March 23, 2018
Florida-based investor Sterling Organization has acquired the former home of chef Tony Mantuano’s Bar Toma restaurant for $15.1 million. The 10,051-square-foot retail space, at 110 E. Pearson St. in Chicago’s Magnificent Mile shopping district, has been vacant since January 2017.
“We see this high street retail property on Pearson Street as a rare opportunity to own what could be a trophy asset with proper execution through strategic lease-up,” said Sterling CEO Brian Kosoy. He cited the property’s “clear and permanently unalterable sightlines from Michigan Avenue and its proximity to the historic Water Tower,” as well as “the vibrancy of the submarket.”
The seller, Levy Restaurants, was represented by Derrick Almassy and George Good of CBRE. Sterling now owns five assets totaling more than 1.6 million square feet in the Chicago metro area, part of a national portfolio of nearly 9.5 million square feet.
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