Connect Chicago – Warrenville Retail Trades in 1031 Deal After Lease-Up

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Quantum Real Estate Advisors has brokered the sale of a multi-tenant retail building at 28341-28361 Diehl Rd. in Warrenville, IL. The roughly 18,000-square-foot property sold for $5,367,000.

The buyer was a Chicago-based private investor in a 1031 exchange, while the seller was an investment group, also based in Chicago. Quantum’s Chad Firsel and Daniel Waszak represented both.

At the time of the sale, the property was 93% leased to a mix of national and regional tenants, including Starbucks, Potbelly, T-Mobile, Spotted Paw and Jazza Nails. “The seller bought this property with high vacancy and was able to, in very short order, lease it up,” said Firsel. “That speaks to the quality of this location and market.”

Waszak added, “The buyer was able to acquire as part of a larger 1031 exchange. He was attracted to the long-term leases and internet-resistant tenant line-up.”