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Property Map

Evergreen Square Shopping Center

801 West Lake Avenue, Peoria, IL
  • Property Type: Retail
  • Size: 117,000 Sq. Ft.
  • Date Closed: 01/1/2014

Challenges

• Bank owned (OREO) property
• Evergreen Square shares a site with other shopping centers which is part of a larger site anchored by a vacant K-Mart, a Marshall’s and an older grocery store
• Complex deal as there were underlying ground leases running under different portions of the center with significant subordination and expense issues
• The shopping center was modified and renovated many times causing concern about the physical structure

Solutions

• Focused on the tenant’s strong sales performance and relayed our intricate understanding of the market
• Gained an understanding of the multiple ground leases that ran under the shopping center and parking area and also gained an understanding of the complex REA governing the entire site with five different owners
• Worked with the underlying ground lease owners to negotiate a buyout option for the ground lease
• Worked with property management to negotiate favorable renewal terms with existing tenants, increasing potential sales proceeds

Results

• Generated multiple offers, ultimately sourcing an out of state buyer
• Quantum was able to close the deal roughly 45 days after signing the contract
• The buyer was able to attract more tenants and sold the asset within a year for a significant profit

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