A 71,248-square-foot Mariano’s Fresh Market store located on seven acres in Vernon Hills, Illinois, has sold for $36.4 million.
Inland Private Capital Corporation, through its subsidiary which serves as asset manager, facilitated the sale of the property, 1720 North Milwaukee Ave., on behalf of one of its 1031 investment programs, to a Brooklyn, New York-based liability company, Ralph Avenue Associates LLC.
The property, built in 2011, is 100 percent leased to Roundy’s Supermarkets, Inc.
“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,” said 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.”
The property was sold at a premium to the investors’ purchase price in 2013. Coupled with cash flow generated during the holding period, the sale resulted in a total return to the investors of 148.5 percent. In addition, the sale resulted in a 14.05 percent average annual return.
