Old Princeton's restaurant in Decatur to be sold at auction
By Chris Paschenko
email@example.com · 340-2442
Attention restaurateurs: A classy brick building with ample parking and curb appeal, which formerly housed Princeton's restaurant, will be on the auction block in March.
Chuck Crump of AmeriSouth Auctions said Thursday that Rodney Cottingham, who owns The Station Pub and Grill in Madison, is a motivated seller.
"There has been some interest in the building as a restaurant and as a non-restaurant," Crump said. "The building is in the Plum Tree Shopping Center and includes everything down to the salt shakers."
Crump wouldn't reveal interested parties.
Princeton's at 1208 Beltline Road S.W. closed in June, and Crump said Cottingham bought the building out of foreclosure.
"He did $60,000 to $80,000 in repairs to the interior of the building in September and October," Crump said.
The work included general cleanup to the kitchen area, installing tile, and removing some booths, tables and chairs.
Cottingham has other business interests and is looking to sell the building, which appraised at $1.15 million, Crump said.
"The reserve is unadvertised," Crump said. "But it's below appraised value. It sits on about one acre."
Princeton's, in business for nearly two decades, employed 40. Crump said the building is ready for occupancy, and he will host an open house March 6 from 1-4 p.m.
The auction is scheduled for March 8 at 11 a.m. at the restaurant, Crump said.
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