People feel a sense of loss whenever a restaurant goes out of business, even if it’s a place in which they’ve never set foot. But shed no tears for the 63-year-old Sportsman Restaurant and Cocktail Lounge in Cleveland, which owner Judy Fiore just sold for $3.1 million. She got 10 times the building’s appraised value using a strategy other operators may wish to follow. The Sportsman was an old school delicatessen with a full bar, famous primarily for serving corned beef and pastrami ...

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