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She Said, Z Said: Pizzarama-lama-ding-dong
She: As if the news of Deano’s Pizzarama closing isn’t bad enough, now there are rumors that the neighboring Fosters Freeze is going to close also.
Z: Are you worried that it’s a big ugly metaphor for how your childhood is being shut down?
She: No, I got way past that when I turned thirty-fifteen. I’m just bummed that they’re closing an old school pizza place and one of my childhood hangouts.
Z: It’s definitely causing some consternation out there. I say we kick it into high gear, and start a rumor that that whole half of the Mesa Shopping Center is going to be taken over by a Target.
She: It feels that way sometimes.
Z: And we all know how you feel about that.
She: You don’t seem to be having the same nostalgic reaction as a lot of people. Haven’t you joined the “Help Save Dean-o’s in Santa Barbara” Facebook page yet?
Z: Nah. It wasn’t my stomping ground.
She: Reading that Facebook page is like taking a trip down memory lane.
Z: Not my turf. And, while I enjoy Deano’s, there are five more pizza places on the Mesa within linguini hurling distance.
She: But isn’t this just another case of a mom-and-pop business getting run out of town?
Z: Fosters isn’t mom-and-pop, and Santa Barbara definitely doesn’t have a shortage of locally owned restaurants. I think it’s probably because the Mesa Shopping Center spent way too much money on their ugly facelift, and now they have to raise some rents.
She: But I have so many Deano’s and Fosters memories. Deano’s is where I learned to play pool.
Z: If people saw you play pool, I’m not sure you’d be helping the cause.
She: Frogger, too.
Z: Again, not the game you’re most skilled at.
She: That’s not the point. A big part of my childhood was spent begging my parents to take me to Deano’s after football games then getting mad at them when we got there and they acted like they knew me.
Z: Ah, the nostalgia is starting to make sense.
She: And Susie used to work at Fosters Freeze. Did you know we invented the chocolate chip freeze by goofing around with the leftover chocolate sauce after hours?
Z: So why don’t we get royalties like Herb Peterson with the Egg McMuffin?
She: When you put ice cream and that chocolate sauce through the blender it breaks into delicious chunks—especially when you add a little vodka. Ah, memories.
Z: Again, I’m starting to understand your affection for that old place.
She: Hey, you like Fosters.
Z: Yeah. Koss and I spent some time there, getting chocolate-dipped cones.
She: Some time? Like every time you went to the park.
Z: When I grew up, we went to the Fosters near East Beach for our chocolate-dipped cones. Now it’s a Hamburger Habit — locally owned, I might add.
She: Locally owned is good, but locally owned and really old is even better. Telling your kids you remember when there were only three Starbucks in town just doesn’t offer the same local street cred.
Z: I know you’re looking forward to taking Koss to Joe’s for his first legal cocktail.
She: It’s a family tradition. Like Deano’s after football games used to be — followed by a Fosters Freeze dip cone. Or Frimples after basketball games. Or Pancho Villa after tennis.
Z: Wow. Your family went out a lot more than mine.
She: I used to love to go to McConnell’s when I got a good report card.
Z: At least that’s still there.
She: Well, at least it’s still in town, although not in the same place. Can we go there tonight? I think it will make me feel better.
Z: OK. You do get an A for nostalgia.
She: Yes, dear.
— Share your favorite gone-but-not forgotten Santa Barbara spots with She and Z by e-mailing .(JavaScript must be enabled to view this email address).
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» on 01.11.10 @ 02:24 AM
Why don’t people just come out and say it. Here it is. Investec, Cima and all these other corporate commerical for profit real estate groups are destroying Santa Barbara one business at a time. Half of state street is vacant, the mesa is now seeing the effects. Higher rents, put people and jobs out of business. Stop being greedy and help make SB a better place, seriously. We should start a list of all the businesses that have gone out of business due to rent increases. It would be staggering.
» on 01.11.10 @ 09:46 AM
As nice as it would be to blame this all on greedy developers, we have to share some of the blame too. If we want to retain local businesses with local history and roots in the community then we need to patronize those businesses—not just when they make a big drama about closing but all the time. Buy local and we won’t have these problems, or at least not nearly as often.
» on 01.11.10 @ 09:53 AM
IF the long line of people this weekend was any indication, Dean-o’s won’t be leaving Santa Barbara anytime soon.
» on 01.11.10 @ 10:37 AM
Santa Barbara real estate will drop another 50% and level out—The real estate was over hyped by the local agents—
Rents will fall sharply in Commercial soon because of high taxes and big government..Thanks liberals…
» on 01.11.10 @ 10:47 AM
Do you think that businesses ever tell the truth and say that it isn’t just an increase in rent that often puts them out of business, but the fact that they aren’t selling enough product? Sure Deano’s may be doing better now because they are saying they are going to close but will that be enough for them to stay open? Has Deano’s opened up their books to prove that it is the big bad landlord forcing them out? Could it be that they have had below market rent for far too long and now that they are facing an “increase” to actually get them to where the market is that they can’t make it? Subsidizing businesses just because you went there as a kid makes about as much sense as all of the government subsidies that are out there.
» on 01.11.10 @ 01:45 PM
January 11, 2010
PRESS RELEASE
INVESTEC – THE TRUE FACTS ABOUT DEANO’S RENT
June 30, 2004 – Lou Torres purchased the Deano’s Pizza business. Today, 5-1/2 years later, his rent, including the cost of reimbursements, has increased a total of 20%, or an average yearly increase of
3.8% per year.
The Mesa Center wants Mr. Torres and Deano’s to continue to be a successful local business at the Mesa Center. We support Mr. Torres’ efforts to improve his operations in the very competitive pizza business during these difficult economic times. However, we disagree with Mr. Torres’ ploy of intentionally misstating the facts regarding his past rent adjustments in an attempt to manipulate the media and cast us in a poor light. Investec supports local business because it is our business.
We are hopeful we can continue to have productive sessions with Mr. Torres regarding his business at the Mesa Center.
Mesa Center Investec
» on 01.11.10 @ 03:02 PM
Makes me wonder how much the center raised the rent when Lou took over in -04. I’m guessing there’s still more spin to this story.
» on 01.11.10 @ 04:29 PM
A mis-timed and expensive commercial facelift and now the tenants have to deal with increased rent. Don’t let Investec spin this issue as though they are the caring folks they portray themselves to be. They more than doubled Albertson’s rent (221% as noted below). In Investec’s own words from their Investec Retail Fund page http://www.investecre.com/newsletters/InvestecRetailFundII.pdf - see below:
Case Study #2: Mesa Shopping Center Santa Barbara, CA
• OPPORTUNITY
Investec acquired the Mesa Shopping Center in August of 1993 for $10 million. The
Center is strategically located within a neighborhood referred to as the “Mesa” in
Santa Barbara. Anchored by Albertson’s and a host of regional and local tenants,
Mesa Center is one of the most visited community centers in all of Santa Barbara.
The Albertson’s anchor lease was set to expire in August, 2005. Investec’s research
indicated that the Albertson’s store yielded the third highest sales per square foot of
the entire Albertson’s chain.
• EXECUTION
Following its acquisition, Investec leased an underutilized pad building to
McDonald’s, effectively doubling its rent while increasing the Center’s traffic and
profile substantially. Investec then managed the property and tenant mix to increase
the NOI of the property by over 27% through 2005, in the process, arranging for
lease terminations sufficient to allow for a demolition of a wing of the center to
accommodate a grocery anchor expansion.
Upon the expiration of the Albertson’s lease, Investec put the anchor out to bid to
competing grocers, allowing for the possibility of demolition and expansion of the
grocery wing. After a spirited bidding match between Albertson’s and Ralph’s,
Investec negotiated a new lease with Albertson’s providing for a 221% increase in
the rent, and the preservation for Investec of the shop space previously slated for
demolition.
In 2008, Mesa Center underwent an $4 million renovation, updating the center’s
architecture, color schemes and selected infrastructure. Albertson’s was obligated
as a part of its new lease to complete a substantial remodel of its entire store as
well.
• EXIT STRATEGY
Mesa Center is currently in Investec’s portfolio and managed by Investec
Management Corp. This asset is currently estimated to deliver a 28%* return on
capital invested for Investec’s investor.
*IRR normalized to reflect market debt assumptions.
Before
After
» on 01.11.10 @ 07:12 PM
Quite a different picture painted to Investec investors than the public, eh. How about a story about THAT, Noozhawk?
» on 01.11.10 @ 08:33 PM
I’ve always had an affection for Dean-o’s but there are way too m any pizza places on the Mesa, so it doesn’t surprise that they aren’t the last guys standing. How about delivery? That would go a long way toward improving their business.
» on 01.11.10 @ 08:48 PM
I used to love going to Deano’s but I have to admit we haven’t been there in years. I’ll have to take a walk down memory lane this week, before it’s too late.
» on 01.12.10 @ 10:36 AM
Deano-s I could live without but if Foster’s Freeze goes, well then, there goes the neighborhood. It’s really sad when these old places can’t keep up with the times, although Joe’s and Harry’s seem to be doing so nicely.
» on 01.12.10 @ 11:02 AM
Well, Deano’s is definitely packing em in this week. Hopefully that means there is hope to save this place. But remember all of our local businesses are in danger in this economy. Think before you vote with your wallet, guys.
» on 01.12.10 @ 03:39 PM
She and Z are entertaining but I would love to know the real story about what is going on in the Mesa Center.
» on 01.12.10 @ 03:41 PM
I remember playing pool there too. Do they still have a table? I have to admit I haven’t been to this place in years.
» on 01.12.10 @ 03:48 PM
We can’t lose Foster’s. Carpinteria is just too far to go for chocolate dip.
» on 01.12.10 @ 09:41 PM
Jim, your link no longer works, although I was able to find an HTML version of the document using Google. Did Investec hide that document once you linked it?
If you want to see it for yourself, do a Google search for “Upon the expiration of the Albertson’s lease, Investec”.
» on 01.13.10 @ 08:37 AM
Squanto,
Thanks for the update. It’s interesting that the webpage link no longer works. Just so you know, I reposted that information under today’s (1-13-10) Noozhawk story titled ‘Property Manager Fires Back at Deano’s Claim’ for readers to see.
» on 01.13.10 @ 12:28 PM
Wow. This Deano’s thing is a perfect example of the saying that there are three sides to any store: yours, mine and the truth. Obviously both Investec and Deano’s are spinning this thing to their advantage. But I have to agree with Leslie’s sentiment no matter what the facts are, it would be sad to lose a childhood hangout like Deano’s.
» on 01.13.10 @ 12:29 PM
Say it isn’t so. I have so many fun memories of this place. I hope they can make it work.
» on 01.13.10 @ 12:30 PM
This is reason number 5 million and 2 to buy local folks. People talk about heritage a lot in Santa Barbara but this is what it really means.
» on 01.13.10 @ 12:45 PM
Deano-s used to be the only game in town after Don’s and SBCC games. Now there are many, better pizza parlors around.
they should at least offer delivery if they want to survive.
» on 01.13.10 @ 12:55 PM
Fascinating how much energy is being put into coverage of a single pizza parlor’s demise. Where were you guys when the Earthling was closing?
» on 01.13.10 @ 02:07 PM
I will miss wondering how Deano’s stays open.
» on 01.13.10 @ 10:03 PM
While I understand why people go to Costco, and I understand why they go to K-mart but they don’t realize the damage they are doing to the culture by putting the merchant class out of business. This is just another example of why i t’s hard to be the little guy. Please help us keep the remaining LOCAL businesses in business.
» on 01.13.10 @ 10:20 PM
This makes me so sad. We had so many Friday Nights at Deano’s over the years. I hope they figure out a way that they can stay in town.
» on 01.14.10 @ 09:37 AM
Is there any new news on what’s going on with this? I heard they were trying to work it out. Hopefully all of this press is helping Lou and Deano’s generate enough money to pay the back rent.
» on 01.15.10 @ 03:47 PM
I’m sorry to hear that this is happening. Like Leslie, I can remember lots of post football game nights hanging out there (the original Friday Night Lights). Hopefully Deano’s and the center will figure out a way they can survive.
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