SVN Chicago Commercial’s Wayne Caplan and Michael Elam recently assisted in the sale of a 9,600-square foot retail building located at 868 North Franklin Street in Chicago’s River North neighborhood. The property sold for $2.65 million and is set to be re-developed by the purchaser. Marcus Cook of SVN represented them throughout the transaction process.
The former MK Restaurant had been occupying this space since 1999 until their lease was terminated in 2017 due to an owner/landlord dispute that led to its closure after 18 years of business operations. Caplan, Senior VP with SVN commented on how popular River North remains among investors looking for hospitality properties: “We are pleased that we were able to help them sell the property and that it will be re-imagined.” He went on further noting how COVID has impacted interest levels for restaurant oriented properties over recent months but ultimately they were successful in finding a buyer who plans on redeveloping it into something new entirely!
