Date: 4/25/22
Client: Sukho Thai Restaurant, Keith Scarmuzza leased space on Magazine Street for his successful restaurant and wanted to own his property rather than lease. We started in 2020 and closed on a sale in 2022.
Sukho Thai owner Keith Scarmuzza hired us to help him purchase a building for his restaurant, after previously helping him expand to a French Quarter location and purchasing a building on Royal Street. We researched what areas of New Orleans spent the most on dining out, cross referencing areas with a higher percentage of dining out with the number of residents. The result was a large population with a propensity for dining out. We targeted 16 prospective locations, some were already listed for lease but others were discovered by scouting the target areas.
One area we targeted was Magazine Street, which had vacant space but not much parking. We contacted the owner who felt his listing agent, who was also an appraiser, did not promote the property correctly so the owner had already terminated that listing agreement. After several meetings with the owner, we negotiated an offer and also quarterbacked all the inspections since the buyer was travelling out of the country.
