Chicago, IL (December 27, 2019) – Quantum Real Estate Advisors, Inc. has brokered the sale of a 138,203sf multi-tenant retail shopping center located at 1901-2029 N Mannheim Rd in Melrose Park, IL co-anchored by dd’s Discounts and Planet Fitness. The property sold for $11,000,000.00. The buyer is a private real estate investor based in New York, NY. The seller is a local property owner from Chicago. Chad Firsel, President of Quantum, and Jason Lenhoff, Vice President of Quantum, represented the seller in the transaction.
Mr. Lenhoff had the following comments regarding the transaction, “This was an outstanding opportunity for the buyer to acquire a 95% occupied shopping center at a favorable yield with significant upside. The property benefits from an increase and upgrade in tenancy, making it one of the more desired locations in the market.” Lenhoff continued, “The buyer has potential opportunities with an outlot development(s), leasing some vacancy and increasing rents over time. This was an all-around excellent opportunity for all parties involved.”
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.