Pantera’s Pizza, at 7222 Manchester Road, has announced it has lost its lease and will close later this month. Though an employee said the new lease would quadruple the rent, the building’s owner contacted 40 South News and said that’s not true.
Mark Rubin, of Aldan Investments, identified himself by email to 40 South News as the owner. He gave further information by phone Wednesday.
“Certainly it was increased rent; it wasn’t anywhere near quadruple rent. It was way closer double than quadruple,” Rubin said.
He said the previous rent was “way under market. We put some feelers out and everyone thinks we’re right on,” Rubin said. “We offered it to him at a lower price than that. We’d like him to stay rather than have to find a new tenant, but obviously it didn’t work out for his finances, which is fine. We’ll find someone else.”
Rubin said it was a business decision on his company’s part.
“Seems like a nice guy; ran a nice business for a long time, but for what we paid for the building, the economics didn’t work with the current rent,” he said.
He said he doesn’t know what will go into the building, which will remain.