IL Dual-Tenant Retail Asset Changes Hands
President Chad Firsel from Quantum Real Estate Advisors represented both parties in the $2.7 million transaction. The property last traded almost a decade ago.
2900 Colorado Ave. Image courtesy of Quantum Real Estate Advisors
Chicago-based Crosstown Capital Partners has sold a dual-tenant retail asset in Joliet, Ill., to a New York City private investor for $2.7 million. Quantum Real Estate Advisors President Chad Firsel represented both parties. According to Will County Assessor, the property last traded in 2010.
Located at 2900 Colorado Ave. on a 1.8-acre site, the building is close to Route 30 and less than 1 mile of Interstate 55. The property is adjacent to plenty of other retail options—such as Louis Joliet Mall—and is surrounded by residential buildings. At the time of the sale, Dollar Tree and Osaka Hibachi Grill & Sushi occupied the whole asset.
“The buyer was able to acquire a strategic location within one of the prime corners within the submarket at a low basis. The property has excellent historical occupancy and the tenants continue to thrive,” said Firsel, in prepared remarks. At the beginning of April, Firsel was part of the Quantum team that facilitated another retail transaction in Fitchburg, Wis. The company handled the $2.9 million disposition of a 4,442-square-foot, single-tenant asset.
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