Laronga Realty Partnership announced on Monday the sale of 599 Somerville Avenue, to 599 Somerville Ventures, LLC, managed by Rafi Properties, LLC (Rafi) which occurred on Thursday, January 23.
The approximately 21,908 sq. ft. mixed-use site was home to La Ronga Bakery and Delicatessen, a family-owned and operated Somerville business for over 50 years. Known for high quality breads and turn-key manufacturing, La Ronga distributed products daily to local colleges and universities throughout the region as well as popular retail grocers such as Trader Joes.
A small deli shop served as the anchor for the bakery, providing pizza, subs, and fresh cold cuts to the people of Union Square, Davis Square, and the Winter Hill neighborhood for decades.
“The entrepreneurial spirit and family values have been a part of the bakery and property for over 50 years. We met a great deal of potential buyers throughout this process but there was something sincere and genuine about Collin Yip’s approach,” said Michael Ronga, President of La Ronga Bakery. “From the beginning, our values and goals were aligned. Collin quickly demonstrated his understanding and respect for the important qualities beyond just the numbers. My family and I are confident that this property’s future is in good hands.”
Rafi is a Boston-based private equity firm with a focus on venture capital and real estate. Rafi Properties owns, develops and manages mixed-use commercial and residential properties in Greater Boston and Hong Kong. The firm focuses on value-add opportunities in transit-oriented, urban locations. Rafi is the current owner and operator of Somernova, Somerville’s Innovation Hub (formerly known as The Ames Business Park).
“I’ve been inspired by Mike’s work ethic and entrepreneurial spirit over 50 years in business. We wish Mike, Maria, Debra, and the entire Ronga family all the best,” said Collin Yip, Managing Director of Rafi Properties. “We will work with the community to continue the entrepreneurial endeavor on this property in an effort to preserve and expand the soul of this unique place.”