L3 Capital buys Mystic Celt

“The owner of the Mystic Celt bar sold its single-story building on Southport Avenue to a real estate investor that has redeveloped several properties on the Lakeview shopping avenue.”

As we wrote about in May, L3 Capital was in the process of buying Mystic Celt, and it was confirmed today by Crain’s Chicago Business.

“The owner of the Mystic Celt bar sold its single-story building on Southport Avenue to a real estate investor that has redeveloped several properties on the Lakeview shopping avenue.”

Chicago-based L3 Capital paid $6.3 million for the property, 3441-3443 N. Southport Ave., according to the buyer and Cook County records. The Irish bar and grill will stay and lease back the property, said L3 Director Matthew Schreiber.

The seller was a venture of Vaughan Hospitality Group, which owns several Irish bars in the Chicago area, including the Emerald Loop downtown. The Vaughan family bought the 7,200-square-foot building for $4.3 million in 2008, according to county records.

Schreiber did not specify how long Mystic Celt is expected to remain as a tenant, and Vaughan Hospitality owner Kevin Vaughan did not return a call requesting comment.
“Mystic Celt is our tenant and will be for the foreseeable future,” Schreiber said.
“We’re excited to add a great piece of real estate on what we think is one of the best streets in the city for retail,” he said.

Vaughan Hospitality also owns Vaughan\’s Pub locations in Lakeview and on the Northwest Side, Corcoran\’s Grill & Pub in Old Town, Monty Gael’s in North Center and Square Celt Ale House & Grill in Orland Park.

SOUTHPORT ACTIVITY

L3 has been one of the most active developers on Southport, most recently leasing a two-story building it is constructing at 3423 N. Southport to clothing chain J. Crew and a SoulCycle studio.

That structure replaces buildings L3 bought in 2013 and demolished last year after leases expired with a Candyality candy store and Coobah restaurant.

L3 owns eight properties in the 3400 and 3500 blocks of Southport, with retail tenants including Lululemon, Southport Grocery & Cafe, Free People, Lou & Grey and Lole.

One thought on “L3 Capital buys Mystic Celt”

  1. Thanks for KILLING this area L3, the locals hate you for turning this street into GAP Land! Now instead of walking down for a bite to eat and a beer, we can walk down and have stupid J Crew sales shoved in our face. This neighborhood sucks now. Thanks

    Like

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