Thai Kitchen will move from its current location in the Southdowns Shopping Center on Perkins Road to the former location of Phil’s Oyster Bar at 4550 Concord Ave.
Thai Kitchen owners Kiatisak Sanguanrung and Punnee Arsanathong recently purchased the restaurant space. Grey Hammett and Scot Guidry with Mike Falgoust & Associates Commercial Real Estate represented the seller, Heck Properties LLC. The 6,000-square-foot building sold for $625,000, or about $104.16 per square foot.
“The former restaurant had been dark for a number of years, and after the price reduction a few months back the activity really picked up,” says Hammett of the space. “We had several backup offers if it had not closed.”
The Concord location was originally built and operated as Ruby’s, a hamburger joint that got its start under the Perkins Road overpass. It later became an Italian restaurant and finally was the home to Phil’s Oyster Bar, which was owned by the late Gus Piazza, who died in 2007 at the age of 55.
The buyers were represented by Chris Shaheen at Saurage Rotenberg Commercial Real Estate.
In January of this year, the owners of Thai Kitchen had a purchase agreement in place for a building at 4564 Bennington Ave., but that deal fell through. The restaurant has operated from the Southdowns Shopping Center location since 1999.
Appraiser Tom Cook owns Cook Moore and Associates. Reach him at (225) 293-7006 or TCook@cookmoore.com.