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  1. #1

    Default Buddy' pizza,get one now before they start cutting back to cut costs.

    Original Buddy’s Pizza Building on Conant Sells for $1.36M
    June 17, 2019 03:25 PM
    The restaurant will remain open under a sale-leaseback agreement
    The home of Detroit’s original square slice Buddy’s Pizza has sold to a new property owner as barrels towards a national expansion. The building that houses Buddy’s Pizza on Conant Street in Detroit sold for $1.36 million on June 7 to a New Jersey-based firm called Essential Properties Realty Trust, Crain’s reports

    . The restaurant will continue to operate out of the building under a sale-leaseback agreement.Name:  buddy's.jpg
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  2. #2

    Default

    I'm not sure where you got the idea that quality will suddenly take a hit because they sold property.

    The only thing this would suggest is that Buddy's days at their original location may be numbered. Now that wouldn't be surprising, as they're kind of an Oasis in the desert.

  3. #3

    Default

    If anything, aren't they swimming in cash now?

  4. #4

    Default

    I think the OP said that Buddy's is heading for a national expansion, which makes sense with the rising popularity of "Detroit Style Pizza" hitting food blogs, networks and national magazines. I think that's where he/she is seeing a cutback in quality, ala Little Caesar's.

  5. #5

    Default

    What? They gonna start using that cheap sauce like Happy's Pizza uses ----?!
    Last edited by Zacha341; June-23-19 at 09:12 PM.

  6. #6

    Default

    ala Little Caesar's.
    .
    Bigger is not better. Just check out Bucemi's pizza.
    Once the best, now just another.

    Last edited by Bigb23; June-23-19 at 08:30 PM.

  7. #7

    Default

    How is that property worth that much especially if it operates under a different name?

  8. #8

    Default

    Quote Originally Posted by SammyS View Post
    How is that property worth that much especially if it operates under a different name?
    That's what I'm wondering. Without Buddy's being in that building it's just another old bar building in an under-populated part of the east side. One among dozens and dozens. Hard to imagine how that's worth well over a million.

  9. #9

    Default

    From what I get in the OP, it will still be Buddy's, they're just selling the building and not the business. I can't get to the Crains' artical as it's behind a paywall, but this is from Eater Detroit last year:
    Buddy’s Pizza, the original home of the Detroit-style square pizza, has a received an investment that will finally take the small chain beyond the borders of Michigan.
    The company announced today in a release that CapitalSpring, a private investment firm focused on the restaurant industry, has made an undisclosed investment to “recapitalize” Buddy’s and assist the restaurant group in expanding its galaxy of locations “across the Midwest and beyond.”

  10. #10

    Default

    Buddy's is opening branches in Detroit, Grand Rapids, Woodhaven and beyond.
    And here's another more recent article.
    CapitalSpring made a big bet on Detroit-style pizza when it made a “major investment” in 12-unit Buddy’s Pizza late last year, believing that the thick-crust, square pizza will work outside of its home market.But the private-equity firm has a lot of work to do first.
    “It’s a fantastic brand,” said Erik Herrmann, managing director and head of the restaurant investment group with CapitalSpring. “It’s been around for 70 years or so and has been loved by the customer base within the greater Detroit area.”
    https://www.restaurantbusinessonline...za-out-detroit

  11. #11

    Default

    And from Metrotimes in June:
    Buddy's Pizza has sold its original location's building at McNichols and Conant, but the business won't be closing or undergoing any changes.

    Instead, the growing pizza chain will continue to lease the building from an affiliated company, and the deal is part of an effort to raise money to open locations nationwide.

    The building sold in June to an affiliated New Jersey-based company called Essential Properties Realty Trust for $1.3 million, Crain's reports. Buddy's last year announced a partnership with New York-based investment firm CapitalSpring, which helps companies grow their chains.
    https://www.metrotimes.com/table-and...-sells-for-13m

  12. #12

    Default

    Quote Originally Posted by Zacha341 View Post
    What? They gonna start using that cheap sauce like Happy's Pizza uses ----?!
    Buddy's three pounds of sugar per tomato sauce is by far my second least favorite ingredient, after their insipid pepperoni.

  13. #13

    Default

    ^^^ Hmm, I've not had Buddy's in years (that local or elsewhere). It seemed good then. Sugar used too much as it stands (as filler etc).

    I now tend to lighter sauces and less meat at this point.

  14. #14

    Default

    I love having it in Grand Rapids. The headline to this thread is misleading.

  15. #15

    Default

    Quote Originally Posted by Bigb23 View Post
    .
    Bigger is not better. Just check out Bucemi's pizza.
    Once the best, now just another.

    Jet's opened a location some 20 minutes drive from my house in South FL about a year ago. Was good when it opened, but are now getting slow and sloppy. It's a pain, but when you get that itch, ya gotta scratch it.

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