Chicago, IL (December 23rd, 2019) – Quantum Real Estate Advisors, Inc. has brokered the sale of a free-standing Walgreens in Memphis, TN. This was a simultaneous closing of both the leasehold component and the ground-lease component, each of which was owned by different entities. The buyer was therefore able to ‘reassemble’ the individual parts of the deal and create one, fee-simple ownership structure. The Walgreens leases had roughly eight and a half years of term left on them at the time of closing. However, the buyer was able to negotiate a very rare, new, 15-year Lease with Walgreens. The Sellers of the ground lease were Memphis based investors, the Seller of the leasehold interest was a Huntsville, AL based investor and the buyer was a NY based investment fund. Daniel Waszak, Senior Vice President of Quantum Real Estate Advisors, Inc. represented the seller in the transaction.
Mr. Waszak had the following to say regarding the transaction; “This was one of the more complicated deals I’ve worked on in recent memory. There were three separate owners of the ground lease, none of which were in communication with the other. Coordination of contracts and closing took a herculean effort by all parties.” Mr. Waszak added, “The buyer was able to acquire this property and create real value instantly and the Sellers were able to monetize these unique assets.”
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.