IBJNews

Investor places first bet on Zionsville's Main Street

Back to TopCommentsE-mailPrintBookmark and Share

A building on Main Street in Zionsville that local lore says has housed a tavern or restaurant continuously since the 1880s has a new owner who promises to keep the streak alive.

Eric Bretzman, an engineer for Chip Ganassi Racing, closed March 1 on the purchase of 40 S. Main and negotiated a new long-term lease with il Villagio, an Italian restaurant that has operated in the 4,000-square-foot building for 10 years.

Emilio Cento, the owner of the restaurant, wasn't available for comment, but Bretzman and the broker who sold the building, Ross Reller of Colliers International, said Cento had been on a month-to-month lease because the building wasn't being maintained.

Cento's success with the restaurant in the face of deferred maintenance that sometimes had him paying for repairs out of his own pocket played a role in the decision by Bretzman and his wife to buy the building, which is their first commercial property.

"He's survived the 'infant mortality rate' of restaurants," Bretzman said of Cento, who he's betting will be a solid tenant.
 
Il Villagio is closed—but not for long—while the building gets a new roof and new mechanical systems. Cento said he wanted to be able to serve Easter brunch, and Bretzman has promised the building will be able to accommodate diners again by March 26.

The building housed Adam's Rib & Seafood house immediately before Cento took over the space.

Reller listed the building for its out-of-town owner in the fourth quarter of last year for $385,000. He said the listing price was firm, with no allowance for the building's deteriorated condition. He's not surprised it sold, primarily because of the location.

"To be on the bricks and have a little piece of the village" is a big deal in Zionsville, Reller said, referring to the cobblestone street that runs through the heart of the town's business district.

Bretzman sees a big potential upside for rents, which he said are running at the low end of a range between $15 and $24 a square foot. He thinks an improving economy will give a lift to what is already a desirable location.

Tammy Kelly, who manages the commercial division for ReMAX Ability Plus, agrees with Bretzman's assessment.

She just leased 1,700 square feet to Inga's Gourmet Popcorn, which will open this summer at 140 S. Main.

Kelly has two other listings in the neighborhood:

—The 14,000-square-foot Carter Building, at 91 S. Main, which is listed for $2 million. Built in 2006 by the late Robert Carter to house his toy museum, the building has off-street parking, custom oak finishings, high ceilings and a one-bedroom apartment. Kelly said it would make a great live-work space.

—A former flower shop at 305 S. Main. The 2,023-square-foot building is listed for $375,000. It's for sale or lease.

 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. These liberals are out of control. They want to drive our economy into the ground and double and triple our electric bills. Sierra Club, stay out of Indy!

  2. These activist liberal judges have gotten out of control. Thankfully we have a sensible supreme court that overturns their absurd rulings!

  3. Maybe they shouldn't be throwing money at the IRL or whatever they call it now. Probably should save that money for actual operations.

  4. For you central Indiana folks that don't know what a good pizza is, Aurelio's will take care of that. There are some good pizza places in central Indiana but nothing like this!!!

  5. I am troubled with this whole string of comments as I am not sure anyone pointed out that many of the "high paying" positions have been eliminated identified by asterisks as of fiscal year 2012. That indicates to me that the hospitals are making responsible yet difficult decisions and eliminating heavy paying positions. To make this more problematic, we have created a society of "entitlement" where individuals believe they should receive free services at no cost to them. I have yet to get a house repair done at no cost nor have I taken my car that is out of warranty for repair for free repair expecting the government to pay for it even though it is the second largest investment one makes in their life besides purchasing a home. Yet, we continue to hear verbal and aggressive abuse from the consumer who expects free services and have to reward them as a result of HCAHPS surveys which we have no influence over as it is 3rd party required by CMS. Peel the onion and get to the root of the problem...you will find that society has created the problem and our current political landscape and not the people who were fortunate to lead healthcare in the right direction before becoming distorted. As a side note, I had a friend sit in an ED in Canada for nearly two days prior to being evaluated and then finally...3 months later got a CT of the head. You pay for what you get...

ADVERTISEMENT