Closer highlights for March 9
Sale
Lawrence Price, who started the Schoolyard Tavern, a popular watering hole at 3258 N. Southport Ave. in Lakeview, sold the building for $2.1 million to a venture managed by Andrew Gloor, a real estate investor and a co-owner of a small group of bars including Kirkwood Bar & Grill, 2934 N. Sheffield Ave., and the Sidebar Grille, 221 N. LaSalle St. The sale also included the bar business, confirmed Mr. Price's attorney, Robert Di Silvestro of Chicago, who declined to comment further. The Gloor venture financed the purchase with a $2.85-million loan from Chicago-based Gold Coast Bank. Mr. Gloor, a principal with Chicago real estate investment firm Sterling Bay Cos., did not return messages requesting comment.
Foreclosure
A trustee for commercial mortgage-backed securities holders has filed a foreclosure suit on a 30,549-square-foot shopping center at 4445-53 N. Pulaski Road on the Northwest Side. The trustee, New York-based Citigroup Inc., sued Feb. 5 in Cook County Circuit Court, seeking to recover $7.3 million from a venture managed by Mark Vakili, president of Newport Beach, Calif.-based real estate firm Commpros Inc. Tenants at the Albany Park shopping center, which is 87% leased, include Nick's Billiard Academy, Subway, Cricket Communications and Dollar Stop, according to Commpros' Web site. Mr. Vakili didn't return a call seeking comment. Property records show New York-based Citigroup issued the $7.3-million loan in November 2007, when Commpros acquired the center for about $9 million. Related story: Albany Park strip mall sold
Construction
Five Guys Burgers & Fries plans to open a restaurant in the Rivertree Court shopping center, 701 N. Milwaukee Ave. in north suburban Vernon Hills, according to construction industry data provider BidClerk.com. The 2,800-square-foot location would open in August, says a spokeswoman for the Lorton, Va.-based fast-food chain. Five Guys Enterprises LLC opened its first Chicago-area restaurant last year and currently has eight locations here. The company plans to open seven more restaurants in the area before the end of the year. Anchored by electronics retailer Best Buy Co. and crafts supplier Michaels Stores Inc., the 298,862-square-foot center has a financial occupancy of 93%, which includes tenants paying rent even if their space is vacant. The center is owned by Oak Brook-based Inland Real Estate Corp.
Mortgage
An Arlington Heights investor borrowed $1.5 million to finance its acquisition of Cedar Lake Plaza, a 21,100-square-foot shopping center in northwest suburban Round Lake. The borrower, Cedar Lake Plaza LLC, acquired the property for $1.6 million in a so-called short sale, or a sale for less than the value of its debt, from a group of executives at Centerville Properties LLC, an Algonquin-based developer. The acquisition was part of a larger $3.4-million transaction including the purchase of 322,200 square feet of land surrounding the shopping center, says Evan Halkias, a Marcus & Millichap broker who represented the seller. He declines to discuss specifics of the transaction. Margaret Persalis, who is listed as manager of Cedar Lake Plaza LLC, did not return a phone call for comment. Efforts to reach the sellers were unsuccessful.
See more public records, foreclosure maps and Crain's Lists.
