Fundamental Income Acquires Restaurant-Nightclub Tao Chicago
Fundamental Income, a Phoenix-based net lease real estate platform, has acquired Tao Chicago, a 34,000-square-foot restaurant and nightclub leased to the Tao Group in Chicago’s River North neighborhood.
Originally built in 1892 and redeveloped in 2018 by Sterling Bay, 632 N. Dearborn is a multi-story, historical landmark featuring a 275-seat dining area, separate nightclub, private dining rooms, five custom-designed bars, two DJ booths and a 16-foot Quan-Yin statue standing within a koi pond.
Fundamental Income acquired the property subject to a long-term lease to Tao Group.
“While our focus remains middle-market sale leasebacks and the acquisition and development of company-owned, mission-critical real estate, we will continue to opportunistically acquire marquee assets with in-place leases and industry leading operators like Tao,” said Alexi Panagiotakopoulos, CIO and partner at Fundamental Income.
“It was a pleasure working with Matt Menna, the Sterling Bay team, and Michael Marks of Cushman & Wakefield on a smooth transaction.”
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