Bank-Owned Retail Center Sells for $1M

Bank-Owned Retail Center Sells for $1M

MINOOKA, IL—Quantum Real Estate Advisors Inc. recently arranged the sale of a small bank-owned retail center here for $1 million.

The 17,765-sq.-ft. center at Ridge Road and Mondamin Street was about 70 percent vacant at the time of the sale. Daniel Waszak, senior vice president of Quantum, represented the unnamed buyer and seller, a Chicago-based bank.

“The private individual buyer acquired a well-located asset at an attractive basis,” Waszak said in a statement. “The high vacancy allows for significant upside. The seller was able to close with the all-cash buyer within 30 days of signing a letter of intent.” He did not disclose why the property was bank-owned.

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