RPL’s Libby Kirwin Closes Multimillion-Dollar Sale of Newport’s Scales & Shells

RPL’s Libby Kirwin Closes Multimillion-Dollar Sale of Newport’s Scales & Shells

Residential Properties Ltd. (RPL) has announced the sale of 527 Thames Street, 537 Thames Street, and 2 Goodwin Street in Newport. 

RPL Broker Associate Libby Kirwin represented both sides in this multimillion-dollar transaction. For nearly four decades, the building has been home to a staple of Newport’s restaurant scene, Scales & Shells.

Owners Debra and Andy Ackerman sold the building to Nautilus Property, LLC, formed by Peregrine Group, with plans to keep all of the staff on board, including the management team and head chef, says RPL.  

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“I’m very excited for Peregrine Group’s Newport Restaurant, LLC., as they create and share their version of Scales & Shells,” Kirwin said. “When selling a restaurant, it is key to act with integrity and discretion for your client while at the same time marketing such an entity to the community. I believe my prior experience helped me earn the Ackermans’ trust."

"After engaging with Colin Kane, CEO, I felt he was the perfect person to approach," Kirwin added. "And finally, based on our discussions and past business, without Gregory Fater, the attorney representing the Ackermans, this transaction would not have closed. We appreciate the ability of all parties to make this connection come to fruition and are excited for Peregrine Group’s new venture.”

According to RPL:

"The Ackermans’ story began more than 35 years ago. While living in the Emilia Romagna region of Italy, they were transformed by the delicious, ingeniously delectable cooking style of the area around Bologna and enchanted by the heady flavors and aromas. When they returned from abroad and settled in Newport, they decided to open a restaurant where they could share what they had experienced by offering the freshest and most appetizing seafood and pasta. In January of 1987, they opened Scales & Shells and have remained a cherished part of the Newport food scene and the community ever since."