By Donald Wittkowski
Another high-profile business has hit the market in Sea Isle City.
Azzurra Pizzeria & Ristorante, at 50th Street and Landis Avenue, is up for sale at $1.3 million, according to the commercial real estate website LoopNet.com.
The sale listing calls Azzurra “a fantastic, extremely popular, and well-established pizzeria restaurant” located in a high-traffic commercial area of town.
“This thriving landmark business has over 26 years of established customers and is turn-key and fully equipped with all furniture, fixtures good will and equipment included,” the listing says.
Azzurra was established in 1988 and purchased by the Avanzato family in 1991. Salvatore and Josephine Avanzato had started the family pizzeria in upstate New York before moving to Sea Isle. Their son, Giacomo Avanzato, followed them as owner and operator of Azzurra, according to the Sea Isle City Chamber of Commerce and Revitalization.
LoopNet says the owners are ready to retire and are “truly excited for someone to continue thriving in this successful business and location.”
“There are endless opportunities for the creative restaurateur to expand this robust business with fine dining, and al fresco sidewalk dining,” the listing says.
The real estate agent handling the sale, Jamie Sofroney, of The Landis Co. Realtors, did not return calls over the weekend seeking comment.
The building “is in spectacular condition and was totally rebuilt and renovated in 2014 with all new stucco exterior, facade, awnings, heat & air conditioning, flooring, tile, railings, doors, bathrooms, light fixtures, televisions, computer POS systems (and) security systems,” according to LoopNet.
The property is also being offered as a separate business opportunity without the real estate for $289,900.
Azzurra becomes the latest well-known business to go up for sale in Sea Isle’s red-hot commercial real estate market.
The Springfield Inn, the iconic bar that has been part of Sea Isle’s nightclub scene since the 1970s, is being offered for $6.7 million. Three investors, whose names have not yet been made public, have tentatively agreed to buy the Springfield and are now going through the due diligence process before closing the deal.
Under a proposed redevelopment plan, the Springfield would be demolished to make room for a new restaurant, outdoor bar, retail space and 13 upscale condos in a three-story complex.
In another sale, The Promenade Shops, an oceanfront property that features six retail stores on the first floor and two large residential units on the top two stories, is listed for nearly $2.6 million. The Promenade Shops recently underwent a $100,000 price cut.
Mayor Leonard Desiderio says the sale of some of Sea Isle’s landmark businesses reflects an “exceptionally strong” real estate market. He said investors are attracted by the city’s low tax structure, the strong demand for vacation homes and steep discounts that are available on flood insurance for homes and businesses.
