Philly Restaurateur Buys Saigon Wok

Thai Singha paid locally based Saigon Wok LLC $148,000 or $92.50 per sf for the 1,600-sf, two-year-old restaurant in one of metro Orlando's booming submarkets. The buyer owns and operates three Thai Singha restaurants in Philadelphia and is renaming the 50-seat Orlando location as a fourth Thai Singha location.

James K. Densmore, vice president, commercial real estate division, Signature Realty & Development Col., Orlando, found the property for Thai Singha and handled both sides of the transaction.

"The buyer wants to expand its restaurant theme into the Central Florida market," Densmore tells GlobeSt.com. "This was a win-win situation for both the seller and buyer. The seller had personal issues that necessitated a sale and the buyer wanted an opportunity to introduce its popular brand in a growing, vibrant area."

Densmore says Thai Singha "will be an ideal fit" at Waterford Lakes Town Center because the community is "one of the area's most successful retail centers that has one of the most diverse collections of dining establishments" in metro Orlando.

The transaction was one of three restaurant sales handled by Densmore over the past several months. Densmore previously orchestrated the $500,000 sale of a Hollywood, FL deli/restaurant to Orlando-based Good Food Restaurant Co and the $125,000 sale of Verona, a small Italian-themed eatery in the MetroWest submarket that has been renamed Mia Francesca.

John Nadler, president and chief operating officer of Signature GMAC Real Estate, the parent of Signature Realty & Development, says the commercial real estate division is expected to play a large role in the company's 2003 operations. Signature posted 2002 sales of $194 million, it's highest since being formed 10 years ago.