Quantum Real Estate Advisors, Inc. has brokered the sale of a 138,203-square-foot, multi-tenant retail shopping center located at 1901-2029 N. Mannheim Road in Melrose Park, Illinois. The property, co-anchored by dd’s Discounts and Planet Fitness, sold for $11,000,000.00. The buyer is a private real estate investor based in New York and the seller is a Chicago-based property owner. Chad Firsel, president of Quantum, and Jason Lenhoff, vice president of Quantum, represented the seller in the transaction.
“This was an outstanding opportunity for the buyer to acquire a 95 percent 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 said. “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.”