Wayne Caplan & Michael Elam of SVN Chicago Commercial helped secure the sale of the former MK Restaurant property located at 868 North Franklin Street in Chicago’s River North neighborhood.

The 9,600-square foot level retail building transacted for $2.65 million. The purchaser plans to re-develop the existing building. Marcus Cook of SVN Chicago repped the purchaser. The property was formerly the location of MK The Restaurant, which closed after 18 years of business in 2017 amid an owner and landlord dispute.

“River North is always a sought-after destination for investors, especially those in the hospitality industry,” said  Caplan, Senior VP with SVN. “The seller, a Los Angeles-based investment firm, had to carry this vacant property for quite some time, first due to MK, the old tenant, terminating their lease and then due to COVID slowing down interest in restaurant-oriented properties. We are pleased that we were able to help them sell the property and that the building will be re-imagined.”