Other items included in the sale were a Type 47 ABC license, an entertainment license and three upstairs apartment units. This is the first commercial property sold on Ventura Place in more than a decade.
The Cohn Group is planning to continue operating the establishment as The Coaster Saloon for now.
The sellers were John and Darren Renna – a father and son duo who has operated the bar / restaurant since 1982. The seller approached Tony Franco, Cody Wippel, Joe Rote, and Joseph Medina of The Franco Realty Group and gave them the listing the iconic piece of real estate and business for sale across from Belmont Park.
“We wanted to ensure that this property falls into good hands for generations to come. After receiving numerous offers from various restaurant operators throughout San Diego, we decided the Cohn Group, with their amazing track record of great eateries, would be best to pass along this legacy,” said Franco.
Over the past five years the Cohn Restaurant Group has opened numerous new locations in San Diego and The Coaster Saloon will be the newest addition to their portfolio of approximately 22 operations spread throughout Southern California.
“It’s a blessing to have the opportunity to work directly with legendary restauranteur David Cohn in acquiring such an iconic piece of real estate,” Franco said. “A broker is lucky if he/she can ever sell a property along Ventura Place. There’s no doubt that having one of San Diego’s top restaurant groups move into the neighborhood will be a great addition for our community as a whole.”