Developers Are Striking Gold with Mariano's Properties
Retail properties anchored by Mariano's Fresh Markets have accounted for $300M in sales since the beginning of 2014. These eye-popping numbers have developers looking for high returns moving forward.
The performance of Mariano's-anchored properties is a bright spot in a struggling suburban retail market. Hamilton Partners recently repped the sale of Stony Creek Promenade, anchored by a 71k SF Mariano's to MEPT. Skokie Commons, also anchored by a Mariano's, sold in May for $48.5M to JLL Property Income Trust. Glen Gate Shopping Center, built for $29.5M, sold Sept. 10 for $50M, a 59% return on seller Regency Centers' investment.
All told, more than one-third of Mariano's 32 stores have been sold since 2011, with stores in Lakeview, Glenview, Harwood Heights, Northbrook and Frankfurt on the market. [Crain's]