Quantum Real Estate Advisors brokered the sale of an 82,500-square-foot single-tenant NNN Schnucks grocery store located at 2642 Charles St., Rockford, IL for an undisclosed sum. EVP Dan Waszak and VP Brett Berlin represented the seller, a California based developer. The buyer was a private institutional investor also based in California.
Berlin commented that “the buyer was able to acquire a high performing single tenant grocery chain at an attractive yield” and noted that this double escrow deal allowed them to work diligently with their client on purchasing the asset within tight timeline constraints. Waszak added that this is another example of how resilient necessity-based retail still remains as part of net leased assets class.
Originally built in 1950s, the property underwent full rehabilitation before being sold by Quantum Real Estate Advisors; it is currently occupied by St Louis based Schnucks Supermarket which has more than 100 locations across four states
