Quantum Real Estate Advisors brokered the sale of a single-tenant net-leased property at 210 W. 87th St. in the South Side’s Chatham neighborhood. Pricing wasn’t disclosed. The freestanding building is leased to Studio Movie Grill (SMG) and has been a movie theater since its inception.
Dallas-based SMG began to occupy the property—originally opened as a theater by another operator—approximately six years ago, following millions of dollars in renovations. The property features 14 dine-in auditoriums.
The buyer was a private real estate investor based in Michigan. The seller was a prominent acquisition and development company from Chicago. Both were represented by Quantum president Chad Firsel.
Although the pool of buyers was limited due to the property’s location and tenancy, “we found the right group and this deal is a terrific deal for them,” Firsel said. “They are able to cash flow with a very nice yield day-one.”