Bronzeville Mariano's Changes Hands In $34M Deal
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]