A Mariano's Fresh Market grocery store property in Chicago's South Loop sold for more than $52 million, real estate firm Newmark said Tuesday, demonstrating the strong market value for supermarket real estate.
An undisclosed purchaser acquired the property from a New York-based private family office investor for $52.4 million, Newmark said. A separately owned, 19,067-square-foot parking lot sold to the same buyer for $6 million.
Kroger is the parent company of Mariano's.
“This property’s strategic location in Chicago’s South Loop, premier Mariano’s brand and passive lease structure make this an unparalleled investment opportunity,” Matt Berres, Newmark vice chairman, said in a statement.
When the Newmark Net Lease Capital Markets team sourced a buyer for the Mariano’s property, the parking lot owner also agreed to sell the ground lease to the same buyer, Newmark said in a statement.
The South Loop location was built-to-suit for Mariano's in 2013. The property is 65,568 square feet and includes ground-level and rooftop parking.
Mariano’s, created by Bob Mariano, opened its first store in 2010. It became a banner for Kroger in 2018.