It’s been a little more than a month since the iconic Cafe 100 building was listed for leasehold sale for just under $2.9 million.
The news that the building was on the market and that Cafe 100’s owner, Mari Kobayashi, was looking to step away — at least temporarily — from one of Hilo’s most successful restaurants due to health issues has piqued the interest of both restaurateurs and diners.
“There has been interest. We have not found the right buyer yet, but we are optimistic,” said Debbie Parmley, a vice president for Colliers, the real estate investment firm listing the property.
The historic “Home of the Loco Moco” brand and the Cafe 100 business itself are not for sale, but news it could be going on an extended hiatus has sparked an uptick in diners hoping their next loco or plate lunch from the beloved heritage eatery isn’t their last.
“The locals have come out to support us during this time and have voiced that they will support us in whatever we do next,” Kobayashi said. “We are very honored to be a part of this outstanding, loving community.”
In addition, Kobayashi said, Cafe 100 shirts have been a hot commodity lately, and they have reordered more from HawaiianArts.
Cafe 100 has a staff of about 20, and they, as well as the restaurant’s clientele, have been affected by the events around the listing of the land and the prospect of the restaurant closing.
“Before I listed Cafe 100 with Debbie, I spoke one-on-one with each individual of the crew. They are my family, and I have respect for them,” Kobayashi said. “In turn, they have been supportive in continuing to serve the local community.”
Once a buyer is found for the property, Kobayashi will close the historic restaurant, which has served Hilo since 1946, with an eye toward reopening at a different location once she and her son have completely recovered from ciguatera poisoning, a neurotoxin contained in some reef fish that is undetectable by sight, smell or taste.
“Each day, I bring the best of me to Cafe 100, but have learned that there are limits,” she said. “Some days, I have tried to stay longer but pay for it that day and the next. My son is attending summer school and is enjoying it.
“I know this may sound corny, but this experience has brought us closer to God. All good things come from him. It’s just sometimes we have to go through trips that strengthen the bond.”
Terms for any interested buyer include a negotiable 20- to 40-year lease for the 0.57-acre property and the 5, 561-square-foot-building containing a turnkey restaurant operation. Since the Cafe 100 name doesn’t come with the building or its contents, a new restaurant operation would have to change the signage on the building and the street.
Parmley said that, even with the transaction being leasehold instead of fee simple, the location is a good investment for an experienced, savvy restaurateur.
“I think it’s a great location,” she said. “I think any restaurateur in Hilo would be successful there because of the location, because of the parking, and because of the sense of place that property itself has and has had due to Mari and her family’s stewardship.
“This is a free-standing building in a very, very good part of Hilo. It’s got great parking. She has invested over $500,000 in (photovoltaic) panels, which makes the electric bill way lower. She’s got a backup generator. She’s got a kitchen full of equipment. … So, all the equipment, the utensils, pots and pans — everything that someone needs to run a successful restaurant — are in place.
“The leasehold rent is a negotiable amount, depending upon the buyer and what the final leasehold purchase amount is.”
And according to Parmley, the kicker for a prospective buyer is, “You get to own your own business and handle your own destiny for the next 30 to 40 years.”
For more information, visit colliers.com. To contact Parmley, call (808) 524-2666 or email Debbie.Parmley@colliers.com.
Email John Burnett at jburnett@hawaiitribune-herald.com.