Pearson's Wine and Spirits Sold to Investor
Updated: Dec 17, 2019
Pearson's WIne and Spirits, a fixture in Glover Park since 1946 at 2436 Wisconsin Avenue, was sold to Clearview Partners at the end of September. Clearview describes itself as a real estate investment company and they own and operate a number of liquor stores and gas stations in the DC and suburban Maryland area. They purchased the building for $3.8 million, along with the Pearson's business and inventory for an undisclosed amount. Clearview borrowed $3 million from Revere Bank and $570,000 from the seller for a total of $3.570,000 purchase money financing.
Phil Kang, owner/seller of Pearson's said that he feels the business is in good hands and that Clearview is quite capable of doing a great job of managing the business, considering their experience and financial resources to handle capital-intensive inventory management in the liquor business. Phil is returning to commercial real estate development and has a couple of development initiatives underway in the area. Sergey Nikolaev with Clearview has taken over as managing member of the LLC which now owns Pearson's. He has a B.S. in Finance from American University and and received his MBA from George Washington University in 2012, and then on to a brief stint in commercial real estate brokerage before joining the family investment business.
Management would like you to know: "Pearson's will continue to have their fun and educational weekly tastings every Friday evening from 5pm to 8pm and Saturday afternoon from 2pm to 5pm. The weekly newsletter offerings will go out through the Pearsons website and all events will be kept up to date for customers to view. The customer favorite Annual Champagne Tasting will be happening again this year at Old Europe and tickets may be purchased at www.pearsonswine.com/events. Longtime managers, Erick Urbina (16 years) and Brian Hines (4 years), will remain on staff and continue to serve the Glover Park community and beyond."