Mark Tuesday, September 30, 2008

Restaurants

The Hook Up For Sale on Craigslist

The building at 222 St. Mary’s, formerly the Hook-Up Marina Bar and Resort, is for sale on Craigslist for a cool $200,000.

View posting here.

Thanks Al, for pointing this out.

Cursed Location? The Hook Up MarinaBar and Resort Casts a Line onto St. Marys

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  • TSnow2760409/30 03:59 PM

    I know nothing of commercial real estate but that doesn’t sound like all that much.  I wonder if there is a bunch of debt you have to assume too?

  • Mark09/30 04:02 PM

    Interesting. The total value of the property is $1.2M.

  • Rusty09/30 04:30 PM

    Are you certain that the building itself is listed for that price? Or are they meaning to sell the business?

    The wording seems a little suspect in the ad.

  • J09/30 04:31 PM

    The price only reflects the cost to take over the restaurant. Lease rates still apply. They are simply selling the leashold interest and no real estate.

  • LaughOutLoud10/01 01:17 AM

    Wow.  They are trying to sell a business that has proven to fail?  it may have been due to the inconsistent food, the horrible service, or the kind of corny atmosphere, but wow, they really think that there is someone dumb enough to buy this hole in the wall.

  • 15010/01 10:43 AM

    For the $200k, would the buyer have to keep it as the Hook Up?  If so, it’s still a ripoff.  Terrible idea from the get-go. 
    If you can turn it into something else, then somebody should go for it.  Once the Tucker apartments are finished and filled, the opportunity to market to people in their 20s and 30s, with disposable income, is there.

  • RaleighRob10/01 10:59 AM

    Something could work there, the building itself is not bad.  Nice outdoor eating area too..and has decent parking (for a downtown location).  I just guess it needs to get something there that DRAWS people…and not dependent on walk-by or drive-by traffic.  But something that itself is a destination. 

    The Hook-Up…silly theme aside…had potential as one of very few (non-chain) seafood restaurants in Raleigh you could get a good-size meal for less then 12 bucks.  However everyone I mentioned it to didn’t even know about it.  Even people who lived less than a mile away!  Obviously they failed in marketing/advertising.  So I don’t think it was all about the location.

    For example, look at Humble Pie…no one casually driving by that place would expect a popular, busy restaurant there!  But alas, there is one.  It brings people to it.  So I don’t buy the “cursed location” bit…you just gotta get the right thing in it.

  • 15010/01 12:03 PM

    My issues with the Hook Up have always been…A) Extremely cheesy marketing/name and B) I wouldn’t spend a dime on cheap seafood.  The thought grosses me out.  I knew it was there, but it didn’t have a product that I desired.  It was never going to get my business. 
    I agree with you RalighRob.  I think the location is workable.  The parking, outdoor seating, and building are all fine.  I think, as Raleigh continues to grow, an establishment one street over from the “Glenwood Mecca” will eventually be dynamite.  Get something with a good product, like your Humble Pie example, and in 10 years we might all be saying “wow, it was sooo obvious that place would work”.

  • Lisa Jeffries10/01 04:06 PM

    “The price only reflects the cost to take over the restaurant. Lease rates still apply. They are simply selling the leashold interest and no real estate.“

    Well then they definitely need to change the wording of their Craigslist ad because they can be in for a world of mess regarding real estate descriptions.

  • gooie10/03 06:19 PM

    Jack Kimball knows what he is doing, and the ad makes sense…I think that anyine would realize that the sale is just for the “business” lease, not teh building and land.

    I also have always liked that location and would love to see a diner type restaurant go in there (Ashley???).

    The place seems cursed by the poor choices of businesses that have inhabited the space.

    Anyone remember Cafe Crepes Ooh LaLa where Armodillo grill is currently located?

  • the truth10/13 02:53 PM

    ohhh you know what would be great in these times? taking a huge risk on an already failing business!

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