1050 S. Lake Street, Aurora, IL
- Property Type: Industrial
- Size: 82,500 SF
- Date Closed: 03/1/2018
• The seller first approached Quantum to dispose of the asset with a short-term lease. This was not beneficial to the seller to maximize value.
• The building structure was metal and partially brick, this limited the number of buyers.
• The property is in a corridor that isn’t close to easy access or major interstates.
• The seller’s desired price was aggressive on a per square foot basis.
• Worked with the seller to establish a new lease that included higher rent and increases in both primary and option years. Quantum was instrumental in advising our client on the best lease terms and conditions that would bear the highest price in the market.
• Reached out to several potential buyers, most of whom, typically don’t purchase metal buildings. Quantum obtained multiple offers highlighting the new lease and strength of the tenant, which put less concern on the construction type of the asset.
• Quantum vetted several offers that were within the seller’s pricing range and we helped guide the 30-day closing with a strong cash buyer.
• Seller maximized his proceeds in disposing of a long-held asset. The buyer secured inventory for a new fund that matched buying objectives.