Chicago BrauHaus, a noted restaurant establishment located at 4732 N. Lincoln Avenue in Chicago’s Lincoln Square neighborhood, has sold for $3,100,000. The former owners plan to retire after operating the restaurant for nearly 50 years.
Tim Rasmussen, CCIM and Marcus Sullivan of SVN Chicago Commercial represented the buyer, GW Properties. Matt Feo, director, and Doug Fisher, principal, of Essex Realty represented the sellers, Brauhaus owners Harry and Gunther Kempf.
“This transaction was a great collaboration between all parties with special acknowledgment to Essex Realty Group’s Matt Feo, the lead broker representing the sale, and GW Properties’ Alex Katz and Mitch Golz, who worked tirelessly in getting this deal closed in the middle of the COVID-19 pandemic.”
This mixed-use property features 10 office spaces on the second level, above the former German-style restaurant. GW Properties plans to build out the site to suit the new tenant, Northwestern Hospital.
“We marketed the property as a development opportunity in order to achieve the pricing expectations of the sellers and we were very pleased with the outcome,” said Feo. “The developers worked extensively to solidify their plans without needing to adjust the property’s B1-1 zoning. They found a creative solution to building a medical office that could suit the needs of Northwestern while still preserving the iconic façade, thus keeping the buildings charming architecture intact and preserving the treasured Lincoln Square streetscape.”