Print
Restaurants

Three Ash Aziz Restaurants Sold To Raleigh Group

By Cece Nunn, posted Jan 30, 2019
Three Circa Restaurant Group eateries, including Osteria Cicchetti at The Forum on Military Cutoff Road, have been sold to Raleigh-based Urban Food Group. (Photo courtesy of Cape Fear Commercial)
Three prominent Wilmington restaurants have been sold, according to an announcement from Wilmington-based commercial real estate firm Cape Fear Commercial on Wednesday.

Burns & Jennings LLC, doing business as Urban Food Group, purchased local restaurants Boca Bay, Brasserie du Soleil and Osteria Cicchetti from Circa Restaurant Group on Wednesday, a news release stated.
 
CFC brokers Patrick Riley and Lindsey Hess represented the seller in the transaction. Neal DePersia of DePersia & Associates represented the buyer.  

Circa Restaurant Group owner Ash Aziz said in the announcement, “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.”

The release did not disclose the amount involved in the transaction, which 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 release stated. The establishments include Vivace, Coquette, Chow, Bar Marcel, Civetta and Avelina.
 
Aziz said in the release that 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 and a new concept planned for River Place, a major mixed-use project under construction in downtown Wilmington.
 
“To our Wilmington guests, I thank you for allowing me to serve you,” he said in the release. “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 in the release. “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, the release stated. A deed recorded in New Hanover County shows the property sale was a $2 million transaction.
 
Riley, who has previously worked with Aziz, said in the release, “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.”
Ico insights

INSIGHTS

SPONSORS' CONTENT
Natalieenglish 3301715113

Advocacy: The Heart of the Chamber

Natalie English - Wilmington Chamber of Commerce
Carolinemontgomery4

Trade Crypto Currency? Chances Are The IRS Knows About It

Caroline Montgomery - Adam Shay CPA, PLLC
Img 1576c1

What’s Next for Equity Investors?

Eddie Nowell - South Atlantic Capital Management Group

Trending News

Realtor Submits Site Plans For Luxury Condos, Executive Office Center

Cece Nunn - Aug 22, 2019

Firm's Expansion Expected To Lead To New CRO Jobs In Wilmington

Cece Nunn - Aug 22, 2019

Pawsome News: New Pet Daycare And Retailers Opening In Wilmington

Johanna Cano - Aug 20, 2019

Public Forums Draw Questions About NHRMC's Future

Vicky Janowski - Aug 20, 2019

SummerFest 19 To Include Street Food Cook-off At Battleship Park

Jessica Maurer - Aug 21, 2019

In The Current Issue

Advocating For Realtors

Anne Gardner, the new CEO of Cape Fear Realtors, talks about her role leading one of the region's largest trade associations....


Thinking Smaller For New Subdivisions

Some homebuilders and developers in the Wilmington area are working on creating smaller subdivisions and infill communities....


Measuring Coral Health

Researchers at UNCW have developed an instrument that measures the health of coral reefs, a tool that could be useful for other universities...

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

WILMA's Leadership Accelerator
Power Breakfast - The H Word (June 13, 2019)
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`