Chicago, IL (August 2nd, 2022) – Quantum Real Estate Advisors, Inc. has brokered the sale of an 81,760 square foot shopping center located in Naperville, IL. The property consists of four single-tenant restaurants on long-term ground leases: Old Town Pour House, Maggiano’s Little Italy, White Chocolate Grill, and Morton’s Steakhouse. In addition, the property features four multi-tenant buildings leased to Jason’s Deli, Naf Naf Grill, Bombay Wraps, Brick’s Wood Fire Pizza, and more. The property was 96% leased at the time of sale and sold to a Philadelphia-based investment fund. The Seller was an institutional investment firm based in Dallas, Texas. The asset sold for $32,750,000. Chad M. Firsel, President of Quantum Real Estate Advisors, Inc., Daniel J. Waszak, Executive Vice President of Quantum Real Estate Advisors, Inc., and Zack Hilgendorf, Executive Vice President of Quantum Real Estate Advisors, Inc. represented both the Buyer and the Seller in the transaction.
Mr. Firsel commented on the transaction, “The center’s excellent location within the market, the diverse tenant make-up, and the ultimate price point fit the Buyer’s needs perfectly. This transaction is an example of the demand in the marketplace for high-quality, core assets. Even though it is not a traditional grocery-anchored center, the location, tenancy, and institutional quality construction make this an excellent acquisition.” He went on to say, “Both the buyer and seller were certainly winners in this transaction.”
Mr. Waszak commented, “This is a truly unique, irreplaceable trophy asset with terrific recognition within the community. Even though it is a restaurant-heavy tenant lineup, not only have these tenants performed well through the COVID-19 pandemic, but many are also exceeding pre-COVID levels of sales.” He continues, “This center has always maintained a high level of occupancy and consumer traffic, and I don’t doubt that will continue for the new owners.”
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.