CORFAC News

Wilmington, DE (April 9, 2015) - Patterson-Woods Commercial Properties/CORFAC International, a leading full-service commercial real estate provider serving the Mid-Atlantic market, today announced the completion of two restaurant sales in Wilmington, DE.

Joe Latina, a principal with the firm, represented Lucey4, LLC & Ballyvourney, Inc. -  aka Stephen B. Lucey & Michael C. Lucey in the purchase of a 5,400-square-foot restaurant building located at 20859 Coastal Highway, Rehoboth Beach, DE. The seller was Captain’s Table Limited Partnership, Allan Lynch Rev Trust & Village Cupboard, Inc., and the property traded for $1.9 million.

The deal included a second parcel with an approximately 6,912 square feet, two story building. The ground level is leased to a liquor store and the second story has three apartments.

The Lucey brothers are the owner/operators of Six Paupers Tavern & Restaurant in Hockessin, DE and Ulysses American Gastropub Wilmington, DE. They plan to convert the restaurant building they acquired into a new gastro-bub concept named “The Forgotten Mile Alehouse,” which is a reference to the stretch of highway between Dewey Beach and Rehoboth Beach, both of which are popular resort destinations in summer and second-home markets for affluent people from the region, particularly Washington, D.C.

In a separate transaction, Jester & Sons, LLC sold Hunter's Den Restaurant to Xia Zhao and/or Tian Cheng Development, LLC, of Wilmington, DE for $960,000. The restaurant is comprised of 5,810 square feet on 1.85 acres of land located at 3517 Old Capitol Trail in Wilmington, DE.

Also included in the sale is an adjacent two-story, 1,995-square-foot building, 3513 Old Capitol Trail, that is used as the business’s corporate operations. Latina and Mary Ann Heesters of Patterson-Woods together represented the seller and procured the purchaser.
 
Hunter's Den has been operating as a family-owned restaurant for over thirty years. It is known for its hunting theme and historic charm. There are three dining rooms, a buffet area, and a lounge that frequently hosts live bands and entertainment. The new owners purchased the restaurant as an investment and plan to initially continue to operate the business as Hunter's Den.

Latina also leased a restaurant at 59 E. Main Street in Newark, DE, to Asian investors that renovated the space and re-opened the restaurant as “Colorful Yan Nun.” The Chinese-food inspired restaurant has been an instant hit, particularly among the students at nearby University of Delaware.
 
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.

Latina exclusively tells Globest.com that “despite strong growth in chain restaurants, the independent restaurant is still a strong part of our culture and successful restauranteurs are tapping into what the consumer wants. Craft beer and gastropub food is in strong demand, while the group that leased the Newark restaurant keenly observed that the university has a large Asian student population and the market was under-served for that type of cuisine. The Hunter’s Den deal represents a different trend; in this case it is a successful Chinese investor acquiring a development opportunity and perhaps a path toward U.S. citizenship. I have a sense that this trend will continue with many restaurants and businesses, all over the U.S. being acquired or created using the EB-5 programs or similar programs with foreign investment funds.”

About Patterson-Woods/CORFAC International
Patterson-Woods Commercial Properties/CORFAC International is a leading commercial real estate services firm specializing in the Mid-Atlantic commercial property markets. We have been providing the most complete selection of commercial real estate services to the communities of Delaware, Maryland and Pennsylvania for over 40 years. Patterson-Woods Commercial Properties is a second generation company well known for facilitating solutions to the needs of the business community and developers of real property. For more information on Patterson-Woods/CORFAC International, contact the company's Wilmington, Delaware headquarters at 302-622-3500 or visit www.pattersonwoods.com.
 
About CORFAC International
CORFAC International (Corporate Facility Advisors) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisitions and dispositions, property management and corporate services.  In association with global affiliates, CORFAC International offers commercial real estate services with market reach in 48 countries worldwide. Founded in 1989, CORFAC firms completed more than 10,000 lease and sales transactions totaling approximately 400 million square feet of space valued in excess of $7.4 billion in 2014. For more information on the CORFAC network, visit www.corfac.com.