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'For sale' signs posted for three local restaurants

'For sale' signs posted for three local restaurants


Restaurant goers in Lake Geneva could notice some changes soon, as three longtime restaurants are up for sale.

With a combined estimated 60 years of service, Su Wings Chinese Restaurant, Northsiders Lake Geneva and Medusa Grill & Bistro are all looking for buyers.

None of the three restaurants have announced plans to close while the properties are for sale.

Su Wings Chinese Restaurant, 743 North St., currently is listed for sale for $1.5 million with Homestead Realty of Lake Geneva. The business has been for sale for several weeks.

Robert Limosani, an agent with Homestead Realty, said the restaurant owner has indicated that he plans to retire after about 40 years in business.

Limosani would not disclose whether any potential buyers have shown an interest in the well known Chinese restaurant located north of the city’s downtown.

The sale includes all of the restaurant’s equipment, so the business would be a good buy for someone looking to get started in the restaurant business, the agent said.

“He’s selling it lock, stock and barrel,” Limonsani said. “You could come in and start up the next day.”

On the eastern edge of downtown, Northsiders Lake Geneva, 642 W. Main St., is listed for sale for just under $1.2 million. Formerly known as Carvetti’s Grill and Tap House, the restaurant has been in business about 16 years.

Lake Geneva aldermen this summer balked at renewing the restaurant liquor license, citing concerns that the business had not been open for the required 90 consecutive days last year. The council voted 5-1 to renew the liquor license.

Owner Daniel Carvetti said business has been slow recently, and the restaurant has been open on weekends only this summer.

“That’s very disappointing,” he said.

Carvetti said it is difficult to operate a restaurant in Lake Geneva, because most of the business occurs during the summer tourism season. Local restaurant goers, he added, tend to stick to their own favorite places throughout the year.

“That’s life in a small town,” he said.

Northsiders has drawn some interest from prospective buyers since it was posted for sale in February.

Pat Moore, the property’s broker with @properties in Lake Geneva, said Northsiders would be an ideal purchase for anyone looking to get into the restaurant business. Moore said several local business owners have expressed an interest in purchasing the restaurant.

“It’s a great location,” Moore said.

Carvetti said he plans to remain involved with the business until it is sold. He said if it does not sell, he plans to keep the restaurant open and expand the kitchen area.

Noting that it has been a popular spot over the years, Carvetti said he is confident that a new owner could turn the business around. He also said he plans to remain involved in Lake Geneva somehow.

“I love Lake Geneva,” he said. “If the business sells, eventually I’ll be bored and open another business.”

Medusa Grill & Bistro, 501 Broad St., has been for sale for about two months.

The restaurant, which has been in business for about 10 years, is currently listed for sale at $1.8 million. It is located north of the city’s downtown, not far from Su Wings.

Co-owner Gregory Anagnos said he did not want to discuss his reasons for selling the place.

“I’m 60 years old, and it’s time to move on to something else,” he said. “I feel I’ve done a great job.”

The owners are working with Melges Real Estate LLC of Lake Geneva to seek buyers for Medusa.

Hans Melges, owner of Melges Real Estate, said the property offers buyers versatility and opportunity.

The sale includes the restaurant on the lower level, plus rental apartments on the upper level. There are also 16 parking spaces.

“Whether you plan on opening a restaurant or other type of business, it’s a great buy,” Melges said. “Who wouldn’t want to own 16 parking spaces in Lake Geneva?”

The broker said there has been much interest in the Medusa property, partly because of the restaurant’s strong reputation under Anagnos.

“The food is outstanding — it’s out of this world,” Melges said. “He’s built up a brand, and he’s been keeping it up.”

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