Popular riverfront restaurant and entertainment spot Firestone Roasting House has been sold to a local limited liability company.
The announcement was made by Patterson-Woods Commercial Properties/CORFAC International, a commercial real estate provider, based near Wilmington.
Progressive Growth, LLC, a local, family investment group with a number of 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 Foods Group, is a food product supplier to hotels, restaurants and institutions. The company, based in southern New Jersey, made the decision to sell off some of their ancillary investments to focus on their core business, according to a release.
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.
The space, which includes a large outdoor area, was the home of a two other restaurants over the years, including a high-end steakhouse.
The menu features hand crafted pizza, fresh seafood, specialty sandwiches, and signature steaks. In addition to a dining experience, Firestone draws a nightlife crowd and offers live entertainment year round.
The business and day-to-day operations will continue to be managed by the fast-growing Big Fish Restaurant Group.
“It was a pleasure to complete this sale on behalf of Ray Rastelli, Rastelli Foods Group and Progressive Growth, LLC.,” Latina stated in a release “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.”
Firestone did not open in 2005.