UPDATED: MARCH 15, 2018 9:49 AM — Local Vietnamese-American business owners and investors spent $3 million last week to take down the remaining two thirds of a multi-tenant retail strip center in downtown Orlando's "Little Saigon" neighborhood.
Located at 1100-1114 E. Colonial Dr. along with the shared parking lot directly behind at 631 N. Thornton Ave., these 0.95 acres across three parcels feature 15,222 square feet of multi-tenant conditioned retail space fronting Colonial.
Fully leased at time of sale, tenants there include the Little Saigon Vietnamese Restaurant, Tien Hung Oriential Foods grocery store, and the Tien Hung Jewelry store. The sale closed March 8 and was recorded Monday in Orange County.
The buyer was Colonial Sunshine LLC, an investment vehicle for Wendy T. Nguyen and Dung Tien Phan.
This purchase now gives the buyers ownership of the entire strip of retail frontage on Colonial Drive between N. Thornton and N. Mills avenues.
Nguyen owns the Anh Hong Restaurant-anchored parcel on the signalized corner through affiliate Tiger Lily Corp., while Phan owns the Hung-Tien Oriental Foods & Gift store there.
No renovations to the property are imminent, and the investors have no immediate plans to redevelop the property, Nguyen told GrowthSpotter. This retail strip fronting Colonial Drive is these investors' only commercial asset in Little Saigon at the moment.
The buyer sourced a $1.155 million loan from Seacoast National Bank to help close the deal.
The seller was an affiliate of Basila Malham Properties, a local family-owned commercial real estate investment company that has owned these properties since the 1980s, or earlier.
This was the family's last commercial property holding it had left to sell, according to Betty Basila, a managing member of the business.
One block west of this retail strip, another pair of property investors have plans under review with the city for a new 10,648-square-foot multi-tenant retail building.
That would extend the 10-block stretch of E. Colonial Drive that has come to be known as Little Saigon, a moniker that took root after thousands of Vietnamese war refugees fled their country in the 1970s and settled in Orlando, then opened a cluster of new businesses there.