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Follow on Google News | Vitello's Restaurant Sold for $3.175mmRosano Partners puts together deal to sell restaurant remembered as scene of Bonny Lee Bakley murder.
By: Rosano Partners The deal was handled by Sagiv Rosano of Rosano Partners, arguably the fastest growing commercial real estate firm in Los Angeles. After 20 years in the restaurant business, the Restivo's, two brothers from Sicily, decided they wanted to retire. The sale took place during the trial, and the deal marketing was confidential. The property went on the market at $3.1 mm with Rosano employing a unique approach involving direct contact with a handful of potential buyers. After speaking to national restaurant owners and real estate investors who owned properties in the valley, Rosano, along with the Restivo’s, agreed to sell Vitello’s to Matt Epstein for $75,000 over list, provided he keep the restaurant as is. To eliminate a capital gains tax, Rosano Partners coached the Restivo’s to use a 1031 exchange mechanism and differ the gain into another income producing property. This allowed the Restivo’s to retire to a higher annual income than what they were making before. Website: rosanopartners.com End
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