The property housing the Union City Grille was sold for a reported $950,000 to one of the largest independent restaurant groups in the state.
Patterson-Woods Commercial Properties/CORFAC International announced the completion of the sale of a restaurant building at 805 North Union Street.
The 4,575 square feet one-story building was sold by T & M Properties & Union City Grille, LLC, a restaurant headed by Chef Matthew Curtis, to Bread & Butter, LLC, also known as Ashby Management Group for the announced figure.
Joseph Latina, Principal, and Mary Ann Heesters of Patterson-Woods represented both the seller and procured the purchaser.
According to Patterson-Woods, Ashby Management plans to renovate the building and open a full-service, casual dining restaurant serving modern American cuisine with a Tai/Asian flare. Union Street was the home of the Pan Thai restaurant, which operated for many years.
Ashby has successfully opened and operates several other restaurants, including three McGlynn’s Pubs (Pike Creek, Bear & Dover), The Deerpark Tavern (Newark), and Cantwell’s Tavern (Odessa).
Ashby Management is part of a growing trend toward locally owned restaurant chains that can take advantage of volume buying and management depth. The groups also have the financial resources to build business in an industry with a high casualty rate.
Examples include Harry’s Hospitality Group (Harry’s and Kid Shelleen’s, SoDel Concepts (founded in Sussex County by the late Matt Haley; and Platinum Dining Group (Redfire Grill, Eclipse).
“It was extremely gratifying to execute this transaction on behalf of two of our very valued clients,” said Latina. “We wish Chef Matt Curtis the best of luck in his future endeavors and look forward to yet another successful Ashby Management restaurant.”
In social media posts, Curtis, who was active in community activities, said the restaurant could never built sufficient momentum after opening during the financial crisis of 2008 and 2009.
Patterson-Woods Commercial Properties / CORFAC International is a leading commercial real estate services firm specializing in the Mid-Atlantic commercial property markets.
Further information is available by calling the company/s Wilmington, Delaware headquarters at 302-622-3500 or by visiting www.pattersonwoods.com.
