NEWS RELEASE: Cape Fear Commercial Brokers Sale of Three Prominent Wilmington Restaurants
Jan 30, 2019
Wilmington, N.C. – January 30, 2019 – Cape Fear Commercial (CFC), one of the area’s leading commercial real estate firms, today announced that it has closed on the sale of three prominent Wilmington restaurants.
Burns & Jennings LLC, d/b/a Urban Food Group, purchased local restaurants Boca Bay, Brasserie du Soleil and Osteria Cicchetti from Circa Restaurant Group on Wednesday.
This transaction marks Raleigh-based Urban Food Group’s expansion into the Wilmington market. Owned by Kevin and Stacey Jennings, the company operates seven restaurants (two of which are currently in development) in Raleigh, Charlotte and Denver, Colorado. The establishments include Vivace, Coquette, Chow, Bar Marcel, Civetta and Avelina.
According to Ash Aziz, owner of Circa Restaurant Group, selling the businesses was not an easy decision, but is one that will allow him respite and time to focus on other Circa projects: Pizzeria II Forno, Circa 1922, Junction 421, as well as a new concept planned for River Place downtown.
“To our Wilmington guests, I thank you for allowing me to serve you,” he said. “You have afforded me the opportunity to raise my family in this wonderful community, and I have fulfilled a great many professional goals due to your continued support.”
“Ash is a truly iconic figure in the Wilmington restaurant scene, and it is a privilege to know such a hardworking individual,” said Hess. “He has spent his life creating spectacular eateries, down to the very last detail, and works day and night to serve this community. We are thrilled that this transaction frees him up to focus on Circa’s other restaurants and do what he does best.”
In addition to the three businesses, the sale involved the real estate for Boca Bay located at 2025 Eastwood Road.
Riley, who has previously worked with Aziz, commented, “We confidentially marketed these highly successful restaurants to targeted and qualified candidates across the East Coast and are extremely pleased that Kevin and Stacey Jennings saw value in the brands and were ready to enter the Wilmington market. We believe the Urban Food Group is the perfect fit for the continued operation and success of these popular Wilmington destinations.”
Aziz noted, “Urban Food Group has expressed intentions of keeping the staff of each restaurant on and continuing to operate each establishment ‘as is.’ In our line of work, it takes many key players to reach and maintain the type of success these restaurants have realized over the years. For this, I am truly grateful to all the employees. I wish them and the new owners continued success.”
About Cape Fear Commercial
Based in Wilmington, North Carolina, Cape Fear Commercial LLC is a boutique commercial real estate firm that provides targeted brokerage, property management and development services. The firm helps owners, users, developers and investors to successfully navigate the real estate market and is consistently recognized as an industry leader for the unique perspective it brings to every project. For more information, visit www.capefearcommercial.com.