Sentinel Net Lease has acquired two Schnucks Fresh Food grocery stores in Illinois for $18.3 million. With the addition of these properties and three more scheduled acquisitions, Sentinel is on pace to acquire more than $78 million in real estate assets by year-end.
The first property, located in Loves Park, Illinois and acquired for $11.7 million, is 142,357 square feet and sits on 15 acres of land. The second, located in Normal, Illinois and acquired for $6.6 million, is 57,000 square feet and sits on six acres.
These stores align directly with Sentinel’s strategy of executing opportunistic acquisitions of pandemic-resistant, mission critical real estate that has the potential to generate passive income for investors even in adverse macroeconomic scenarios.
The St. Louis-based Schnucks supermarket chain has over 14,500 employees in 123 stores across five states, making it one of the largest privately held chains in the U.S. With revenue of $3.1 billion in 2019, Schnucks has maintained consistent expansion and growth.; a testament to Sentinel’s success in their first full year of operations.
“Schnucks Fresh Food Grocery Stores represent a primary essential service where demand and revenue have remained strong during the COVID-19 pandemic,” said Dennis Cisterna, Sentinel’s chief investment officer. “Additionally, Schnucks is a tech-forward business that participates in online ordering and delivery, which has been the fastest growing revenue sector in retail over the past year.”
Sentinel conducts proactive analysis and investment based on rapidly shifting demographic and economic trends. The firm’s principals have decades of experience in commercial real estate investing across multiple asset types and classes.
