Property Map

Unique Thrift

4441 W Diversey Ave, Chicago, IL
  • Property Type: Retail
  • Size: 11,500 Sq. Ft.
  • Date Closed: 11/1/2019

Challenges

• Site was environmentally contaminated
• Property had not been renovated or seen any capital improvements since 1960
• The tenant had only three years remaining on lease
• The tenant was recently bought buy a larger holding company with uncertainty of financial wherewithal
• The building was aesthetically unpleasing

Solutions

• Quantum used its propriety database to create multiple offers within two weeks of marketing the property
• Quantum then vetted the buyers who were comfortable working through the environmental condition
• Quantum also vetted buyers who were comfortable with the current condition of the building and short term that remained on the lease
• Quantum was able to retain an environmental engineering firm to identify the costs of remediation and a local architect was retained to draft a new and improved look for the building
• Quantum was able to manage both sides of the transaction while all parties worked toward an amicable solution on the environmental and building issues

Results

• The transaction closed with a local buyer within one week after the resolution to the challenges mentioned above
• Unique Thrift was amendable to an early lease termination and the buyer casted a new long-term lease to a large nationally branded retailer
• Quantum Real Estate Advisors, Inc. achieved 97% of the offering price

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