CrockpotandGravel

Salmex Car Lot Turned Treadsack Restaurants @ 1801 N Shepherd

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1801 North Shepherd was the location of Salmex Auto & Truck Sales for years. It later became Treadsack's Hunky Dory and Bernadine's, now closed.

Construction photos of the space here:
https://houston.eater.com/2014/12/24/7447677/bernadines-and-hunky-dory-construction-underway

https://houston.eater.com/2015/2/11/8018615/hunky-dory-and-bernadines-construction-coming-right-along

https://swamplot.com/foreign-correspondents-hunky-dory-smashing-car-lots-on-shepherd-now/2014-02-12/

 

Other discussions about it here:
http://www.houstonarchitecture.com/haif/search/?q=dory&type=forums_topic&nodes=10&sortby=newest

 

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Houston Heights, a blog and Facebook run by a realtor Allen Jimenez, is floating the rumor that Ford Fry, the chef who owns State of Grace and other restaurants in Atlanta, has leased the property. Supposedly, another State of Grace is opening there or another Fry concept:

State of Grace will be taking over the Hunky Dory / Bernadine's location at 18th and Shepherd.  The Riveroak's venue will reinvent the space, menu, and ambiance.   They are a 4 Star location according to Yelp, and it looks like their menu leans more on the seafood side, so if you love seafood this may be the place to go in the Houston Heights.

http://www.thehoustonheights.org/2017/05/state-of-grace-take-over-hunky-dory.html

https://www.facebook.com/HomesOfHeights/posts/847740765374739

 

 

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Allen has apparently never been to or read about Flying Fish, which is not upscale in any way, shape or form.  

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https://houston.eater.com/2017/5/30/15711026/ford-fry-houston-heights-rumors

 

I think Sonny might be a bit too far out ahead on this one.  There was "landlord in talks with" Ford Fry rumors, but nothing will move fast with the current tenant being under the jurisdiction of the bankruptcy court and the automatic stay.  You could probably figure out more if you dive through pacer and see if there is anything in the bankruptcy proceeding about the disposition of the lease.  I can wait to find out.

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1 hour ago, s3mh said:

https://houston.eater.com/2017/5/30/15711026/ford-fry-houston-heights-rumors

 

I think Sonny might be a bit too far out ahead on this one.  There was "landlord in talks with" Ford Fry rumors, but nothing will move fast with the current tenant being under the jurisdiction of the bankruptcy court and the automatic stay.  You could probably figure out more if you dive through pacer and see if there is anything in the bankruptcy proceeding about the disposition of the lease.  I can wait to find out.

 

My guess is that the lease is terminated.

 

When a tenant declares bankruptcy, they have 60 days to declare whether or not they'll retain the lease. In order to retain the lease, the tenant would need to pay any amount in arrears under the terms of the lease. The bankruptcy of the entity that operated these two restaurants (Mothership Ventures) was on March 26th. The restaurants closed almost exactly 60 days later. This indicates to me that they tried to make a go of retaining the lease, but couldn't quite get there. As such, they rejected the lease, at which point any money they owed the landlord becomes an unsecured claim.

 

If they HAD retained the lease, they wouldn't have closed the restaurants, as continued operation is the only way they could hope to continue to meet their lease obligations. I wouldn't be surprised if the bankruptcy of this particular entity ends up Chapter 7 (liquidation) instead of Chapter 11 (restructuring).  The only other reason they'd retain the lease but cease operations would be if their lease were at significantly below market rate, at which point it becomes an asset that can be liquidated. Given how recently the lease was signed, that's almost certainly not the case.

 

The fact that the owner is actively seeking tenants is an indication that the bankrupt entity didn't retain the lease.

 

 

 

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Ford Fry is opening a restaurant in the Heights, according to a LLC discovered by Eater Houston. But there isn't information as to the location. So it could open here, or in the Braun Heights Waterworks development, or some place else in the Heights.

Here's the article:
https://houston.eater.com/2017/7/17/15979212/houston-ford-fry-superica-tex-mex-restaurant-rumors

Edited by CrockpotandGravel

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