The building currently occupied by Ryan's Buffet has been on the market for more than week, but the chain says it still hopes to negotiate a new lease on the property. Ryan's lease with the building's owner, California-based Realty Income Corp., expires at the end of June. The property is listed with Rhett Realty. Photo by: Slim Smith/Dispatch Staff
April 23, 2018 10:25:19 AM
To close or not to close?
A week after the building that is the site of Ryan's Buffet in Columbus was listed for sale, the marketing director for the chain restaurant said his company is still in negotiations to remain in operation at the site.
While acknowledging that the building, located at 1201 Highway 45 North in Columbus, is on the market, Ryan's Director of Marketing Mike Griffith said the restaurant may remain open for business.
"It is not a certainty that the restaurant will close, as we are currently in negotiations with the landlord for a new lease agreement," Griffith said. "A final decision to close the restaurant cannot be made until those negotiations are exhausted."
Royce Hudspeth, the listing agent for Rhett Realty, which is marketing the property, said last week that the property is, indeed, for sale, but would not comment further other than to say the property has already attracted interest from potential buyers.
The company confirmed last week that the restaurant's lease at the site expires at the end of June, although Griffith denied a report that the restaurant's employees had been notified that the restaurant was closing.
The property is owned by Realty Income Corp. of Escondido, California, which leases properties to restaurants throughout the country. Ryan's is owned by Ovation Brands of San Antonio, Texas.
"Realty Income bought the property in 2006, according to our records," Lowndes County Tax Assessor Greg Andrews said.
Andrews said the building was built in 1994 and renovated in 2005, a year before Realty Income purchased the property. Ryan's has been the lone tenant since that purchase.
Realty Income did not return calls from The Dispatch by press time.
The building is 10,819 square feet and is located on a 1.9-acre parcel, Andrews said.
The list price for the restaurant is $900,000.
Slim Smith is a columnist and feature writer for The Dispatch. His email address is [email protected]
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