Esperanza Trading Company, a garage-turned-coffee shop in the Woodstock neighborhood, has been closed due to the cost of rent. The shop, owned by Angel Medina as part of his República & Co. hospitality group, was featured in WW’s Coffee Issue. The closure came as a shock to its loyal regulars, who were intensified by the reason the shop cited on Instagram for its closure: the cost of rent. The two parties disagree on whether the landlord, Beckwith-Peterson LLC, in effect hiked the rent. They agree that Esperanza Trading Company was never officially on the lease but was subleasing from a third party, Loma Coffee Company No 1 LLC, the coffee shop that was the previous tenant.
Esperanza Trading Company is not our tenant and never has been, says Deborah Peterson, who represents Beckwith-Peterson LLC. Beckwith-Peterson LLC was well aware of Esperanza’s sub leasing and collected over $140,000 in rent from them. The lease expired and nobody asked for a new one. Medina, who owns Esperanza, says the space isn’t worth the expense, especially after he has to pay for common-area maintenance, which effectively raises the rent by $800 a month. He expects someone with deeper pockets will pony up for the lease that Esperanza can’t afford, piggybacking off Esperanza’s success in the neighborhood.
Currently, the Esperanza space is listed for lease by Commercial Realty Investors Northwest. Reforma Coffee Roasters can be found at La Perlita and Electrica, but Medina says it will have to find a new roasting space.
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