OAK BROOK, IL-Inland Real Estate Acquisitions Inc. reports it has acquired two Mariano's Fresh Market stores located in Palatine and Vernon Hills, Il, for a combined purchase price of approximately $46.3 million.
Upscale grocer Mariano's Fresh Market is part of Roundy's, Inc with nine locations in the Chicago region. Mark Cosenza, vice president of Inland Real Estate Acquisitions, facilitated the transaction with seller IM Properties. Brandon Duff of Stan Johnson Company represented IM Properties in the deal.
The Vernon Hills location opened in June 2011. The Palatine location opened in January 2012. Each store is approximately 71,000 square feet and 100% occupied by Mariano's on 20-year leases. Inland Real Estate Acquisitions acquired Mariano's first store, located in Arlington Heights, in April 2011.
“We have believed in the potential of the Mariano's Fresh Market concept from the beginning, as evidenced by our acquisition of their first store,” says Cosenza. “Since then, we've continued to be impressed as they have expanded across Chicagoland. These two locations in particular are ideally located to attract the right type of shopper and sales are very strong at both.”
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