Lease agreement inches closer for Ryan’s building

There’s finally beginning to be progress in the quest to bring a new restaurant to the old Ryan’s facility. In fact, a preliminary offer has been made and I hear whispers the two sides aren’t that far apart.

‘We have it listed for lease and we have somebody who has made a proposal,’ said Elizabeth Cate, a real estate agent with Realty Income Corporation of Escondido, Calif. ‘Hopefully, this proposal will work out. We’d like to re-lease it to another restaurant as soon as possible.’

Realty Income Corporation owns the Ryan’s property in McMinnville, one of 10 former Ryan’s buildings it owns. The lease won’t be cheap which means the new restaurant will need to do some serious business. From what I’m hearing from one of my super secret Business Pulse sources, a buffet-style restaurant has made the proposal.

Sources close to the proposal tell me this new restaurant, which is not a chain, plans to charge $7.99 for its dinner buffet. Breakfast would be offered seven days a week. Through some deep digging, I’ve even discovered a possible name ‘ Grace’s Family Buffet.

We’ll just have to wait and see to find out if this deal eventually gets finalized. From what I’ve heard, the folks looking to lease the building would really like to be open this summer. I’ll keep you posted.