FEASIBILITY STUDY - Weston, MA

FEASIBILITY STUDY

Proposal to open a full service restaurant, with an All Alcoholic Beverages License, at the following location:

JOSIAH SMITH TAVERN

358 Boston Post Road Weston, Massachusetts 02193

DATE OF REPORT February 1, 2017

PREPARED FOR: Josiah Smith Tavern And Old Library Working Group 358 Boston Post Road Weston, MA 02193

PREPARED BY: Charles M. Perkins Dennis Maher The Boston Restaurant Group, Inc. P.O. Box 327 Boxford, Massachusetts 01921

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FINAL VERSION MARCH 14, 2017

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EXECUTIVE SUMMARY

The Boston Restaurant Group (“BRG) has been engaged by the Town of Weston, Massachusetts (“Landlord”) to evaluate the proposed development and use of a portion of the Josiah Smith Tavern and Barn (“Property”) for a full-service restaurant to be operated by the Webber Restaurant Group (“Tenant”). It is BRG’s opinion that the restaurant concept as described by the Tenant will be a viable and successful operation for the Property. The Tenant is uniquely qualified with a very respectable operational history in similar settings and represent that they have the financial wherewithal to meet the financial obligations of the development. Tenant Concept: While not fully defined, the Tenant believes they can develop the appropriate menu and concept for the trade area and Property with Josh Webber making a preliminary estimate of sales projected in a range of from $3 Million to $4 Million a year. Based upon our experience, understanding of the demographics of the site and competition in the trade area, we believe a more accurate estimate would be in a range of between $2 Million and $3 Million. They have a proven track record with above-average sales volumes in their other destination-oriented operations in Groton and Hingham ($5.6 to $6.6M, albeit in much larger facilities) as well as their Burlington-Bancroft operation in a more traditional retail location ($8.5M). Their vision for a polished-casual dining experience at reasonable prices is well-grounded and supported by their success at their other locations and the performance of other restaurants in the trade area. They recognize the low population density of the trade area, the atypical nature of the Property and see its unique architecture and “quiet” Main Street location as an amenity and integral to their vision for the operation. A major consideration for the Tenant achieving maximum sales volume is securing the 100 seat capacity on the ground floor along with shared use of the Community Room. Tenant Investment: The tenant estimates a capital investment of $1.0 million for provision of its soft costs, signage, furniture, fixtures and equipment. BRG believes that $1M for the Tenant’s investment, as represented by the Tenant, should be adequate to cover these items. Tenant Occupancy Cost: Annual occupancy costs of approximately $100,000, or $25 per square foot, on a gross basis, are on the lower end of the rent spectrum as compared to trade area restaurants with occupancy costs of from ($35-$60 per square foot). The Tenant’s occupancy costs should allow the Tenant to operate profitably even at lower sales volumes than the projected $3M sales. Industry target ratios for Occupancy Cost to Sales of 6-7% can be achieved at low annual sales of $1.5M to $1.7M. The Tenant’s $3M sales estimate equates to $30,000 per seat per year (assumes 100 seats) and $750 per square foot (assumes 4,000 square feet), both on the upper end of restaurant sales volumes in suburban Boston but achievable given their performance at their other locations and other restaurant volumes in the immediate trade area. BRG forecasts a more conservative $2-$2.5M due to size constraints of the Property

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and low trade area population. The percentage rent break-points favor the Tenant, with additional rent payable when sales exceed $2,850,000. Tenant Financial Returns BRG has not been provided financial or other financial information from the Tenant and can only speculate as to the Tenant’s return on investment at varying sales volumes. Assuming Tenant manages its cost of goods, labor expenses and other operating costs to industry margins and standards; BRG estimates Tenant should be capable of achieving a 15% to 20% EBITDA return on $3M in sales. Landlord should review Tenant’s proforma directly with Tenant. Location Risks: BRG also believes that the subject location presents higher risks than typical restaurant sites. The trade area has low population densities and the Boston Post Road, through Weston, is very quiet in the evening and has no history of full-service restaurants. Therefore, the pool of qualified operators for the location may be more limited and would likely be an independent or regional (as opposed to a national) tenant The trade area to the west in Wayland does have a limited number of “finer-dining options” with above-average sales volumes and concepts more befitting the consumer profile than chains located in Waltham and Framingham, indicating that higher sales volumes can be achieved in a low population trade area. We do not foresee competition from chain restaurants in Waltham and Framingham having significant impact on the proposed concept. Benefit to Town: A successful full-service restaurant would be the highest and best retail use for generating activity at the Property, providing the community with access to the historic building in a social setting – consistent with its history.

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LETTER OF INTENT REVIEW

LETTER OF INTENT REVIEW Friends of Josiah Smith Tavern and Webber Restaurant Group The following are comments to the Letter of Intent dated July 29, 2016 between the Friends of Josiah Smith Tavern as sub-landlord (the “Friends” and “Landlord”) and The Webber Restaurant Group as sub-tenant (the “WRG” and “Tenant”).

1. Space: lease should include the approximate size of the leased Premises and the approximate size of the total gross leasable area of the Building of which the Premises are a part. Parties to re-measure the Premises after Delivery. The Premises should include the specific area for any proposed outdoor seating.

2. Sub-Lease Term: The Term should commence upon the Rent Commencement Date. The Term should include any lease renewal options as they may be exercised.

3. Rent: separate Base Rent from Additional Rent and Percentage Rent provisions. Include Base Rent for any renewal options. Resolve Base Rent for use of Community Room. Gross Sales to include all sales generated from the Premises subject to the noted exceptions. Sales from Community Room should be included in Gross Sales. Base Rent is very reasonable for Tenant and break-point for percentage rent in Tenant’s favor, both allowing for Tenant to operate profitably at lower sales.

4. Community Room: should address any Additional Rent attributable to use of the Community Room and if the size of the Community Room is included in determination of Tenant’s pro-rata share for Additional Rent.

5. Security: Subject to how Lease is guaranteed and financial strength of the Guarantor. For independent retail tenants, it’s not untypical for Landlord’s to seek security deposit equal to (tbd) months Base Rent, with Tenant likely to limit to specific period of the initial Base Term. Example: Security Deposit equal to 3 months Base Rent with amount reduced by 1/3 annually provided Tenant is not in default of Lease beyond any applicable cure period. Expect Tenant to push back as Deposit ties up capital that Tenant prefers to use to grow its business.

6. Maintenance Obligations: need to be very specific about each party’s responsibilities.

Landlord typically responsible for all repairs to common areas, the exterior of Building, roof, structural walls, foundation, landscaping, parking lot and common area utilities, with Tenant reimbursing their pro-rata share of specific costs for Landlord’s common area expenses. Tenant should be responsible for all interior repairs of a non-structural nature. Any Tenant obligations for repairs to the exterior of the Building need to be specified as typical retail leases require tenant to be responsible for storefront glass, doors and windows. Tenant should be responsible for utilities from point of entry into Premises and as distributed within the Premises. Tenant should be obligated to maintain service contracts for grease-trap cleaning (monthly); HVAC (quarterly); kitchen hood (monthly); pest control (monthly). Tenant should be responsible for the provision and maintenance / replacement of all furniture, fixtures and equipment.

7. Sub-Lease and Rent Commencement: Sub-lease should commence upon Delivery of Premises to Tenant. Delivery should be defined as date Premises are delivered to Tenant with all of Landlord’s work substantially complete as per approved base building plans incorporating Tenant’s design. It is important that Tenant has all required building permits at Delivery in order for Tenant to commence its improvements. To avoid delays in Tenant’s construction, Tenant should be obligated to submit its application for Building Permit within ten (10) days of Landlord’s approval of Tenant’s plans (see Tenant’s Plans below). Rent Commencement should be the earlier of Tenant’s opening or ____days from Delivery of Premises to Tenant. Tenant should be provided with appropriate period for completion of its improvements and at least two (2) weeks for pre-opening training before rent commences.

8. Capacity: include any outdoor patio seating and work with Tenant and Town to maximize their seating in order to increase their sales and operational stability.

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9. Operation: establish minimum hours of operation, for example, Tenant obligated to continuously operate at least

six (6) days per week for dinner from 5:00 pm to at 9:00 pm. Any obligation for Tenant to operate during lunch hours should address conditions where Tenant can close for lunch without default as it’s possible that lunch demand doesn’t support costs for Tenant to operate. Tenant should have right to cease operations for casualty; condemnation; force majeure; renovations (limited to 30 days every five (5) years); New Year’s Day; Easter; Thanksgiving and Christmas Day and for any approved assignment or sub-let. If Tenant rejects continuous operations obligations and demands a Go Dark right, as compromise, limit continuous operations to a specific period (initial 3 years) and provide for Landlord to have recapture right in the event Tenant ceases its operations.

10. Liquor Service: Assume Lease will be conditioned on Tenant securing its liquor license at terms acceptable to Tenant. Lease should require Tenant to satisfy the license contingency as quickly as possible by requiring Tenant to apply for its license within ten (10) days from Landlord’s approval of Tenant’s Preliminary Plans [plans required for license application]. The license approval process from local approval to MA ABCC approval can take as long as 5 months. Lease should have drop-dead date for Tenant to secure its liquor license, waive contingency or terminate the Lease - suggest six (6) months from license application.

11. Signage: should resolve Tenant signage as soon as possible as Tenant may require approval of its signage as

contingency to Lease. Specific signage criteria should be exhibit to Lease. Tenant should have twenty-one (21) days from receipt of signage criteria to prepare its signage package for Landlord and Town approval.

12. Parking: should be exclusive to tenants of the building and no other party. See Maintenance for parties’ obligations for maintaining the parking lot.

13. Insurance: no comment

14. Construction: Landlord Work requires specific Workletter as exhibit to Lease, with said work to include specific Tenant finishes per approved Tenant plans.

15. Additional Understanding: Timeframe for Landlord to secure consent from Historic New England and Town

should be specified and ideally secured prior to the parties incurring design and legal costs.

16. Cooperation: no comment Additional Provisions

17. Radius: given Landlord’s investment in base building improvements, a radius restriction for Tenant to operate other restaurants with menu and concept similar to the Tavern within a defined radius is recommended. Restriction should be specific to substantially similar operations in trade name, design, menu offerings and price points. Any violation would include sales of offending restaurant in Gross Sales of Tavern lease. Suggest minimum of 8 miles.

18. Use: Lease needs to specify what type of use is acceptable to Landlord. Suggest a limited use only as full-service restaurant as specific to the initially-approved concept as possible, with sale of alcoholic beverages as incidental to total sales, functions, private parties and for no other use. Any broad change of use as initially approved by Landlord is subject to Landlord’s approval in Landlord’s sole discretion. Any change in Tenant’s use as a full-service restaurant that is significantly different from the initial concept approved by Landlord requires Landlord consent, not to be unreasonably withheld.

19. Exclusive Use: would be reasonable for Tenant to request protection from other food uses in the Building,

operated by Landlord or others.

20. Trade Name: would be reasonable for Tenant to request right to change its trade name with any Landlord consent not to be unreasonably withheld.

21. Assignment & Sublet: reasonable to assume Tenant will require right to assign or sublease the Lease to another party. Sensitive provision where Landlord needs approval rights, typically subject to specific conditions of the proposed assignment / sublet such as use; rent; operating qualifications of assignee; net worth (specify minimum net worth). An assignment or sublease to an affiliated entity thru merger, consolidation or acquisition of parent

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company typically does not require Landlord consent. Lease should not allow sublease of only a portion of Premises. Any surplus rent received by Tenant under assignment or sublet should be retained by Landlord or as fallback, shared with Tenant. Tenant to remain primarily liable for the Lease. Landlord may want right to recapture Premises in the event of assignment request to unaffiliated party where Landlord consent is required.

22. Tenant’s Plans: Recommend a specific timeframe for Tenant to prepare its plans for Landlord review and approval and for filing application for Building Permits. Suggest that Preliminary Plans shall be provided by Tenant within forty-five (45) days from Tenant’s receipt of Landlord’s base building plans. Preliminary Plans to include floor plan, equipment plan, interior finishes material samples and signage plans. Final Plans to be provided by Tenant within forty-five (45) days from receipt of Landlord’s approval of Preliminary Plans. Tenant shall be required to file for its Building Permit within ten (10) days from Landlord’s approval of Final Plans.

23. Condition of Premises: Assumed that Tenant will require Premises to be in structurally sound condition, code and ADA compliant and free of all hazardous materials.

24. Pro-rata Share: define Tenant’s pro-rata share for reimbursement of any Landlord’s common area maintenance

costs (CAM). Pro-rata determined as the ratio of Premises divided by total square feet of the Building. Pro-rata would exclude outdoor seating area.

25. Additional Rent: specify what Tenant’s obligations are for reimbursing Landlord for costs incurred by Landlord for maintaining the Property and Building (the “CAM costs”). CAM costs are typically limited to repairs of a non-structural nature and would exclude costs for code compliance, hazardous materials removal and remediation and possibly costs of a capital nature, unless capital costs are amortized over their maximum useful life in accordance with GAAP standards. Other CAM exclusions are leasing fees; legal fees; contributions for other tenant’s improvements, costs reimbursed by insurance; charitable or political contributions; income taxes; costs for underlying ground leases and costs for the initial construction of base building improvements or additional buildings on the Property.

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#1A

PROJECTED CONSTRUCTION BUDGET

PROJECTED CONSTRUCTION BUDGET At a meeting with Josh Webber at The Bancroft Restaurant in Burlington, Ma, on January 20, 2017, Mr. Webber indicated that their initial investment to open the restaurant in Weston would be approximately $1,000,000:

Kitchen $300,000 A New Bar $100,000 Other $600,000 Total $1,000,000

EXAMPLE This was the approximate cost to open a restaurant of similar size, to that of the subject in a suburban location. The project has many points of similarity with that of the Weston site. The Restaurant

Concept: Full Service restaurant

Location: Metro West (upscale community)

Facility Former Firehouse

Condition: Total renovation (Similar to Weston)

Size Space: 4,000+/- square feet

Seating: 100+

Hours: Lunch & Dinner

Sales: $1,800,000

Cost to Open Construction / Leasehold Improvements $962,000 Kitchen / Bar / POS $94,000 Kitchen Equipment $108,000 Furniture, Fixtures and Equipment $51,000 Total $1,215,000

Approximate Cost per square foot @ 4,000 sf

Construction $240 sq. ft. Kitchen $50 sq. ft. Furniture, Fixtures & Equipment $13 sq. ft. Total $303 sq. ft.

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#1B

FLOOR PLANS

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SITE VISIT

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Josiah Smith Tavern

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MEETING WITH JOSHUA WEBBER, Date: January 20, 2017 Location: The Bancroft, Burlington, MA

COMPANY HISTORY:

Date Company Founded: In 2004 with the opening in Groton of Gibbet Hill Grill

Form of Organization: LLC

Principals: Joshua Webber Jeremy Webber Asia Webber

Opening Chronology: Groton Hingham Unknown Burlington Peabody

Gibbet Hill Grill Scarlet Oak Tavern Catering Business Bancroft Bancroft

2004 2007 2009 2014 2017

$5,600,000 6,700,000 $8,600,000 Not open yet

BUSINESS PLAN (Weston)

Concept: Tavern concept. Relaxed atmosphere with “Great food” and moderate price points. Average check $20 - $30. Not too formal. Able to get a beer and a burger. Very approachable.

Renovations: The Webbers will hire architect Peter Neimitz. He is very well regarded. They estimate their investment to be approximately $1 million in furnishings, fixtures, equipment, soft costs, computer system, smallwares, china, etc.

Marketing: Mostly in-house and word of mouth. They have high name recognition between Groton and Burlington.

Customer Profile: Local residents, young professionals, families, etc. The restaurant will offer good value and a good experience.

Revenue:

Target revenue, once established, is $3,000,000: Lunch $400,000 Dinner $2,200,000 Functions: $400,000

Sales Ratio Food Sales 65% Beverage Sales 35%

Seating: 101 in Barn plus shared use of 49 in the Community Room.

Menus: To be drafted

Employees: Total of 25 to 30: Kitchen 10+/- Front of House 18+/- Managers 2-3

Initial Investment This will be financed internally. Approximately $1,000,000: Kitchen $300,000+/-, Bar $100,000 + Other $600,000 He understood the town needs to have two meetings. He will start with his architect if first meeting goes well.

PROPOSAL TO LEASE QUESTIONS

1. Space He needs the accurate square footage of each section of the building

2. Sub Lease He understood

3. Rent The rent for the use of the Community Room needs to be determined

4. Community Room See above

5. Lease Guaranty Understood. Parent company guaranty for one year

6. #6 - #16 Did not appear to be any major issues that could not be worked out

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#4

WEBBER RESTAURANT GROUP

COMPANY CULTURE "The Webber Restaurant Group is an independent, family-owned restaurant group that is dedicated to furthering the local food movement and running its businesses in a sustainable, responsible, and professional manner." (1.)

"In 2000 the Webber family purchased the 500-acre Gibbet Hill Farm in their hometown of Groton, MA in order to save it from massive residential development. The farm has long been home to a renowned Black Angus cattle breeding operation but was changing hands upon the death of its owner. Over the next two years the family worked with state and local agencies to place the land into permanent conservation. Brothers Josh and Jed, along with sister Kate and Jed's wife Asia, worked to transform the barns on the property into Gibbet Hill Grill and the Barn at Gibbet Hill event facility." (1.) FORM OF ORGANIZATION Limited Liability Corporation (LLC) COMPANY PRINCIPLES

Joshua Webber, MBA General Manager Jeremy(Jed) Webber, MBA General Manager Asia Webber Restaurant Design

RESTAURANT OPENING CHRONOLOGY

Groton, MA Gibbet Hill Grill 2004 $5,600,000 Hingham, MA Scarlet Oak Tavern 2007 $6,700,000 Groton, MA Catering Business 2009 Burlington, MA The Bancroft 2014 $8,100,000 Peabody, MA The Bancroft 2017 Not Open Yet

SAMPLE RESTAURANT REVIEWS GIBBET HILL GRILL "Take a 'lovely scenic drive' to this 'gourmet' Groton 'oasis' where the 'rural' environs and 'beautiful', 'cozy', converted-barn space set a 'down-to-earth' but still 'upbeat' scene for 'magnificent' New England fare and Black Angus steaks that are bolstered by produce' just picked' from the farm out back; 'knowledgeable' staffers ensure a 'special-occasion' – level experience 'well worth' its moderate price" (2.) SCARLET OAK TAVERN "Make a reservation, because this 'cozy', 'inviting', 'formal' tavern in Hingham is 'typically packed' with scenesters at the 'hopping' bar or 'by the fireplace' on a cold night', where they chow down on 'incredible' steakhouse fare from staffers who 'don't just serve, they spoil'; some feel it's 'a little pricey' but still find it 'worth the trip'" (3.) COMMENTS The Webbers should be asked to provide the following:

• Personal resumes • Financial Proforma • Business Plan • The scope of the work • Submit plans for approval

1.) Source: http://webberrestaurantgroup.com 2.) Source: http://webberrestaurantgroup.com 3.) Source: Zagat Boston 2014

http://webberrestaurantgroup.com/

http://webberrestaurantgroup.com/

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#5

SWOT

STRENGTHS

1. Upscale suburban community 2. Visible location in the center of town 3. Experienced operators with the financial resources 4. The restaurant will be an amenity to the community 5. The building will have a fully renovated restaurant with updated services 6. Should the Webbers not extend their lease, the town will have a nice facility 7. The restaurant in Weston being a good alternative to the numerous chain restaurants nearby

WEAKNESSES

1.) A destination location 2.) Strong competition from Waltham, Wellesley, Wayland, Concord, etc. 3.) The absence of any activity generators – shopping centers, colleges, movie theater, etc. 4.) Limited potential for lunch business 5.) The restaurant may have difficulty getting staff – no public transportation 6.) Neighborhood communities tend to "close down" by 10:00 PM, especially on week nights. 7.) A limited number of seats (100+) could cap sales growth 8.) The restaurant being dependent upon the economy and consumers’ discretionary income. 9.) This represents a major investment for the town

OPPORTUNITIES The town will have an attractive facility that can serve as a local gathering place for lunch and dinner, birthday parties, business meetings, social functions, rehearsal dinners, etc. THREATS No major threats as both parties are well capitalized

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5A DEMOGRAPHICS

JOSIAH SMITH TAVERN – WESTON, MA DEMOGRAPHIC REVIEW

It is assumed that the primary customer base for suburban, full-service restaurants is typically drawn from a 10-15 minute drive-time / 5 mile radius from the restaurant’s location. Most national full-service restaurants require a population of approximately 125,000 to 150,000 people within a 10-15 minute drive-time / 5 mile radius.

Weston Center’s unadjusted 10 minute drive time population is 180,649, its 5 mile population is 162,573 and includes areas as far east as Watertown, south to Wellesley Center, north to Concord and west to Sudbury.

It is our opinion that Rte. 128 / I-95 creates a natural barrier where the bulk of customer traffic to the Site would be drawn from the west side of Rte. 128 / I-95 with the adjusted trade area polygon including all of Weston, Wayland, Lincoln and to a lesser degree Wellesley, Sudbury, Framingham and Concord. The adjusted trade area reduces the general and employee populations by more than 75% of the full 5 mile radius as a result of the significantly lower development densities to the west of Rte. 128 / I-95, with 5 mile population reduced to 53,580 and 10 minute drive time reduced to 35,073, demographically analogous to Concord. The majority of the adjusted trade area is comprised of low density, single-family residential housing. Lower residential densities are compounded by farms and the extensive conservation watershed areas along the Sudbury River to the west of Wayland.

Incomes within the adjusted trade areas are the highest in metro Boston, with Median Household Income of over $175,000 with over 26% with Median Household Income in excess of $200,000. It is not expected that the Weston Center commercial district will generate meaningful traffic to the Site. Commercial development within the adjusted trade area is concentrated along Rte. 20 west of the Site in Wayland and Sudbury and is comprised of typical open-air strip centers with neighborhood service uses such as grocers, drug stores, banks and light office uses.

The Weston trade area is bordered to the southwest by the Natick / Framingham regional retail market and to the southeast by the Chestnut Hill retail market. Both of these regional retail markets service large trade areas and include a multitude of national retailers and dining options, with dining options being primarily national and regional restaurant chains. The Site benefits from its close proximity to the Biogen - Monster office park at Rte. 20 and Rte. 128 / I-95 and to a lesser degree the office parks spread along Rte. 128 / I-95. WRG takes a contrarian view of the Weston Center trade area in that they recognize the destination nature of the Site and see the absence of typical retail development working to the Site’s advantage as it enhances the unique and historic character of the Tavern’s undeveloped setting. There are no analogous restaurants in Weston Center; however, The Local and Coach Grill restaurants located to west on Rte. 20 perform well with above average sales for their respective price-points and concepts, suggesting that demand is strong for a well-run and conceived restaurant operations despite the trade area’s low population density relative to the bordering trade areas in Wellesley, Framingham and Chestnut Hill. (See Demographic Tables)

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DEMOGRAPHIC TABLES

3 miles 5 miles 10 minute drive-time WESTON Population 39,099 162,573 180,649 Households 14,040 60,615 69,649

Median Household Income $130,561 $125,947 $114,534 Employees 36,944 105,715 122,041

WESTON-adjusted

Population 16,793 53,580 35,073 Households 5,878 18,798 12,002


WELLESLEY



CONCORD Population 18,685 56,384 46,952 Households 6,948 20,650 17,474


FRAMINGHAM



CHESTNUT HILL



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#5B

COMPETITION

WESTON, MA – COMPETITION-TRADE AREA OVERVIEW The Tavern is surrounded by submarkets in all directions with more retail and food oriented options than Weston Center offers the consumer. With the exception of Wellesley and Concord, where retail is concentrated in a downtown Main Street setting, the competing submarkets are comprised of typical suburban shopping centers with ample surface parking and multiple traffic generators. Existing restaurants in the surrounding submarkets offer a wide variety of menu offerings and price options and are mix of independent, regional and national operators. The two (2) largest competitive submarkets are Natick / Framingham and Chestnut Hill, both Regional markets serving larger trade areas, located on the outer edge of the Tavern’s trade area at 8-10 miles from the Tavern. There are over 27 full service restaurants in the Natick / Framingham and Chestnut Hill submarkets. The two (2) closest competitive submarkets are Wayland and Waltham, Wayland being the more established and local market and Waltham with new regional and national restaurant concepts. There are over 17 full service restaurants in the Wayland, Sudbury and Waltham submarkets. There are over 22 full service restaurants in the core trade area of the Tavern, core trade area including Wayland, Sudbury, Waltham and Wellesley. It is our opinion that market is close to saturation for additional full-service restaurants. The key competitors to Tavern are The Local and Coach Grill, both strong performers with Coach Grill open only for diner and The Local open for both lunch and dinner.

Restaurant Address Lunch / Dinner Distance to Tavern – Miles

Sales – estimated

Wayland / Sudbury – West of Tavern Coach Grill 55 Boston Post Rd Dinner 2.3 $4.5m Prime 131 Grill 131 Boston Post Rd Dinner 2.8 $2.75m Spice and Pepper Thai 236 Boston Post Rd Lunch and Dinner 3.8 Water Lily 309 Boston Post Rd Lunch and Dinner 3.9 The Local 400 Boston Post Rd Lunch and Dinner 4.3 $4.0m Takara 400 Boston Post Rd Lunch and Dinner 4.3 Bertucci’s 400 Boston Post Rd Lunch and Dinner 4.3 $2.0m Conrad’s 120 Boston Post Rd Lunch and Dinner 5.5 Wayside Inn 72 Wayside Inn Lunch and Dinner 9.3

Waltham – East of Tavern

Not Your Average Joe’s 1265 Main St Lunch and Dinner 2.3 $3.5m Jake and Joe’s 1265 Main St Lunch and Dinner 2.3 $4.0m Flank Steak House 1265 Main St Lunch and Dinner 2.3 $3.0m Bonefish Grill 99 Third Ave Lunch and Dinner 3.6 $2.75m Posto Osteria 99 Third Ave Lunch and Dinner 3.6 $3.75m Ruth’s Chris (pending) 3’rd Ave & Totten Lunch and Dinner 3.5 Copper House Tavern 380 Winter St Lunch and Dinner 3.5 $3.0m Naked Fish 455 Totten Pond Lunch and Dinner 3.5 $4.0m Red Bird 361 Moody St Dinner 3.8 Flank 74 Tower Street Lunch and Dinner 3.8 Il Capriccio 888 Main St Dinner 2.9 La Campania 504 Main St. Dinner 3.7 Osteria Posto 99 3rd St Lunch and Dinner 3.8 Moody’s/Provisions 468 Moody St Lunch and Dinner 3.7

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Wellesley – South of Tavern Papa Razzi 16 Washington St Lunch and Dinner 4.5 $5.0m Alta Strada 92 Central St Lunch and Dinner 6.2 $3.0m Blue Ginger 583 Washington St Lunch and Dinner 6.4 $4.0m CPK 183 Linden St Lunch and Dinner 6.8 $3.0m The Cottage 190 Linden St Lunch and Dinner 6.8 $3.25m

Natick / Framingham-Southwest of Tavern

Margarita’s 725 Cochituate Rd Lunch and Dinner 6.8 $4.0m Cheesecake Factory Natick Mall Lunch and Dinner 8.3 $10.0m CPK Natick Mall Lunch and Dinner 8.3 $3.0m Met Grill Natick Mall Lunch and Dinner 8.3 $3.0m PF Chang Natick Mall Lunch and Dinner 8.3 $3.75m Legal Seafood 50 Worcester Rd Lunch and Dinner 8.5 $8.0m Outback Steakhouse 30 Worcester Rd Lunch and Dinner 8.5 $4.0m Uno 70 Worcester Rd Lunch and Dinner 8.0 $3.0m Papa Razzi 155 Worcester Rd Lunch and Dinner 8.4 $3.3m British Beer 120 Worcester Rd Lunch and Dinner 8.0 $2.75m Framingham Beerworks 345 Cochituate Rd Lunch and Dinner 7.8 $3.75m Olive Garden Shoppers World Lunch and Dinner 7.5 $4.5m TGI Friday’s Shoppers World Lunch and Dinner 7.5 $3.5m Joe’s American Shoppers World Lunch and Dinner 7.5 $3.0m John Harvard’s Brew Shoppers World Lunch and Dinner 7.5 $3.5m

Chestnut Hill-Southeast of Tavern

Cheesecake Factory Chestnut Hill Mall Lunch and Dinner 10.1 $10.5m Besito Chestnut Hill Mall Lunch and Dinner 10.1 $2.75m Frank Pepe Chestnut Hill Mall Lunch and Dinner 10.1 $4.5m Daikanyama Chestnut Hill Mall Lunch and Dinner 10.1 Tokyo Steakhouse Chestnut Hill Mall Lunch and Dinner 10.1 Legal Seafood The Street Lunch and Dinner 10.1 $9.0m Davio’s The Street Lunch and Dinner 10.1 $3.0m The Cottage The Street Lunch and Dinner 10.1 $3.0m Del Frisco Grill The Street Lunch and Dinner 10.1 $3.25m Capital Grill 200 Boylston Lunch and Dinner 10.2 $6.0m Brio 200 Boylston Lunch and Dinner 10.2 $2.8m Season’s 52 200 Boylston Lunch and Dinner 10.2 $4.5m Lincoln / Concord-North of Tavern 80 Thoreau 80 Thoreau Dinner 8.4 Bondir 24 Walden Lunch and Dinner 8.2 $2.0m Helen’s 17 Main St Lunch and Dinner 8.3 Merchant’s Row 48 Monument Lunch and Dinner 8.3 Comella’s 33 Main St Lunch and Dinner 8.3 Papa Razzi 768 Elm St Lunch and Dinner 10.2 $4.5m Wood Hill Table 24 Commonwealth Dinner 13.6

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#6

ECONOMIC FEASIBILTY

INITIAL INVESTMENT (Cost) See Projected Construction Budget #1A, page 6 ECONOMIC FEASIBILITY

A. Restaurant Brokerage The Boston Restaurant Group, Inc. has negotiated the sale of the following restaurants in the designated trade area:

City / Town Name Waltham Red Bird Cafe Waltham Former Piccadilly Pub Waltham Cooper House Tavern Waltham Naked Fish Sudbury Sky / Conrad's Sudbury Lavender Wellesley Alta Strada Chestnut Hill Rosie's Concord Bondir Concord Different Drummer / 80 Thoreau Needham Not Your Average Joe's ( Under Agreement)

COMMENT: In the marketing and sale of these restaurants, there was a great deal of buyer activity and the properties were not on the market for a long period. All of the locations have been well received and have generated strong reviews.

B. Bondir / Concord, Ma

The Boston Restaurant Group, Inc. represented the landlord, John Boynton, in marketing this location. Bondir opened in 2014; however, this was a high end, chef owned and operated bistro and the acceptance by the town was tepid. The food was too "fancy" and the prices were too aggressive – a burger for $26. The restaurant has gone under agreement with Fiorella's, a high volume Italian concept from Newton. The sale is pending.

C. The AKA Bistro / Lincoln, MA

Our company was asked to meet with the town officials to answer questions regarding their efforts to acquire a Beer and Wine License for the purpose of renting space to a restaurant operator near the train station. We met with the town officials and interested parties on two occasions. The restaurant opened as a French / Japanese concept with two menus. The concept started strong; however, their sales tapered off. There was a flood and the restaurant was closed for about a year. It reopened for a short while; however, it closed in December of 2014. I spoke with the co-owner, Chris Chung, and he had the following comments:

1.) Transportation was a problem for help, even though there was train service. 2.) There were busy the first two years; however, the roof on Donelan's Market collapsed under the

weight of the snow in the winter of 2015 and people d did not come to shop anymore and he traffic flow diminished.

3.) When Bondir, 80 Thoreau and Wood Hill Table opened in Concord, the competition hurt them. 4.) Many of their customers came from Concord and Weston. 5.) Sales trend for lunch and dinner

Lunch 30-40 Dinner Weekdays 50-60 Dinner Fri /Sat 150 - 160

6.) Getting help (employees was a real challenge.

24

#6

D. Webber Restaurant Group Customers are very demanding today. They want good food, good service, a casual atmosphere and good value. The Webbers should do well, given their level of investment and their experience.

25

#7

MARKET RENT

BASE RENT For commercial properties, such as office buildings, retail stores, etc., the landlord charges a tenant a certain dollar amount for each square foot that is included in the space. The square foot charge is based upon comparable rents in the market, the desirability of the location and the strength of the tenant. Rents of $150 per square foot on Newbury Street are not too high as these are tenants willing to pay that amount. The issue is that the business needs to have a concept that can generate sales that are great enough to cover the rent. Restaurants, on the other hand, think of rent as a percentage of sales, rather than as a cost per square foot. The reason being that restaurant owners have a considerable capital investment in the improvement of the space. Today, the cost to open a full service restaurant that meets all Local, State and Federal code requirements, is between $300 to $400 per square foot: the differential being dependent upon the concept, the quality of the leasehold improvements, the furniture, fixtures and equipment, etc. and whether or not it is a Union project. TOTAL OCCUPANCY From our experience, a target for base rent and all NNN charges (Real Estate Taxes, Condominium fees, Common Area Maintenance) should not exceed from 7% to 8% of sales. This is what would be anticipated for a location in Boston, Cambridge or a new development in the Suburbs (Westwood Station, Legacy Place, etc.). For the Josiah Smith Tavern location in Weston, a prudent operator would try to keep the total occupancy cost at no greater than 5 to 6 percent of sales: the reason being that this is a destination location and any savings in rent will need to be applied to marketing and advertising. COMPARABLE RENTS Comparable rents from other restaurants are not meaningful as this is such a unique location. In addition, you cannot put a cost per square foot in the use of the Community Room. Charge them a flat fee for each time it is used. If the Webbers do $2 Million in sales, at $80,000 rent, they will be paying 4% of revenue. They are getting a very fair rent package. PERCENTAGE RENT I would not anticipate that the landlord will receive a percentage rent with the $2,850,000 threshold. For the next tenant I would encourage you to request a base of $80,000 vs. 5% of revenue, whichever is greater.

26

#8

REPRESENTATIVE INCOME & EXPENSE STATEMENT

For Discussion Purposes Only

$2,000,000 $3,000,000 $4,000,000

Sales

Food 1,500,000 75.0% 2,250,000 75.0% 3,000,000 75.0% Beverage 500,000 25.0% 750,000 25.0% 1,000,000 25.0%

Total sales 2,000,000 100.0% 3,000,000 100.0% 4,000,000 100.0% Cos of Sales

Food 495,000 33.0% 742,500 33.0% 990,000 33.0% Beverage 140,000 28.0% 210,000 28.0% 280,000 28.0%

Total cost of sales 635,000 31.7% 952,500 31.7% 1,270,000 31.7%

Employee Costs Salaries and Wages 560,000 28.0% 840,000 28.0% 1,120,000 28.0% Employee Benefits 112,000 5.6% 168,000 5.6% 224,000 5.6%

Total employee costs 672,000 33.6% 1,008,000 33.6% 1,344,000 33.6%

Total Prime Costs 1,307,000 65.3% 1,960,000 65.3% 2,612,000 65.3%

Total Gross Margin 693,000 34.7% 1,041,000 34.7% 1,388,000 34.7%

Controllable Expenses Direct operating expenses 120,000 6.0% 180,000 6.0% 240,000 6.0% Utilities 60,000 3.0% 90,000 3.0% 120,000 3.0% Repairs and Maintenance 20,000 1.0% 30,000 1.0% 40,000 1.0% Marketing 40,000 2.0% 60,000 2.0% 80,000 2.0% General and Administrative 120,000 6.0% 180,000 6.0% 240,000 6.0% Other (income) Expense 40,000 2.0% 60,000 2.0% 80,000 2.0%

Total 400,000 20.0% 600,000 20.0% 800,000 20.0%

Income Before Depreciation and Occupancy

293,000

14.6%

441,000

14.7%

' 588,000

14.7%

Occupancy

Rent 80,000 80,000 80,000 Percentage Rent 15,000 69,000

Total 80,000 4.0% 95,000 3.1% 149,000 3.7%

Operating Income 213,000 10.6% 346,000 11.5% 439,000 10.9%

P.O. Box 327 Boxford, MA 01921 (978) 887-9895 Fax (978) 887-0219

CHARLES M. PERKINS

The Boston Restaurant Group, Inc. 32 Lawrence Road Boxford, MA 01921

Phone: (978) 887-9895 Fax: (978) 887-0219 Email [email protected]

CURRICULUM VITAE PROFESSIONAL EXPERIENCE Professional experience includes being actively involved in the restaurant business for 35 years in the following capacities: regional manager, multi-unit franchise owner and commercial real estate broker specializing in the selling, leasing and appraising of restaurant businesses and properties.

The Boston Restaurant Group, Inc. Owner/President Restaurant Brokers of America, Inc. Executive Vice President Dunkin Donuts Multi-unit Owner/Operator Friendly Ice Cream Corporation Regional Manager PROFESSIONAL DESIGNATION

Awarded Fellow of the IBBA designation by the International Business Brokers Association PROFESSIONAL AFFILIATIONS

Northeast Association of Realtors Massachusetts Association of Realtors National Association of Realtors Massachusetts Restaurant Association ARTICLES/INTERVIEWS PUBLISHED

The Boston Globe 2012, 2013, 2015 BVR Industry Transactions 2011 Edition The Boston Globe 2011 The Improper Bostonian 2011 Boston Herald 2011 Food Service East 2011 The Boston Globe 2010 Boston Business Journal 2010 New England Real Estate Journal 2009 Boston Business Journal 2008 The Boston Globe, 2008 Boston Magazine, 2007 Banker & Tradesmen, 2007 Nation’s Restaurant News, 2007 Valuing Eating Places, Pratt, Shannon, John Wiley & Sons, 2004 Valuing Drinking Places, Pratt, Shannon, John Wiley & Sons 2004 The Business Reference Guide, West, Tom, Business Brokerage Press, 2015-2016 The Business Reference Guide, West, Tom, Business Brokerage Press, 2013-2014 The Business Reference Guide, West, Tom, Business Brokerage Press, 2011-2012 The Business Reference Guide, West, Tom, Business Brokerage Press, 2009-2010 The Business Reference Guide, West, Tom, Business Brokerage Press, 2000-2008 Handbook of Business Valuation, John Wiley & Sons, 1992, 1999 The Business Reference Guide, West, Tom, Business Brokerage Press, 1999 Business Valuation Update, Pratt, Shannon, Volume 5, No. 2, February, 1999 The Business Reference Guide, West, Tom, Business Brokerage Press, 1997, 1998


RECENT VALUATION SPEAKING ENGAGEMENTS Northeast Foodservice Conference Boston 2016 Boston University Boston 2015 Senior Core of Retired Executives (SCORE Danvers 2015 Restaurant Trends Seminar Boston 2015 IFest-IPG - Boston Boston 2014 Tri Mark United East Warwick 2014 Boston University Boston 2014 Restaurant Trends Seminar Boston 2014 Radio Entrepreneurs Boston 2013 Boston University Boston 2013 Northeast Foodservice Conference Boston 2013 Restaurant Trends Seminar Boston 2013 Boston University Boston 2012 Le Cordon Bleu – College of Culinary Arts Boston 2012 Northeast Foodservice Conference Boston 2012 Restaurant Trends Seminar Boston 2012 Senior Core of Retired Executives (SCORE) Danvers 2012 Restaurant Trends Seminar Boston 2011 Northeast Foodservice Conference Boston 2010 Massachusetts Restaurant Association Boston 2010 Restaurant Trends Seminar Boston 2010 Northeast Foodservice Conference Boston 2009 Restaurant Trends Seminar Boston 2009 Northeast Foodservice Conference Boston 2008 Restaurant Trends Seminar Boston 2008 Boston University Boston 2007 International Business Brokers Association Dallas 2007 Restaurant Trends Boston 2007 International Business Brokers Association Hartford 2006 Business Brokers of Florida Tampa 2006 Boston College Boston 2006 Restaurant Trends Seminar Boston 2006 Northeast Foodservice Conference Boston 2006 International Business Brokers Association Phoenix 2005 Boston College Boston 2005 Restaurant Trends Seminar Boston 2005 New England Foodservice & Lodging Boston 2005 Florida Business Brokers Association Ft. Myers 2005 Boston College Boston 2004 Boston University Boston 2004 Massachusetts Restaurant Association Boston 2004 New England Business Brokers Association Boston 2004 International Business Brokers Association Philadelphia 2004 Northeast Foodservice Conference Boston 2004 Institute of Business Appraisers Orlando 2003 International Business Brokers Association Orlando 2003 Northeast Foodservice Conference Boston 2003 Restaurant Trends Seminar Boston 2003 ICBC Conference Boston 2002 International Business Brokers Association Los Angeles 2002 International Business Brokers Association New Orleans 2002 Northeast Foodservice Conference Boston 2002 Restaurant Trends Seminar Boston 2002 International Business Brokers Association Palm Springs 2001 Restaurant Hospitality Chicago 2001 New York Society of CPA's New York 2001 Fulcrum Restaurant Seminar New York 2001 Restaurant Trends Seminar Boston 2001 Small Business Admin. SBA/Score Boston 2001 Northeast Foodservice Conference Boston 2001 International Business Brokers Association Denver 2000 Restaurant Trends Seminar Boston 2000 Northeast Foodservice Conference Boston 2000 Mass Board of Assessors Hyannis 2000


VALUATION EDUCATION

Valuation related specialized courses, seminars and conferences sponsored by the Institute of Business Appraisers, Inc., the Appraisal Institute, the American Institute of Certified Public Accountants and the International Business Brokers Association.

• RD & DC Current Market Valuations, November 2012 • NACVA/IA Financial Litigation Support, May 2011 • IBBA National Conference, November 2007 • IBBA National Conference, June 2006 • IBBA National Conference, November 2005, 2007 • IBBA National Conference, June 2003, 2004 • IBA National Conference, June 1994, 1996, 2003 • IBBA National Conference, November 2002 • IBBA National Conference, June 2002 • IBBA National Conference, 2001 • IBBA National Conference, 1997, 1998, 1999, 2000 • IBA Litigation Support and Expert Witness Training, 2000 • AICPA National Conference, 1995, 1999 • IBBA Accounting Basics Training, 1998 • IBBA & AI Business Valuation Training, 1998 • IBA Valuing Small Businesses Training, 1997

QUALIFIED EXPERT WITNESS TESTIMONY Qualified as an expert witness in business valuation: • Trial: Boston, MA 2015 (Tecce vs. MTA)

• Trial: Boston, MA 2010 (Sayeh vs. Hiromoto) • Trial: Probate Court, Cambridge, MA, 2008 (Omoyeni vs. Omoyeni) • Deposition – Boston, MA, 2002 (Lee v. Soble) • Boston Arbitration - Boston, MA, 1995 (Slesar v Kadish) • Worcester Superior Court - Worcester, MA, 1989 (O'Toole v Rizoli and Cataldo)

CONTINUING EDUCATION SEMINARS

11/11/12 Restaurant Finance & Development Conference Las Vegas 11/09/11 Restaurant Finance & Development Conference Las Vegas 05/19/11 Expert Witness Training Westborough 11/08/10 Restaurant Finance & Development Conference Las Vegas 11/08/09 Restaurant Finance & Development Conference Las Vegas 11/09/08 Restaurant Finance & Development Conference Las Vegas 11/15/07 IBBA Conference Dallas 10/28/07 Restaurant Finance & Development Conference Las Vegas 11/10/06 Restaurant Finance & Development Conference Las Vegas 06/07/06 IBBA Conference Hartford 11/10/05 Restaurant Finance & Development Conference Las Vegas 11/10/05 IBBA Conference Phoenix 06/10/04 IBBA Conference Philadelphia 06/10/03 IBBA Conference Orlando 11/06/02 IBBA Conference Los Angeles 06/14/02 IBBA Conference New Orleans 11/01/01 Restaurant Finance & Development Conference Chicago

COLLEGE EDUCATION

University of Virginia Dickinson College, BA


REPRESENTATIVE CLIENTS The Boston Restaurant Group, Inc., is a commercial real estate firm that specializes in the sale of restaurants, the leasing of restaurant space and restaurant appraisals. Founded in 1990, the company has negotiated either the sale or lease of over 600 restaurants and has had the privilege of representing many of the most successful owners, operators and investors in the Greater Boston market.

HOTELS NATIONAL CHAINS Sheraton Braintree Ruth's Chris Garrison Inn Newburyport Starbucks Lenox Boston Del Frisco’s Copley Square Boston Dunkin Donuts Midtown Boston Taco Bell Comfort Inn Revere Johnny Rockets Best Western Cambridge Red Lobster Best Western Waltham Ben & Jerry Hampton Inn Norwood Applebee's Home Suites Inn Waltham Outback Steakhouse

INSTITUTIONS CHEFS

SBA/SCORE Gordon Hamersley - Hamersley’s Bistro Boston College Chris Schlesinger - East Coast Grill Boston University Marc Orfaly - Pigalle American Institute of CPAs Michael Schlow - Via Matta Institute of Business Appraisers Anthony Maws - Craigie on Main University of Massachusetts Mark Allen - Le Soir Citizen’s Bank Steve Johnson - Rendezvous Lesley College Paul O’Connell - Chez Henri Boston Society of CPA’s Jeremy Sewall - Lineage Boston Center of Adult Education Chris Douglas - Icarus Cambridge School of Culinary Arts Jacky Robert - Petit Robert Bistro Isabella Stewart Gardner Museum Frank McClelland - L ’Espalier Middlesex Community College Jason Bond - Bondir Massachusetts Restaurant Association Joe Cassinelli - Painted Burro Todd English - Olives

REGIONAL CHAINS Andy Husbands - Rouge Boloco Vicki Lee Boyajian - Vicki Lee Boyajian’ s The Olive Group One World Cuisine ARTICLES & BOOKS Vinny Testas Zagat Boston The Briar Group The Boston Globe Tavern on the Square Food Service East Au Bon Pain Restaurant Hospitality Not Your Average Joe’s Boston Magazine Polcari’s Nation’s Restaurant News Souper Salad Business Reference Guide 1996-2016 Ninety-Nine Handbook of Business Valuation Jae’s Café Shannon Pratt /Valuing Restaurants Boston Chowda Boston Business Journal b-good Au Bon Pain RECENT SPEAKING ENGAGEMENTS Rustic Kitchen Restaurant Trends Seminar 1990-2016 Petit Robert Bistro Radio Entrepreneurs 2013 & 2016 Pho Pasteur Boston University 2012 - 2015 Acapulco's Le Cordon Bleu College of Culinary Arts 2014 Rebecca’s Cafes Massachusetts Restaurant Association 2013 Boston Beer Works Northeast Foodservice Conference 1990-2013 Desmond O’Malley Senior Corps of Retired Executives 1990-2012 Tommy Doyle's International Business Brokers Association 1990-2009 Margaritas Florida Business Brokers Association 2005 Finagle a Bagel Institute of Business Appraisers 2003 Piccadilly Pubs Restaurant Hospitality 2002 Glynn Hospitality New York Society of CPA’s 2001 Eat Laugh, Drink Massachusetts Board of Assessors 2000

DENNIS MAHER 210 BAY VIEW AVENUE

WARWICK, RI 02818

Home: (401) 886-9590 Cell: (774) 929-0219 [email protected]

Assets 30+ years’ experience in retail store leasing and restaurant

development, including Tenant Representation Strategic Planning Site Selection Lease Negotiations Project Planning Lease Portfolio Management Extensive Landlord and Broker relationships

Professional History January 2012 to Present February 2007 to November 2008 Not Your Average Joe's Restaurants-Milton, MA

Vice President Real Estate

Responsible for new store development in metro Boston, Washington DC and Philadelphia, PA for 26 unit full-service restaurant organization.

• Developed strategic store expansion plan for 3 markets; managed market analysis; site selection; lease negotiations; design coordination; permits; development budgets and construction oversight

• Integral role in re-branding the store design • Landlord – Tenant issue reconciliation • Lease renewals, relocations and dispositions

January 2009 to December 2011 Jones Lang LaSalle – Chicago, IL

Vice President – Corporate Real Estate Services Responsible for retail portfolio management and new store development for multiple national retail clients.

• New store development for T-Mobile and Bar Louie Restaurants in New England markets

• Portfolio management for lease renewals and modifications for T-Mobile, Akzo Nobel and FedEx across the US

September 1994 to January 2007 Starbucks Coffee Company – Boston, MA Regional Office Real Estate Development Manager / Asset Manager Development Manager 1994 to 2003 Developed and implemented the initial store penetration strategy

and development plan for Starbucks entry into the New England and Westchester County, NY markets. Responsibilities included market penetration analysis; site selection; lease negotiations; design coordination; permits; development budgets and construction oversight.

• Developed the initial 90 units.

mailto:[email protected]

• Secured flagship locations in multiple markets that helped establish Starbucks as the premier coffee retailer in New England market.

• Managed 20+ projects at any given time

Asset Manager 2003 to 2007 Participant in creation of new corporate-level Asset Management Department responsible for managing an existing store portfolio of over 9,000 retail locations in US. Efforts included lease analysis; economic performance review; lease renewals; store renovation budgeting, closure and relocation analysis.

• Managed a lease portfolio of over 500 stores. • Portfolio optimization through coordination of

strategies for existing stores and planned development of new stores

August 1992 to September 1994 Atlantic Retail Properties – Boston, MA Commercial Real Estate Broker

Retail real estate broker working in the metro Boston market. Emphasis on representing specialty food retailers and national retail tenants including Starbucks Coffee, Capital Grill Restaurants, John Harvard’s Brew House, Darden Restaurants; Au Bon Pain and Vinny Testa’s Restaurants.

October 1988 to August 1992 Peter Elliot Real Estate Services-Boston, MA Commercial Real Estate Broker

Concentration on retail real estate working as representative for both landlords and retail tenants in Boston metro area. Clients represented included: National Bank of Ireland; Fleet Bank; Bank of Boston; CVS; City Sports; Southwestern Bell; The Druker Co.; Gerald Hines; Rouse Company and London-Leeds Development.

August 1984 to October 1988 RBA, Inc. –Boston, MA Commercial Real Estate Broker

Concentration on sale and leasing of restaurant properties for consulting and real estate services firm serving the hospitality industry in metro Boston.

Education Loyola University-New Orleans, LA Bachelor of Arts –1976 Professional Affiliations International Council of Shopping Centers Massachusetts Real Estate Broker License

Documents

FEASIBILITY STUDY - Weston, MA