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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.”
For comments, questions or concerns, please contact Paul Bubny
- ◦Sale/Acquisition
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