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Suburban Caputo & Sons Stores Headed to Auction

CHICAGO—Millions in unpaid bills caught up with Caputo & Sons.

By Brian J. Rogal | brianjrogal | | Updated on April 11, 2016

 

chi-AuctionCaputo's Three suburban retail centers will hit the auction block.
CHICAGO— Joe Caputo & Sons, Inc. has operated six suburban stores here in the last few years, but a wholesale food supplier has filed suit against the company for millions in unpaid bills, and Paine Wetzel TCN Worldwide and Murray Wise Associates, LLC was just retained to sell three of its and its entities’ Chicagoland retail centers and the stores’ fixtures and inventory at an upcoming public auction. Chicago-based Anthony Marano and Co. sued in February over $3.6 million in unpaid bills, and a federal judge gave the firm the power to sell off the grocer’s inventory. Ed Wabick , principal of Paine/Wetzel and Ken Nofziger of Murray Wise Associates will work with Robert Marcus , the court-appointed trustee for the Caputo entities, to sell the three properties totaling 268,800 square feet of retail space on 30.25 acres and the grocery stores’ assets individually or in combination at an auction to be held at the Hyatt Regency Rosemont on Thursday, May 12 at 10 a.m. An information day to discuss the properties and the auction process will be held at Gino’s East , 8725 W. Higgins Rd., Chicago, on Tuesday, April 26 at noon until 2 pm. “Our goal is to maximize the value of these assets with minimal disruption to the ongoing store operations,” says Marcus. “A public auction will make it possible to achieve the highest value possible for the creditors in a timely way.” “These centers are in great locations with strong demographics and high traffic counts, making them extremely well-suited for grocery and other retail uses,” says Wabick. “The auction represents a great opportunity for retail investors and users to take over established stores and also to rehab or reposition assets which offer great potential.” The properties include:        •     A 67,550 square-foot grocery/retail building on a 7.92-acre site at 100 S. Randall Rd. in Algonquin. •      Fox Fire Plaza, a 66,233 square-foot, two-building retail center on a 5.95 acre land site at the southeast corner of Hicks Rd. and Rand Rd. in Cook County. •      The Oaks Shopping Center, a 135,004 square-foot retail center on a 15.08 acre site located at 1517-1555 and 1572-1591 Lee St. in Des Plaines. The operating grocery store assets, including fixtures and inventory, of the Joe Caputo & Sons Fruit Market locations in Algonquin, Palatine, and Des Plaines will be sold as separate tracts at the auction in addition to the real estate listed above. Interested parties are invited to bid on the individual stores with or without the real estate. “A public auction is a superior way to ensure a quick sale at prices that accurately reflect the market,” says Nofziger. “Given the prominence of these locations and the strength of the commercial real estate market, we expect the auction to bring a number of serious bidders to the table.”

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