Wilmington, DE (July 9, 2015) – Patterson-Woods Commercial Properties/CORFAC International, a leading full-service commercial real estate provider serving the Mid-Atlantic market, today announced the completion of the sale of a restaurant business located at 110 South West Street in Wilmington, DE.
Progressive Growth, LLC, a local, family investment group with many diversified businesses, purchased the business, Firestone Roasting House Restaurant, for $1,275,000. The Seller, RFG Hospitality, LLC & RFG Restaurant Holdings LLC, also known as Rastelli Food Groups, is an industry leading food product supplier to hotels, restaurants and institutions. They have made the decision to sell off some of their ancillary investments to focus on their core business.
Joe Latina, Principal, and Mary Ann Heesters of Patterson-Woods represented the seller in this transaction, secured the lease assignment, and worked with the buyer in securing their liquor license. Latina specializes in retail and investment commercial real estate with a strong emphasis in the food and beverage sector. Heesters has a background in food and beverage, and specializes in obtaining and transferring liquor licenses in real estate transactions.
Firestone Roasting House, open since 2005, occupies the Juniper Building on the Riverfront in Wilmington, DE. It features an indoor dining area, large bar, and outdoor patio that sits right on the Christina River. The menu features hand crafted pizza, fresh seafood, specialty sandwiches, and signature steaks. In addition to a dining experience, Firestone draws a nightlife crowd as it offers live entertainment year round. The business and day-to-day operations will continue to be managed by Big Fish Restaurant Group.
"It was a pleasure to complete this sale on behalf of Ray Rastelli, Rastelli Foods Group and Progressive Growth, LLC.," said Latina, "We would like to thank all parties for the cooperation and professionalism. We wish Mr. Rastelli the best of luck and the continued growth of his company into one of the premier food distribution companies in the world and we look forward to the continued success and growth of Firestone Roasting House on the Wilmington Riverfront."
About Patterson-Woods Commercial Properties/CORFAC International:
Patterson-Woods Commercial Properties/CORFAC International is a leading commercial real estate services firm specializing in the Mid-Atlantic commercial property markets. We have been providing the most complete selection of commercial real estate services to the communities of Delaware, Maryland and Pennsylvania for over 40 years. Patterson-Woods Commercial Properties is a second generation company well known for facilitating solutions to the needs of the business community and developers of real property. For more information on Patterson-Woods/CORFAC International, contact the company's Wilmington, Delaware headquarters at 302-622-3500 or visit www.pattersonwoods.com
About CORFAC International:
CORFAC International (Corporate Facility Advisors) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisitions and dispositions, property management and corporate services. In association with global affiliates, CORFAC International offers commercial real estate services with market reach in 48 countries worldwide. Founded in 1989, CORFAC firms completed more than 10,000 lease and sales transactions totaling approximately 400 million square feet of space valued in excess of $7.4 billion in 2014. For more information on the CORFAC network, visit www.corfac.com
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