Westerly restaurant property purchased by lessee for $1.1M

WESTERLY – A restaurant lessee in Westerly recently purchased the 2,820-square-foot property that it’s been using for the past year, according to Sweeney Real Estate & Appraisal, which brokered the transaction.

The Dragon Palace property at 162 Granite St., located on Route 1 in a highway commercial zone of the town, was acquired by Dragon Ventures LLC, the limited liability company established in 2013 by the restaurant business.

The restaurant property was sold by PCFC Westerly Real Estate LLC, a limited liability company that is managed by Edmund Restivo Jr., an investor, accountant and entrepreneur based in Providence and Boca Raton, Fla., according to public records.

The Westerly Dragon Palace restaurant at 162 Granite St. was the fifth Dragon Palace restaurant established by Dragon Ventures LLC when it opened in the fall of 2022. The restaurant serves Chinese cuisine and operates a sushi bar.

The sale of the property to Dragon Ventures was brokered by Eric Schultheis, commercial real estate appraiser and salesperson at Sweeney Real Estate.

The building, constructed in 1977, has a 100-person seating capacity, according to the town’s online property tax evaluation database.

Before the arrival of Dragon Palace, the restaurant property was occupied by Providence Coal Fire Pizza, beginning in 2017. The property was renovated in 2015, according to Sweeney.

The restaurant building stands on a 0.42-acre lot, with more than 15,000 square feet of paved asphalt, according to the database.

The renovated restaurant building and the land it stands on were most recently valued by Westerly assessors in 2021 as being worth a total of $688,800, according to the database.