HILCO REAL ESTATE ANNOUNCES THE SALE OF TWO CELEBRATED CHICAGO SITES: THE CHICAGO CHOP HOUSE & THE ELBO ROOM

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Oct 03, 2023, 09:15 ET

NORTHBROOK, Ill., Oct. 3, 2023 /PRNewswire/ -- Hilco Real Estate, LLC announces November 2, 2023 as the offer deadline for two iconic Chicago properties: The Chicago Chop House and the historic Elbo Room.

Founded in 1986, the Chicago Chop House has become a fixture of the city's culinary landscape. Housed in a restored 120-year-old Victorian brownstone building, this legendary steakhouse has earned its reputation as an enduring institution. Eater Magazine recognized the restaurant's exceptional quality and service by naming it one of the essential steakhouses in Chicago. Spanning all four floors, the property encompasses an impressive 8,900± square feet of space, including a recent renovation in 2017 that introduced an inviting 2,200± SF outdoor patio. This expansion increased the seating capacity to accommodate approximately 190 indoor and 130 outdoor diners. This is a truly exceptional opportunity to own a coveted turnkey operation with a highly regarded reputation as a Chicago hot spot.

The Chop House's central location in River North further adds to its appeal as the property is surrounded by the Magnificent Mile, Navy Pier, as well as the city's largest concentration of hotel rooms. The area also offers a vibrant nightlife through its high-end restaurants, bars, and nightclubs. This sale presents an unparalleled opportunity to own a property in one of Chicago's most exciting neighborhoods.

The second property available for sale through Hilco Real Estate is the Elbo Room, a beloved bar and music venue in the Lakeview neighborhood that operated for nearly 30 years. The building also includes two expansive, 1,100± SF one-bedroom/one-bathroom apartments on the upper floors. This mixed-use property provides an enticing opportunity for investors and developers to take advantage of an exciting commercial space with the potential to generate rental income from the residential apartments.

As Chicago continues to thrive as the third largest city in the United States, Chicago has also seen remarkable growth in its tourism sector. While it boasts a resident population of 2.7 million according to the 2020 U.S. Census, Choose Chicago, the city's official tourism marketing organization, reported a remarkable 60% increase in visitation from 2021, nearly reaching 80% of the record-breaking 2019 figure when the city welcomed roughly 61 million visitors. This surge in tourism underscores Chicago's enduring allure, reaffirmed by its recent accolade as the "No. 1 Best Big City in the U.S." for the sixth consecutive time in Conde Nast Traveler's 2022 Reader's Choice Awards.

Chet Evans, vice president at Hilco Real Estate, stated, "These properties are situated in Chicago's most exciting, densely populated neighborhoods that captivate locals and tourists daily." He continued, "The Chicago Chop House's one-of-a-kind location and strong revenue make it an appealing investment. The Elbo Room's Lakeview location and rich musical heritage align perfectly with the vibrant character of that neighborhood, offering a promising venture in both nostalgia and potential for growth."

Offers must be received on or before the deadline of November 2, at 5:00 p.m. (CT). All offers must be submitted on the purchase and sale agreement available for review and download from our Chicago Chop House listing page and our Elbo Room listing page.

Interested buyers should review the offer procedures, available on Hilco Real Estate's website, outlining the requirements to participate in the sale process. For further information, please contact Chet Evans at (847) 418-2702 or [email protected] and Jordan Schack at (847) 504-3297 or [email protected].

For further information on the properties, sale process and terms or to obtain access to due diligence documents, please visit HilcoRealEstate.com or call (855) 755-2300.

About Hilco Real Estate
Hilco Real Estate ("HRE"), a Hilco Global company (HilcoGlobal.com), is headquartered in Northbrook, Illinois (USA). HRE is a national provider of strategic real estate disposition services. Acting as an agent or principal, HRE uses its experience to advise and execute strategies to assist clients in deriving the maximum value from their real estate assets. By leveraging multi-faceted sales strategies and techniques, aggressive repositioning and restructuring experience, a vast and motivated network of buyers and sellers, and substantial access to capital, HRE exceeds expectations even in the most complex transactions.

SOURCE Hilco Real Estate