Marcus & Millichap arranges sale of Old Chicago restaurant
June 11, 2010 | Staff Writer | Print Article | Email this Article
Marcus & Millichap recently arranged the sale of Old Chicago, a 5,862-square-foot restaurant in Minneapolis, to a local buyer. The sales price of $2 million represents $341 per square foot.
Cory Villaume, Sean Doyle and Robert Colwell, associates in the Minneapolis office of Marcus & Millichap, represented both the seller and buyer in this transaction.
“This transaction shows that there is still high demand for well-located properties in urban infill markets. With all the development that is happening in the Uptown area, there is great potential for future appreciation and rent growth in the area,” said Doyle.
This single-tenant Old Chicago restaurant was sold with a short lease term and with no options remaining. The property sits on .73 acres in a highly trafficked area of Minneapolis. It was built in 1974.
Tags | Marcus & Millichap, Minneapolis, Minnesota, Retail
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