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
Mike stonestreet 300x300

Large-Scale Community Associations

Mike Stonestreet - CAMS (Community Association Management Services)
Dallas headshot 300x300

Growing Business Value When Times Are Tough

Dallas Romanowski - Cornerstone Business Advisors
Robindavisccu1 1011944433

How Corning Credit Union Is Helping Its Communities

Robin Davis - Corning Credit Union (CCU)

Trending News

Burney's Sweets & More Coming To Mayfaire

Jessica Maurer - May 27, 2020

Some Area Restaurants Stick To Carry-out

Jessica Maurer - May 27, 2020

Attractions Face Significant Revenue Losses

Christina Haley O'Neal - May 26, 2020

Attorney: Business Interruption Insurance Should Cover Virus Losses

Jenny Callison - May 28, 2020

On Castle Hayne Road, Fetching Space For Doggy Daycare

Cece Nunn - May 27, 2020

In The Current Issue

MADE: Spicing Up Local Markets

RAWsalsa is a local, independent maker and seller of smallbatch, fresh salsas. Products include signature fresh tomato and fresh pineapple s...


Phases Aim To Aid Economy Safely

Included in our new lingo these days besides “social distanc­ing” (staying 6 feet apart) and COVID-19 (the novel coronavirus) are “phase one...


NHRMC: Suitors Come Calling

Of the six health systems that submitted proposals for buying or partnering with NHRMC, three have moved ahead of the rest of the pack for f...

Book On Business

The 2020 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2019 Health Care Heroes
August 26, 2019 Power Breakfast: A Healthy Sale?
2019 WILMA Leadership Accelerator
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`