Owner Keeps Eye on Marketplace Anchor

NAPERVILLE, IL-Kite Realty Group officials are keeping an eye on developments at Marsh Supermarkets Inc., which opened its first store in the market here last year. Marsh Supermarkets fired 25 employees at its Indianapolis headquarters last week, including president and chief operating officer David A. Marsh, executive vice president Arthur Marsh and vice president Don Marsh.

Marsh Supermarkets took 70,000 sf at the 170,160-sf Naperville Marketplace at 3500 W. 111th St., which Kite Realty Group is building for $30.5 million. A taxable REIT subsidiary has the Marsh store on the market, according to Kite Realty Group officials, while the rest of the retail center is set to open later this year. So far, the grocery chain is current on its rent, according to officials at Indianapolis-based Kite Realty Group. At 194,902 sf and $1.6 million in annual rent, Marsh Supermarkets is Kite Realty Group’s fourth largest tenant. The retailer’s stock price has dropped 42% in the past year.