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Hilco Real Estate Closes Bankruptcy Sale of Former Cité Restaurant
Hilco Real Estate, LLC (HRE) completed the bankruptcy sale of a penthouse restaurant atop Lake Point Tower in downtown Chicago. The former tenant, Cité, a local high-end restaurant, filed for bankruptcy after calling Lake Point Tower home for three decades.
The property includes a 5,200-square foot penthouse unit and four commercial spaces on the building’s second floor. Bankruptcy trustee Robert Handler set a minimum bid of $4 million, with HRE achieving a sale price of $4,680,000.
HRE VP Chet Evans said, “We are thrilled that the sale will allow Lake Point Tower to benefit from the potential value-add of an incoming restaurant that will be putting money into the space and, more importantly, will represent a significant building amenity.” He added that HRE’s sale process allowed the seller to maximize the property’s value and minimize the time and costs that typical of a Subchapter V, Chapter 11 Bankruptcy sale process.
- ◦Sale/Acquisition
