Who can’t help but smile when passing by the sombrero-wearing red pepper with a mustache painted on the side of Chico’s Cafe in Highland Park? The cafe has been serving burritos, huevos rancheros and other Mexican staples for about two decades out of a bright-yellow box of a building that shares a large corner lot on Avenue 50 near Figueroa Street with a 10-unit apartment building. Now, that entire property, including the cafe and apartment building, is up for sale at an asking price for $1.5 million, according to a listing on LoopNet.
The listing describes Chico’s as a “historic neighborhood cafe” that “has been a tenant for over 20 years and is on a month-to-month modified gross lease.”
Would a new property owner be likely to keep renewing Chico’s lease or will that will that mustached red pepper have to find another wall?