CHICAGO, Aug. 22, 2023 -JLL Capital Markets announced today that it has closed the $13.1 million sale of a 47,732-sqaure-foot, triple-net leased Mariano's located within the Chicago MSA in Northfield, Illinois.
JLL represented the Stockbridge (seller) and Swanson Development Group (buyer) in this transaction.
Mariano's is a regional supermarket chain with 44 locations throughout Illinois. In 2015, the chain was acquired by retail conglomerate Kroger via Mariano's parent company Roundy's. This Mariano's has been in operation since 2013 and currently operates on a NNN lease structure with multiple renewal options.
Situated at 1822 Willow Rd., the property is located within the desirable North Shore region of Chicago's metropolitan area and is just 19 miles from downtown Chicago. Within five miles of the property is a population of 234,000, a household income of $195,000 and a buying power of $17.5 billion. The property has exposure to the to 30,400 vehicles per day on Willow Rd. and sits just off the heavily trafficked I-90.
The JLL Capital Markets team was led by Senior Managing Director Alex Sharrin, Senior Director Michael Nieder, Director Mohsin Mirza and Analysts Charles Shehan and Caity Tirakian.
"JLL continues to see strong demand for well-located, single-tenant grocery assets," said Sharrin. "The short-term Mariano's in Northfield will provide future ownership potential upside in rents, underpinned by quality North Shore Chicago real estate and a fungible box with ample parking."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Inc. published this content on 22 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 August 2023 19:33:25 UTC.
