President Chad Firsel and Vice President Jason Lenhoff worked on behalf of the seller.
Quantum Real Estate Advisors has arranged the sale of a 138,203-square-foot, multi-tenant shopping center in Melrose Park, Ill. President Chad Firsel and Vice President Jason Lenhoff worked on behalf of the seller, a local Chicago owner. A private real estate investor from New York purchased the retail asset for $11 million.
Located at 1901-2029 N. Mannheim Road, the property was built in 1985. Situated some 16 miles west of downtown Chicago, the asset is roughly 2 miles from Interstate 294 and 6 miles from O’Hare International Airport. The surrounding area includes several residential neighborhoods, as well as many industrial properties.
The shopping center is co-anchored by dd’s Discounts and Planet Fitness, and according to Lenhoff, the property was 95 percent occupied at the time of the deal. The tenant roster also includes Dollar Tree, Harbor Freight Tools and CSL Plasma, among others.
In October 2019, the brokerage firm also represented the seller of a 9,000-square-foot shopping center in Winston-Salem, N.C. The asset traded for less than $2 million.