Copper Coin Coffee announced Tuesday that a local real estate investor has purchased the downtown Woodstock coffee shop.
Larry Singleton, president and managing broker of Singleton Real Estate, represented the new owner, Randy Altmann in the purchase, which aims to carry on the life and legacy of the well-known shop, a company press release said.
“The five-year lease, valued at $600,000, allows the Copper Coin Coffee shop to remain open with no interruption of service to the downtown community,” the release said.
The local hotspot for coffee lovers and shoppers in the downtown area, formerly owned by Mike Gullicksen, is iconic, Singleton said in the announcement, and should be allowed to live a long and prosperous life.
“I am thrilled that I was able to participate in keeping Copper Coin open,” Singleton said in the release. “This coffee shop is the heart of downtown Woodstock, and Randy Altmann will be a great addition to our community of entrepreneurs and business owners.”
In an Oct. 29 statement on the company’s Facebook page, Gullicksen thanked patrons of the local hub and wished the new owners well for the future.
“[The sale] will mark the beginning of a new stage in the life of Copper Coin. With our assistance, we will transition a new ownership in their journey to continue in the excellence that we have built and developed,” Gullicksen’s post reads. “As the anchor location in downtown Woodstock, we will ensure that Copper Coin continues to provide a great community space as it has for the last six and a half years. I want to thank all our loyal customers for being so supportive over the years and especially over the last few weeks. We were able to find someone that was interested in continuing with the great product, service and brand that we have worked so hard to develop.”
The shop has served the public well as a business hub, student hangout and local artist venue for years. As the new owner, Altmann said in the announcement, it will be exciting to be a part of all of that and to maintain the “vibe” of the store.
“I’m excited for the opportunity to continue the great tradition that was started here,” he said. “We’re in the heart of downtown Woodstock, which is an incredible community. It’s just bustling, and there are so many new people moving to the area, so we’re very excited.”
In their state of “semi-retirement,” Altmann said he and his wife have been searching for an investment opportunity. They’re musicians, he said, and the artsy aura and downtown location were the main draws of their choice to invest, but the opportunity simply fell into their laps.
“An email came through [from the Copper Coin] that said, ‘We’re sorry, but we’re going to have to close at the end of the month. If you know anybody that’s interested [in the store], contact me,” Altmann said. “I got ahold of Mike and he said, ‘Let’s have a cup of coffee and talk.’”
In the many conversations with Altmann and his wife, Gullicksen said, there was a feeling of confidence that the couple understood the importance of the local hangout and venue to the community and would work to maintain that presence.
“[I felt like they] wanted to keep the place open as a community space and build on what we’ve already built on over the last six years,” Gullicksen said. “When it comes to music and the venue and things like that, I believe Randy and his wife will be fully on board to continue on with the brand we’ve developed.”
After the initial contact, Altmann said, one thing led to another, and after just a couple weeks of talking numbers and exchanging information, the deal was finalized. Gullicksen and his family staff have left a legacy that won’t soon be forgotten in downtown Woodstock, he said, and the guidance and hard work are deeply appreciated.
“I want to thank them very much for the vision [to take Woodstock Coffee House] and move it down here to the downtown area when it was just getting started as a downtown area, and for all the work that they put in to developing and expanding the facility – just all the hard work they put in.”
The community has been more than supportive from when the coffee house’s leadership reached out to the public a few weeks ago announcing the Copper Coin’s potential closing through the entire sale process, Gullicksen said, with posts on Facebook surrounding the sale reaching nearly 30,000 people.
“It spread like wildfire, and it just goes to show what this place means to the community,” he said. “I put my heart and soul into this place with my two sons and my third son, who’s been out of the state for the past couple years. We built and developed this place into what it is today... and we didn’t want to see it die.”
While it’s unfortunate to see someone struggle in an area of business they love, Altmann said as the new owners, he and his wife will work to carry on the legacy and vision of Copper Coin Coffee as best it can be maintained.
Copper Coin Coffee was “born from” Woodstock Coffee House in 2010, and relocated to its downtown Woodstock location in 2011, according to the shop’s website. The Woodstock storefront is located at 400 Chambers St.