Two Cape Girardeau restaurant buildings up for sale

The owners of Jimmi's Restaurant and Bar and Stevie's Steakburger have put their restaurants up for sale, but the future for both eateries is uncertain.

Owner Terry Bozzay said 2008 has been a roller coaster year for Jimmi's.

Since he opened the Cape Girardeau restaurant in late 2007, Bozzay has retooled his business approach to adapt to the recession. The restaurant at 2406 William St. has eliminated lunch to cut costs and rented out space for private parties to increase its profits.

"The economy isn't treating our industry well," Bozzay said. "It's had its ups and downs. But we are losing less money than in the past."

If the economy doesn't improve, Bozzay wants to be prepared. Bozzay recently placed his building for sale, with an asking price of $1.4 million.

"I'm taking a long-term view at it," Bozzay said. "I want to keep my options open and get the restaurant ready in case it takes a year to sell."

Another area restaurant owner who recently listed his eatery for sale was Steve Majeed, owner of Stevie's Steakburger in Cape Girardeau.

Majeed said the decision was based on a family matter and not the recession. Majeed's wife, Toni, plans to return to their native Pakistan in May with the couple's two children, Hassan, 7, and Maha, 6. Majeed wants to join them as soon as possible and is either leasing or selling the fast-food restaurant located at the corner of Broadway and Frederick Street.

Stevie's Steakburger closed for the winter months in late Nov. 2008 and plans to reopen April 1. The asking price for Stevie's is $199,000.

Broker Cynthia Austin of Realty Executives of Cape County is handling future transactions of both properties.

"We're moving back to Pakistan so our kids can experience the culture that we grew up in," said Majeed, who also plans to sell SEMO Gas at 40 N. Sprigg St. "I want to get this taken care of as quickly as possible so I can join my wife and kids back in Pakistan."

Look for more on this story later in the day at semissourian.com and in Tuesday's edition of the Southeast Missourian.