Assets of Illinois Restaurant Business
Listing Information
Assets of Illinois Restaurant Business
Created: 05/13/2022
Category: Business Property > All Assets or Going Concerns > Restaurants
Sale Date: Fri. Aug 5, 2022
Trustee's Attorney
105 W Madison, suite 1500
Chicago, IL 60602
(312) 878-6146
Case Title: Cite LLC
Court: Illinois Northern Bankruptcy Court
Chapter: 11
View Case Docket
Description
Auction Sale of assets of Cite LLC (the “Seller”), operates a restaurant at the top of Lake Point Tower and owns the real estate, fixtures, and equipment that are used to operate the restaurant (the restaurant, the property used to operate the restaurant, and the associated real estate are the “Sale Assets”). The real estate assets consist of five discrete parcels – (i) an approximately 5,200 square foot parcel that is used as the dining room for the restaurant and is located on the 70th floor and (ii) four commercial spaces used for food preparation and storage for the restaurant aggregating approximately 2,400 square feet on the second floor (the four parcels are the “Real Property”). The Sale Assets also consist of the equipment and other property that is used and is useful in the operation of the restaurant.
The Real Property is commonly known as 505 N. Lake Shore Drive, Units 207, 209, 209-A, 224, and 7000, Chicago, IL 60611. As noted above, the restaurant is Unit 7000 on the 70th floor of Lake Point Tower.
Financial Overview
Additional Details
- Auction Time: 1:30 p.m.
- Sale Hearing Held on August 10, 2022 at 10:00 am.
- Bid Amount: $4,000,000
- Bid Increment: $50,000
- Bid Deposit: $100,000
- Bid Deadline: August 1, 2022
- Last date to respond: Two business days before the sale hearing