Three popular eateries in the Isla Verde/Piñones area — Pepin’s Café & Tasca, Lupi’s Mexican Grill & Sports Cantina and the Waterfront Restaurant — are for sale, News is my Business has learned.
In all three cases, the owners are looking to sell the keys to the business, or lease the property, so they can continue operating and avoid adding themselves to the ever-growing list of restaurant closings and bankruptcies that has been affecting the sector in recent years.
According to the listing posted by Malinow Brokerage, Pepin’s Café’s owners are seeking to either sell the property, along with an adjacent house that is less than a block from the beach, for $2.8 million, or lease it for $350,000, plus $8,000 in monthly rent.
Pepin’s has been a popular hotspot in Punta Las Marías for years, and earlier this year added El Chiringuito, a sidewalk café offering liquor and typical Puerto Rican fast-food snacks, such as alcapurrias and other fried favorites. In all, the commercial and residential property spans some 1,500 square meters, according to the listing.
About five miles down Isla Verde Avenue, Lupi’s Mexican Grill & Sports Cantina is also on the block, for $1.4 million. The restaurant reportedly generates $2.1 million a year, and the owners are asking for a $500,000 down payment. The property can also be rented for between $10,500 and $11,000 a month.
The South-of-the-Border themed tourist-magnet has been a fixture of the Isla Verde hotel district for several decades. It has been reviewed by The New York Times, Trip Advisor and countless reputable tourism-related publications over the years.
“You can hear some of the best Spanish rock at this Mexican pub and restaurant. It is currently a hot spot, with typical South of the Border decoration and such familiar dishes as fajitas, nachos, and burritos,” said a recent NYT review.
The key to the Old San Juan Lupi’s location is also up for sale, for $250,000. It reportedly generates $550,000 in profits a year.
Rounding out the trio of eateries for sale is the Waterfront Restaurant, a property that edges the Atlantic Ocean in Piñones. The 5,000 square-foot eatery that was completely renovated two years ago is going for $200,000.
“This is a unique opportunity to run, or transform into your own restaurant concept, an established seafood family restaurant,” said a description by Malinow Brokerage, which is also offering the option of leasing the property for $6,000 a month.