Three Joe Caputo & Sons, Inc. grocery stores are the latest Chicagoland retail centers to soon be auctioned off.
Paine Wetzel TCN Worldwide and Murray Wise Associates, LLC will be selling the three properties, including the stores’ fixtures and inventory, to the public May 12 at the Hyatt Regency Rosemont.
The three properties combined total 268,800-square-foot on 30.25 acres in Chicago’s Algonquin, Palatine, and Des Plaines neighborhoods.
An information day will be held prior to the auction at Gino’s East, 8725 W. Higgins Road, from noon to 2 p.m. April 26, to discuss the properties and auction process.
“Our goal is to maximize the value of these assets with minimal disruption to the ongoing store operations. A public auction will make it possible to achieve the highest value possible for the creditors in a timely way,” Robert Marcus, a court-appointed trustee for the Caputo entities, explained. “This path forward will provide the greatest opportunity for these locations to continue to serve their neighborhoods.”
The properties include:
- A 67,550-square-foot grocery/retail building on a 7.9-acre site at 100 S. Randall Road in Algonquin.
- Fox Fire Plaza, a 66,233-square-foot, two-building retail center on a 5.9-acre land site at the southeast corner of Hicks Road and Rand Road in Cook County.
- The Oaks Shopping Center, a 135,004-square-foot retail center on a 15.1-acre site located at 1517-1555 and 1572-1591 Lee Street 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 will be able to bid on the individual stores with or without the real estate.
Paine/Wetzel Principal, Ed Wabick, and Ken Nofziger of Murray Wise Associates, will be working with Marcus.