CHICAGO—Quantum Real Estate Advisors, Inc. has just brokered the sale of a 7,500-square-foot AutoZone at 164 S. Western Ave. in suburban Carpentersville's Spring Hill Marketplace. The property was sold by a Chicago-based investor to a California-based buyer for $1,333,333. Earlier this month, GlobeSt.com reported that Quantum had just brokered the sale of a 3,800-square-foot Fifth Third Bank at an adjacent outlot at 154 S. Western Ave.
“Through the sale of the Fifth Third and the pending sale of the other outlot to the shopping center we are one step closer to carrying out the overall strategy that was implemented for the client,” said Quantum executive vice president Jordan Kaufman at the time.
The tenant operated the 164 S. Western site for four years and then extended the lease early, creating an effective 11-year lease. Kaufman and senior vice president Daniel Waszak at Quantum represented the seller and Chad Firsel, also of Quantum, represented the buyer. “This sale accomplishes another step towards our clients overall strategy with the shopping center,” says Waszak.
“With a below market rent, the buyer was able to acquire an asset with strong residual value and the seller was able to achieve their sales objectives,” Kaufman adds. “The transaction was definitely a win for both parties.”
About one year ago, The Boulder Group released a report showing that the reluctance of American consumers to purchase new cars during the recession has been fueling the spread of auto parts stores, with 500 opening in 2012 alone, one of the few segments in the net-lease sector with robust growth. “Demand for auto parts stores is strong,” the authors said, “as they offer long term leases to investment grade tenants and are typically constructed as vanilla boxes which are easier to re-tenant in the event the tenant vacates.”
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
