Kwan’s Original Cuisine is seeking new ownership after the death of founder and beloved chef Kam Sang Kwan.
The sale of the authentic Chinese food restaurant, which has been serving Salem customers for 41 years, is posted on Craigslist in the business and commercial section.
The price: $335,000.
The listing, being handled by Hancock Real Estate, is for the restaurant only, with an option to lease the building at 835 Commercial St. SE.
The building is part of an eight-property portfolio owned by Kwan LLC and listed as a commercial real estate development opportunity. The portfolio also includes retail and office properties in Salem, plus more than an acre of land.
The portfolio’s price: Nearly $3.3 million.
A SALEM LEGACY: Remembering beloved chef Kam Sang Kwan
Terry Hancock, the principal broker at Hancock Real Estate, emailed the following statement:
“The Kwan Family has tasked us to list the business and property separately for sale as they seek alternative avenues for their family. As you know, Mr. Kwan’s passing was unexpected for the family and while they desire for a new operator to continue Mr. Kwan’s great legacy, they are exploring options should the right owner-operator arise.
“The Kwan Family appreciates both the community and the Kwan’s Cuisine staff for their exceptional kindness during this time of transition. Please let me know if I can be of further assistance.”
The Craigslist post advertises the restaurant as being “FULLY EQUIPPED / READY TO OPERATE.” Just below that, however, it notes: “furniture, fixtures and equipment to be priced and sold separately.”
The post describes the restaurant as offering an extensive menu of choices built from the owner’s dependable recipes and as serving lunch and dinner daily. It’s closed on Mondays, however, according to revised hours on Kwan’s website.
Kwan’s just reopened this past Saturday after being closed for nearly six weeks in the wake of Kam Sang Kwan’s death June 17 at age 82.
The family told the Statesman Journal last week that former chefs have stepped in to assist in the kitchen.
The Craigslist post reports the restaurant has an annual gross revenue as nearly $700,000 for a 2015-16 average. It has nine full-time employees and 20 part-time.
Mr. Kwan’s widow, Bo Kwan, continues to work at the restaurant and their four children are involved as much as possible.
Asked last week if reopening is what their husband and father would have wanted, they said: “He would definitely understand we’re making the best decisions we can under the circumstances.”
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