Two area business owners have purchased the former Alexander’s Steakhouse as an investment property and say they’re still discussing possibilities for the site.
Andrew Cochran and Marcus McGlasson purchased the property at 620 N. Bruns Lane last month for $825,000, according to Sangamon County tax records.
“We’ve talked about a lot of different things,” said McGlasson. “Originally, we were talking about tearing it down and doing something else, but since it’s come out that we own it, we’ve had a lot of people interested in rehabbing it. I’m not sure what that would cost – it’s probably unlikely, but nothing has been ruled out.”
McGlasson said it was Cochran’s idea to buy the property.
“Andrew and I have been friends for a long time; we grew up together,” McGlasson said. “When Alexander’s went out of business, he reached out to me and said he thought it was a great opportunity. He thought he had a good investment, and I listened.”
McGlasson works as a financial adviser with BOS Investment Services and is also a co-owner for the meal delivery service Just Right Eating. In addition, he and his wife, Lauryn, became franchisees for Scooter’s Coffee in 2021. They have opened Scooter’s locations in Taylorville, Springfield and Indiana with several more in the works, including one planned for Chatham.
McGlasson said his wife oversees the day-to-day operations for the coffee shops, along with her brother-in-law.
“I’m sure my wife would love to put a Scooter’s on (the Alexander’s property), but it’s a pretty big lot,” he said.
Cochran owns Cochran Construction, a home building company based in Springfield. Despite the former KFC next door to the Alexander’s property and the vacant Old Towne Apartments across the street, Cochran said he sees potential.
"It's a busy corner, one of the main entrances to town,” he said. Cochran noted the former KFC has been sold to someone who is already remodeling it for another restaurant use and the city is addressing the vacant apartment complex. “I think it’s a concern, but hopefully something else goes in there or (the city and owner) come to an agreement to keep things moving.”
McGlasson agreed that their purchase was speculative.
“From a retail perspective, it’s a great corner. It has great traffic and good visibility. Depending on what happens with the apartments across the street, it has the potential to be cleaned up,” he said. “We do have big hopes for that corner.”
