dynamics of the deal

The initial battle for the right to represent the seller of the building was ferocious. The seller told me that numerous agents in the area had solicited his listing. Within six days of our first contact, however, he was convinced to proceed with Team Austins Inc. at RE/MAX Achievers.

The sales contract was solidified with a buyer, also represented by us, within two weeks. Possession prior to closing was negotiated in behalf of the buyer so that they could minimize the time for opening the store. This also worked out to the seller's advantage.

Do you remember the 7-inch rain storm we had in July? Most everyone does. All the roofing and construction companies in the area were inundated due to storm damage. The building, which had an aging roof with one known leak, suddenly sprang seven new leaks that allowed buckets of water inside. The advantage to my seller proved to be the insurance coverage. The adjuster said the damage would not have been covered had the building been vacant. Since we could prove by contract that the building was indeed occupied, we worked out the problem.

You never know what sort of problems will arise during the time you put a property under contract and the time it actually closes.

Cynthia de Journett Austin is CFO of Team Austins Inc. and a Realtor with RE/MAX Achievers in Cape Girardeau. (www.teamaustins.com, austins@showme.net or (573) 979-SOLD)