700 N Sedgwick St, Chicago, IL

Located in Chicago’s River North neighborhood, 700 North Sedgwick is anchored by the French restaurant, Obelix. Situated in a mixed-use urban district, the property is positioned north of the Chicago River and west of Michigan Avenue. The location benefits from pedestrian traffic and commuter traffic from the nearby “Chicago” Brown/Purple Line “L” station. The surrounding area has a dense, affluent population. Within a 1.5-mile radius, nearly 175,000 people reside with an average household income of $162,000. The population is projected to increase by 7.4% within five years, reaching over 187,700. The restaurant has a dining room that seats 66, with space for 12 more at the bar. The space features a wine-toned banquette, black and white tiled floors, wooden chairs, and white linens. Located off the northwest corner of Huron and Sedgwick Streets, the property is on the ground level of the 400 West Huron luxury condominium building. Constructed in 2016 as part of the 400 West Huron condominium project, the property is located on the ground floor of a 15-story high rise, which includes 46 luxury residential units. The bi-level restaurant features a 2,500 square foot dining room, kitchen, and bar area on the lower level. Directly below the restaurant level is the 2,397 square foot basement, which has dual walk-in refrigerators, an employee locker room, and storage space. The property is accessible from the sidewalk, and the corner location provides visibility to pedestrian traffic. The property has a percentage rent clause in-place that should be achieved in 2023. Additionally, the parking unit can be leased or sold to other unit owners.