The Topeka’s Steakhouse at 1776 Parham Road is for sale or lease. (Photos by Michael Schwartz)
A remnant of a bankrupt restaurateur’s holdings is on the market.
The former Topeka’s Steakhouse on Parham Road, which had been run by Cornett Hospitality, is searching for a buyer or a new tenant.
The location is at least the third of Cornett’s 12 restaurants to go up for grabs since the company filed in November for Chapter 11 bankruptcy protection and was consequently evicted from most of its locations.
Cornett is winding down its operations. At the time of its bankruptcy filing, it owned nine Hooters restaurants and three Topeka’s locations in Virginia, West Virginia and Pennsylvania, and it was saddled with almost $15 million in debt.
The Topeka’s property at 1776 Parham Road has been vacant since Cornett was forced out of the 8,400-square-foot-space by its landlord this year.
The Wilton Companies was hired by Spirit Realty Capital to list the restaurant, said Hunt Gunther, a vice president at the local real estate firm. Spirit Realty is an Arizona REIT that is the lender and landlord on several of the Cornett properties.
“It’s a great property on Parham,” Gunther said. “We’ve fielded a lot of phone calls and shown it a whole bunch.”
He wouldn’t share any details on negotiations with potential tenants.
“We can’t talk about that yet,” he said.
Wilton brokers Doug Mallory and Charlie Parrish are handling the listing.
Cornett created the Topeka’s brand and grew it into a chain with several locations across Richmond and Charlottesville.
The Wilton Companies also handled the listing on Cornett’s former Max & Erma’s location on John Rolfe Parkway.
Cornett previously owned two Max & Erma’s locations in Richmond but closed them after falling behind on rent and after the chain filed bankruptcy in 2010.
Cornett president Phil Cornett has said the Max & Erma’s chain’s bankruptcy was one of the hits that sent his company down the path toward bankruptcy.
At least two other former Cornett properties are being run by new operators. Hooters of America, the corporation that own the popular brand, took over Cornett’s locations at 2401 W. Hundred Road in Chester and 7912 W. Broad St.
The Topeka’s Steakhouse at 1776 Parham Road is for sale or lease. (Photos by Michael Schwartz)
A remnant of a bankrupt restaurateur’s holdings is on the market.
The former Topeka’s Steakhouse on Parham Road, which had been run by Cornett Hospitality, is searching for a buyer or a new tenant.
The location is at least the third of Cornett’s 12 restaurants to go up for grabs since the company filed in November for Chapter 11 bankruptcy protection and was consequently evicted from most of its locations.
Cornett is winding down its operations. At the time of its bankruptcy filing, it owned nine Hooters restaurants and three Topeka’s locations in Virginia, West Virginia and Pennsylvania, and it was saddled with almost $15 million in debt.
The Topeka’s property at 1776 Parham Road has been vacant since Cornett was forced out of the 8,400-square-foot-space by its landlord this year.
The Wilton Companies was hired by Spirit Realty Capital to list the restaurant, said Hunt Gunther, a vice president at the local real estate firm. Spirit Realty is an Arizona REIT that is the lender and landlord on several of the Cornett properties.
“It’s a great property on Parham,” Gunther said. “We’ve fielded a lot of phone calls and shown it a whole bunch.”
He wouldn’t share any details on negotiations with potential tenants.
“We can’t talk about that yet,” he said.
Wilton brokers Doug Mallory and Charlie Parrish are handling the listing.
Cornett created the Topeka’s brand and grew it into a chain with several locations across Richmond and Charlottesville.
The Wilton Companies also handled the listing on Cornett’s former Max & Erma’s location on John Rolfe Parkway.
Cornett previously owned two Max & Erma’s locations in Richmond but closed them after falling behind on rent and after the chain filed bankruptcy in 2010.
Cornett president Phil Cornett has said the Max & Erma’s chain’s bankruptcy was one of the hits that sent his company down the path toward bankruptcy.
At least two other former Cornett properties are being run by new operators. Hooters of America, the corporation that own the popular brand, took over Cornett’s locations at 2401 W. Hundred Road in Chester and 7912 W. Broad St.