CHICAGO—Speakers at this month's REITWeek 2013: NAREIT's Investor Forum, said that the market for retail acquisitions has become far more competitive. Many investors emphasized the desirability of a food component in their retail centers, especially grocers like Whole Foods and Fresh Market that can attract more upscale shoppers. So it's perhaps not a surprise that when Finesa Real Estate Group, a private equity firm based in the Washington, D.C. metro area, recently closed on the acquisition of a retail property outlet in Chicago, the space was occupied by a Whole Foods under a 15-year lease agreement.

The 41,148-square-foot retail grocery space at 6020 North Cicero sits in between the relatively upscale neighborhoods of South Edgebrook and Sauganash and near the intersection of Peterson Ave. and the Edens Expressway. The location offers highway visibility to over 160,000 vehicles per day and an additional 57,000 vehicles per day from the surrounding streets. It also has excellent demographics. Almost 300,000 people live within a three-mile radius and those within a one-mile radius have an average household income of over $122,000. A multi-story 136-unit condominium complex sits atop the retail space. The complex has 167 parking spaces with 37 on the surface and 130 underground garage spaces designated for store patrons.

"This acquisition reflects the continued growth and expansion of the Finesa portfolio," says Andres Gonzalez, president of Finesa. "As our third investment in the Chicago area, we are drawn to strong urban markets and this opportunity clearly fits well within our investment strategy as Whole Foods is the number one natural foods chain in the world and a well-established credit tenant."