CHICAGO—Tony's Finer Foods just became the latest retailer to take over a former Dominick's site. The family-owned grocer purchased the 96,014-square-foot Town Square of Schaumburg at 140 – 200 S. Roselle Rd. in suburban Schaumburg for an undisclosed price and plans to open a Tony's in the space once occupied by a Dominick's.
The seller was a pension fund managed by Transwestern and represented by Transwestern capital markets directors Janice Sellis and Paul Barile in the transaction.
“We showed it to all types of investors,” Sellis tells GlobeSt.com, “but it was the users who were most aggressive.” She attributes this partly to the fact there are few grocery stores within a 3-mile radius of the property. “It's a little bit insulated from the competition,” making it “a compelling opportunity for another grocer.”
“The village really wanted another grocer in this space,” she adds, and the “buyer is a well-established, family-owned chain that has a history of successfully converting former Dominick's stores to fit its format. This made it much easier to get village approval.”
Sellis says Tony's is comparable to Mariano's, the Chicago-area chain that has also taken over some former Dominick's, which closed in December 2013.
Other tenants of the 90%-occupied center include Bonefish Grill, GNC, Chiro One, Scottrade Inc., Sylvan Learning Inc. and Hair Cuttery.
Tony's Finer Foods was represented by Lawrence Tucker of Tucker Real Estate.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
