Millennium Properties R/E, a premier boutique brokerage and property management company in Chicago, announced that it recently sold a 5,300 square foot free-standing restaurant on Cicero in Oak Lawn on behalf of a financial institution and the state of Illinois.
Located at 10745 S. Cicero Ave., the former Italian restaurant and pizzeria features a large dining room, a carry-out area, bar and commercial kitchen. The large corner property also has a parking lot with room for 80 cars. On the corner of 108th and Cicero, this highly visible restaurant was occupied by Papa Joe’s for 25 years. Millennium Properties also managed the property for the bank during the receivership process.
“We are pleased to have assisted our client with the sale of this well-known Oak Lawn landmark,” said Daniel J. Hyman, president of Millennium Properties. “Papa Joe’s, the long-time occupant, fell behind in their real estate tax payments. Instead of spending more than $500,000 to protect their position, the first mortgage holder chose to have Millennium Properties sell the restaurant quickly, enabling them to recapture funds instead of writing off a substantial mortgage.”
