GW Properties Acquires Retail Space On 4732 N Lincoln Ave In Chicago

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, Harry and Guenter Kempf, plan to retire after running the restaurant for almost 50 years. The mixed-use property features 10 office spaces on the second level, above the former German-style restaurant. GW Properties, the buyer, intends to develop the site to accommodate a new tenant, Northwestern Hospital. The property was marketed as a development opportunity to meet the sellers' pricing expectations without needing to adjust the site's B1-1 zoning.

Summary of transation details:

• Property Type: Retail
• Transaction Amount: $3,100,000.00
• Market: Chicago
• Buyer: GW Properties
• Seller: Harry and Guenter Kempf
• Buyer's Rep: Marcus Sullivan(SVN), Tim Rasmussen(SVN)
• Seller's Rep: Matt Feo(Essex Realty Group)

Tim Rasmussen, CCIM, and Marcus Sullivan of SVN Chicago Commercial represented the buyer, GW Properties, in the transaction. On the seller's side, Matt Feo from Essex Realty Group was the lead broker representing Harry and Gunther Kempf. Additionally, Doug Fisher, a principal at Essex Realty, played a crucial role in the sale. The developers, Alex Katz and Mitch Golz from GW Properties, alongside Essex Realty Group’s Matt Feo, worked diligently to close the deal despite the challenges posed by the COVID-19 pandemic. The collaboration between the involved parties was instrumental in finalizing the sale of the historic Chicago BrauHaus property.