OAK BROOK, IL—Inland Private Capital Corp. has just sold the Mariano's Fresh Market in Vernon Hills, IL, for a gross sale price of $36.4 million. IPCC facilitated the sale of the property on behalf of one of its 1031 investment programs. It was the second sale of a Mariano's handled by the company this summer. In June, IPCC facilitated the $25 million sale of the Mariano's in west suburban Elmhurst.
The popularity of Mariano's, now considered the trendiest grocer in the metro area, certainly accounts for much of the interest in the properties. But Inland officials told GlobeSt.com that the 2015 acquisition of the popular grocer's parent company Roundy's Supermarkets, Inc. by Kroger Co. had also boosted values and brought in a number of investors.
Located at 1720 N. Milwaukee Ave. in Vernon Hills, an affluent suburb about 35 miles north of Chicago, the 71,248-square-foot building sits on a total land area of about seven acres. Roundy's leases 100% of the property, which was constructed in 2011.
“The sale of the Vernon Hills location was our second Mariano's disposition this year, both of which resulted in a substantial return for our investors,” says Keith Lampi, president and chief operating officer of IPCC. “We began purchasing Mariano's locations on behalf of investors beginning in 2011, and as early adopters of what has been the fastest-growing grocery brand in the Chicagoland area, our investors are now reaping the benefits through monetization.”
Coupled with cash flow generated during the holding period, the sale resulted in a total return to the investors of 148.48%. In addition, the sale resulted in a 14.05% average annual return.
OAK BROOK, IL—Inland Private Capital Corp. has just sold the Mariano's Fresh Market in Vernon Hills, IL, for a gross sale price of $36.4 million. IPCC facilitated the sale of the property on behalf of one of its 1031 investment programs. It was the second sale of a Mariano's handled by the company this summer. In June, IPCC facilitated the $25 million sale of the Mariano's in west suburban Elmhurst.
The popularity of Mariano's, now considered the trendiest grocer in the metro area, certainly accounts for much of the interest in the properties. But Inland officials told GlobeSt.com that the 2015 acquisition of the popular grocer's parent company
Located at 1720 N. Milwaukee Ave. in Vernon Hills, an affluent suburb about 35 miles north of Chicago, the 71,248-square-foot building sits on a total land area of about seven acres. Roundy's leases 100% of the property, which was constructed in 2011.
“The sale of the Vernon Hills location was our second Mariano's disposition this year, both of which resulted in a substantial return for our investors,” says Keith Lampi, president and chief operating officer of IPCC. “We began purchasing Mariano's locations on behalf of investors beginning in 2011, and as early adopters of what has been the fastest-growing grocery brand in the Chicagoland area, our investors are now reaping the benefits through monetization.”
Coupled with cash flow generated during the holding period, the sale resulted in a total return to the investors of 148.48%. In addition, the sale resulted in a 14.05% average annual return.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
