The Fireside at Partridge Berry Inn has been listed for sale since June by a Syracuse-based commercial realtor just two months after owners of the special-events center announced the closure of its restaurant.
A property advertisement for the Watertown business at 26561 Route 3 is listed on the website of CBRE, Syracuse. Owners Bruce C. and Lynn M. Strough bought the business in December 2009. Extensive renovations were made that included a complete kitchen modernization before the business opened in the fall of 2010.
The Stroughs announced the closure of the inn as a restaurant in April, when it became strictly an events center. They said the restaurant closed because of the rising demand for special events, such as weddings, anniversaries and special parties. But while no mention was made of cash flow issues at the time, the couple put the business up for sale two months later.
The Stroughs declined to comment Monday when called about the sale.
The 10,133-square-foot building includes a full-service restaurant and reception hall, three dining rooms and a cocktail lounge with a full-service bar, according to the property listing. The Stroughs bought the Partridge Berry Inn for $290,000 from Watertown Savings Bank in 2009, after former owner Stephen Sinclair sold it to the bank in January 2008. Because of extensive renovations made by the Stroughs, the property is expected to be sold for well above that previous price, said Robert C. Nelson, CBRE senior broker. It has been assessed by Jefferson County at $648,500, he said, but that amount doesnt account for the installation of new furniture and equipment.
That assessment is based on the real property only, and the price is above the assessed value, Mr. Nelson said, declining to reveal the listing price. The price includes all of the furniture and equipment. Its well-equipped and everything is new.
By choosing to sell the business, Mr. Nelson said, the Stroughs have decided to focus their attention on the second business they own in Watertown, Pala Wood Services Co. at 22566 Patterson Road. He declined to discuss financial circumstances of the business.
The Stroughs are looking to sell or lease the property because the operation of a food and beverage facility is not their core business, Mr. Nelson said. For personal reasons, they are divesting this ancillary business.
Several prospective tenants and buyers have expressed interest in the property, Mr. Nelson said. He expects it will change hands soon.
Our target marketing is well underway, and the sale will be hopefully soon, he said.
The Partridge Berry Inn, meanwhile, is still available to be rented for special events including weddings, reunions and birthday parties, according to its website: http://wdt.me/ko4LDJ.