September 26, 2019 | Staff Writer
Quantum Real Estate Advisors, Inc. has brokered the sale of a single-tenant, net-leased property located at 210 W. 87th Street in Chicago. The freestanding building is leased to Studio Movie Grill and has been a movie theater since its inception.
Studio Movie Grill started to occupy the property approximately six years ago and they put in millions of dollars in renovations to the 14 theaters, lounge with full bar and restaurant. The buyer was a private real estate investor based in Michigan. The seller was a prominent acquisition and development company from Chicago. Chad Firsel, president of Quantum Real Estate Advisors, represented the seller and purchaser in the transaction.
“This deal had a limited scope of buyers due to its location, tenancy (and lack of credit since there was no guarantee) and the specialty purpose nature of the asset,” Firsel said. “However, we found the right group and this deal is a terrific deal for them. They are able to cash flow with a very nice yield day one and if this tenant vacates the owner can reopen this theater with its own concept.”