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Sale-Leaseback of River North Eatery Generates High Price Per SF

Stream Capital Partners has arranged the $5-million sale-leaseback of the ground beneath a building occupied by Cafe Iberico, a longstanding popular tapas restaurant in River North. The buyer was an East Coast family office.

With the site size of less than 5,000 square feet at 737 N. LaSalle, the sale price equated to over $1,000 per square foot, one of the highest prices for land in River North. This was a very unique transaction because the credit on the long-term lease is the building, not the actual restaurant operating entity, Cafe Iberico,” said Stream Capitl’s Jonathan Wolfe.

Added Stream’s Jordan Shtulman, who teamed with Wolfe to represent the seller, “The buyer got comfortable with the deal because of the market dynamics of the River North submarket, along with the fact that Cafe Iberico has been a successful operator at this location for over 25 years.”

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

  • ◦Sale/Acquisition
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