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Quantum Brokers Rockford Sale to Dallas REIT
Quantum Real Estate Advisors brokered the sale of a roughly 89,000-square-foot shopping center in Rockford, IL. The property was 100% leased at the time of sale, anchored by Ross Dress for Less and Best Buy, among other in-line tenancy. Also included in the sale was an outparcel which is primed for future development.
The seller, Core Acquisitions, LLC., a prominent Chicago-based investment and development firm, was represented by Quantum president Chad Firsel, The buyer is a Dallas-based REIT and was represented by Quantum EVP Daniel Waszak.
“The seller was able to successfully execute their business plan during their hold period,” said Firsel. “By extending leases, re-tenanting certain spaces, and investing capital improvement dollars, he was able to create significant value.”
Waszak added, “Even with all the talk of a ‘retail apocalypse’ or the death of brick-and-mortar retail, this transaction shows the continued demand for this property type.”
- ◦Sale/Acquisition
