A Northeast Ohio restaurant operator submitted the winning bid of $1.1 million at an auction Thursday, Oct. 29, for the 100th Bomb Group Restaurant near Cleveland Hopkins International Airport.
Naser Zayed, head of a family-led group, bested another bidder for the property at the auction Chartwell Real Estate Auctions conducted for the seller, Specialty Restaurant Systems, which operated the French chateau-style property until closing it amid the pandemic this summer.
The North Olmsted based Zayed family group plans to continue to operate the restaurant and banquet center at 20920 Brookpark Road. However, it declined to say what concept it will field there, or say where the family's current restaurant is located.
The bidding for the 100th Bomb Group started at $990,000. The winning bidder met a requirement for a $50,000 deposit to bid and has until Jan. 4 to close the transaction.
Michael Berland, the auctioneer, told prospective bidders the original asking price alone was "a heck of a deal" because the operator 10 years ago had invested $8 million to rebuild the restaurant at its current location. The original location was slightly east on Brookpark Road from the current one, but was taken by the airport for an expansion. The auction followed an unsuccessful effort to sell the building with an asking price of $4.75 million, he said.
The restaurant had vintage military fighter planes, Jeeps and other items on its grounds to give it the theme of a U.S. air group operating in World War II in France. Such relics were excluded from the sale.
When the original restaurant opened in the 1970s, it created a sensation and regularly drew crowds its first year who would wait more than an hour to be seated.
The building is 25,600 square feet in size and sits on a 5-acre parcel leased from the airport. The city had credited the seller for moving the restaurant by abating annual rent on the site. Berland said another $880,000 in rent credits with the airport remain in place. That will significantly reduce operating costs for the buyer of the fully equipped restaurant.
About 40 people attended the outcry auction at the Holiday Inn in Independence. Berland said he had no requests to conduct the auction online.
"Many bidders prefer to bid in person," he said, "to look in the eyes of the person they are bidding against."
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October 30, 2020 at 01:31AM
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100th Bomb Group Restaurant sold at auction for $1 million - Crain's Cleveland Business
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