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Bronzeville Mariano's Changes Hands In $34M Deal

A Mariano's Fresh Market at Pershing Road and King Drive, Chicago

Interest in Mariano's Fresh Markets has been strong, even after Kroger bought the supermarket chain's parent company, Roundy's, last year in an $800M deal. The latest Mariano's to change hands is in Bronzeville.

A New York investor acquired the 75k SF store at King Drive and Pershing Road for $34M, according to Crain's. It was built by a JV that included Chicago Neighborhood Initiatives, a nonprofit committed to bringing development to underserved communities like Bronzeville. WBS Equities, Safeway Construction and Abbott Land & Investment are other partners in the JV.

The Bronzeville Mariano's only opened a couple of weeks ago. The acquisition is low-risk for the undisclosed buyer. Mariano's has a 20-year lease on the property, with four five-year extension options and rent increases every five years. [Crain's]