Chicago, IL (September 25, 2019) – Quantum Real Estate Advisors, Inc. has brokered the sale of a single-tenant net-leased property located at 210 West 87th Street in Chicago, IL. The freestanding building is leased to Studio Movie Grill and has been a movie theater since its inception. Studio Movie Grill started to occupy the property approximately six years ago and they put in millions of dollars in renovations, which features 14 theaters, and a welcoming lounge with full bar and restaurant. The buyer was a private real estate investor based in Michigan. The seller was a prominent acquisition and development company from Chicago. Chad Firsel, President of Quantum Real Estate Advisors, Inc. represented the seller and purchaser in the transaction.
Mr. Firsel had the following comments regarding the transaction, “This deal had a limited scope of buyers due to its location, tenancy (and lack of credit since there was no guarantee) and the specialty purpose nature of the asset.” Firsel continues, “However, we found the right group and this deal is a terrific deal for them. They are able to cash flow with a very nice yield day-one and if this tenant vacates the owner can reopen this theater with its own concept.”
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.