Regi’s American Bistro, which closed in April, sold at an auction on Monday for $600,000. The sale included the 3,252 sq. ft. two-building property, the restaurant, and its seven-day beer, wine, and liquor license. The second and third story of the property has been mostly unused.
The Baltimore Business Journal is reporting that Greenspring Realty Partners, the lender for the property and business, was the winning bidder. From the article:
“The property has tremendous value with its liquor license alone,” said Dan Flamholz, principal of Greenspring Realty Partners, who made the sole bid in the foreclosure auction. “We’ll take title now and take it back out to the market.”
Greenspring, which already owns multiple restaurant properties in Federal Hill, could not be reached for comment.
Both Regi’s building and business were put up for sale in January, but neither sold until Monday’s auction.
Regi’s was open since 1978 under three different owners, including Alan Morstein who owned Regi’s for the last 14 years.
Morstein told SouthBMore.com that he was ready to move on to owning something on a smaller scale and that he will be opening Alan’s Deli at Mount Vernon Marketplace in the coming months. Morstein has spent many years in the restaurant industry, previously owning delis in Baltimore and Ocean City and later starting the Talking Turkey franchise that once had more than 28 locations.
Photos courtesy of the Business & Commercial Ventures’ listing
via http://www.southbmore.com/2018/07/27/regis-american-bistro-business-and-property-sold-at-auction/
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