Chicago, IL (August 2nd, 2022) – Quantum Real Estate Advisors, Inc. has brokered the sale of a 14,490 square-foot Walgreens in Cincinnati, OH. The property was originally leased to Walgreens.
However, roughly four years ago, Walgreens closed. With over ten years of term remaining at the time, Walgreens sub-let the property to Dollar General. At the time of sale, there were roughly seven years of term remaining on both the Walgreens and Dollar General leases. The property sold for $5,200,000. The seller was a private investor based in New York City. The buyer was a real estate investment fund based in Texas. Daniel Waszak, Executive Vice President of Quantum Real Estate Advisors, Inc. represented the seller in the transaction.
Mr. Waszak had the following comments regarding the transaction, “Given the overall strength in the net-lease market and high-quality Walgreens guarantee on the lease, the seller felt that now was the time to monetize the asset. He is not a developer and felt there were other opportunities to take advantage of in this market.” Mr. Waszak continued, “the buyer was able to get an attractive yield and a great property that they will one day be able to redevelop.”
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.