Prakas & Co. owner and restaurant consultant Tom Prakas along with sales associates Chas Prakas and Athan Prakas II exclusively represented the buyer and seller in the sale of a mixed-use commercial real estate complex located at 2006 NW Executive Circle in the heart of Boca Raton.
The 2-acre property includes the 7,000-square-foot stand-alone outparcel that housed Madison’s New York Grill & Bar since 2013 as well as a 6,000-square-foot free-standing Jared jewelry store.
Dean Poll, owner of the legendary New York-based Gallagher’s Steakhouse, purchased the property for $16,250,000 and will occupy the restaurant space. According to its website, “with its trademark combination of classic cocktails, a wait staff that never forgets a name and – the best USDA prime dry-aged beef, fired over its signature hickory coals – Gallagher’s serves up the authentic New York steakhouse experience locals treasure and visitors always remember.” Jared has 14 years left on its current lease.
The deal closed May 14.
“We are elated to have found the perfect owner/operator to fill Boca Raton’s best restaurant space,” commented Tom Prakas.
Located just one block from the I-95 Glades Road exit and one block from Town Center Mall, the site behind the restaurant and jewelry center on the existing surface level parking lot, has been pre-approved for a 16,000-square-foot office building and parking deck.
The site features a traffic count of 80,000 vehicles per day.
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