The Urenas will continue to operate their New York restaurant. Costa and his family have operated El Bohio since the restaurant opened in 1980. The sales price equates to $2,111 per seat.
James K. Densmore of Signature Realty & Development brokered the transaction. Densmore is the former vice president of operations with Darden Restaurants' Red Lobster and Olive Garden divisions.
"The small restaurant sales market is still strong in the greater Orlando market,"Densmore tells GlobeSt.com. "Most of these sales are ethnic-type operations and are usually funded by the buyer."
Densmore says he has found more activity in this market since the Sept. 11 terrorist attacks in New York and Washington, DC.
"In my opinion, this is due to people wanting to follow their dreams, wishes and visions because they are more uncertain as to what tomorrow will bring; people moving out of large cities, opting for a more tranquil lifestyle; and although commercial money (as it relates to the restaurant business) is not readily available, soon-to-be restaurateurs finding very favorable rates on their new Orlando home purchases."
Densmore says he expects this specialized retail market to remain strong "and even strengthen during 2002."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.