Chicago, IL (August 30, 2023) – Quantum Real Estate Advisors, Inc. has brokered the sale of a 40,880 SF multi-tenant building located at 3215 E. Lincolnway Highway, Sterling, IL. The property sold for $1,925,000. At the time of sale, the property was occupied by Joann Fabrics, Sherwin Williams, CosmoProf, and other local tenants. The buyer is a private real estate investor based in Illinois. The seller is a national private real estate investor. Jason Lenhoff, Executive Vice President of Quantum, represented the seller in the transaction.
Mr. Lenhoff had the following comments regarding the transaction, “This asset was highly desirable given our value-add pricing and the current economic conditions our industry has been facing over the last three years. At the time of closing, the property was 70% occupied, leaving the purchaser some valuable upside to this deal. We had over 500 investors review this listing via our proprietary database, leading to over 50 offers. To me, this shows a continued high level of confidence in multi-tenant brick and mortar locations.” Lenhoff went on, “This sale should be an indicator that if you are priced right, your asset will be widely reviewed, and have a high probability of closing.”
Quantum Real Estate Advisors, Inc. (www.QREAdvisors.com) specializes in investment sales brokerage, assisting clients in the acquisition and disposition of commercial real estate. Quantum has the capacity through strategic alliances to offer full-service leasing brokerage, receivership, management, and financing.