Chicago, IL (August 8th, 2022) – Quantum Real Estate Advisors, Inc. has brokered the sale of a 45,422 square foot office building in Warrensville Heights, OH. The property was a build-to-suit for Marcus Thomas in 2011 and renovated in 2021. Marcus Thomas is a leading independent advertising agency and had signed a new, 12-year lease at the time of extension. At the time of closing, there were roughly 10.5 years remaining on the lease. The property sold for $13,100,000. The seller was a developer based in the Cleveland area. The buyer was a private investor based in Miami. Daniel Waszak, Executive Vice President of Quantum Real Estate Advisors, Inc. represented the buyer in the transaction.
Mr. Waszak had the following comments regarding the transaction, “The buyer was able to acquire a corporate headquarters property subject to a long-term lease at an attractive yield. The strength of the tenant allowed the buyer to obtain attractive financing.” Mr. Waszak continued, “this was part of a 1031 for the buyer. They are very happy with the asset and their ability to defer the gain.”
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.