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” through this double escrow deal which closed on a tight timeline with successful results for both parties involved. Waszak added that this is another example of how necessity-based retail remains as part of the net leased asset class despite current market conditions being less than ideal due to its resiliency and quality performance in real estate investments overall.
The property originally built in 1950s underwent full rehabilitation prior to closing and is now occupied by St Louis based supermarket chain with more than 100 locations across four states nationwide .
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