Restaurant Operator Moves to Carlsbad
Irvine-based Catalina Restaurant Group Inc. has moved its headquarters to Carlsbad.
The owner of Carrows Restaurants and Coco’s Bakery Restaurant recently subleased about 14,000 square feet from The McGraw-Hill Cos. in a 60,000-square-foot office building at 5780 Fleet St. in Carlsbad.
The five-year sublease is valued at about $1.14 million. All of Catalina’s 43 workers made the move, which was spurred by a desire to be closer to the company’s San Diego County workers, a spokesperson said.
Catalina bought the Carrows and Coco’s chains last year for about $32.5 million from Advantica Restaurant Group, now Spartanburg, S.C.-based Denny’s Corp.
Denny’s sold off of the divisions in a bid to reorganize after declaring bankruptcy.
Catalina has spent the past year or so revamping Carrows and Coco’s, including closing 58 restaurants (the company now counts 278), cutting $6 million in administrative costs and overhauling the restaurants’ looks and menu.
Sales for 2002 increased 3% to about $400 million, breaking a five-year streak of annual declining sales of up to 6%.
Ron Magnaghi with Corporate Real Estate Advisors represented Catalina in the sublease. Chris Wood of Trammell Crow Co. represented McGraw-Hill.
,Jennifer Bellantonio
