A local investment group has bought the property housing the Old Chicago pizza restaurant in Uptown from GE Capital for $2 million.
Stuart Chazin, an independent broker and commercial real estate investor who lives in Minneapolis, said a group of about six local investors formed "2841 Hennepin LLC" to buy the spot. They're exploring development options, he said, but Old Chicago still has 4 1/2 years left on its lease.
"They're profitable, they're doing fine and if they want to stay there, I'll consider it," Chazin said. "All my options are open."
The deal closed May 13, according to the local office of Marcus & Millichap Real Estate Investment Services, which announced the deal Tuesday. Marcus & Millichap represented both Chazin and GE.
Chazin said they bought more than 30,000 square feet of land, including the 5,862-square-foot restaurant and 52 off-street parking spots -- a valuable commodity in the packed Uptown neighborhood. The building, built in 1974, is at 2841 Hennepin Av. S., about 1 1/2 blocks from the recently renovated Calhoun Square. GE wasn't marketing the property, Chazin said, but agreed to sell when it was approached. He said he basically paid what GE asked.
"It's a no-brainer to me," he said. "This is probably one of the best future development sites in the Uptown area."
Chazin said it's his only restaurant holding. He said that he owns office and warehouse space and a number of mobile parks, in Minnesota and elsewhere.
Jennifer Bjorhus • 612-673-4683