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Those of you who took a wait-and-see approach to how Kroger's $800M acquisition of Roundy's would affect investor demand for properties anchored by Mariano's Fresh Markets may breathe easier. Inland Private Capital Corp sold a Mariano's Fresh Market at 678 N York St in Elmhurst (pictured) to a venture that included Beccaria Partners principal Marc Beccaria. The sale price: $25M.
Inland acquired the property for $20.4M in 2013, so the sale price marks a 22.3% ROI. Coupled with cash flow generated during the holding period, the sale resulted in a total return to investors of 157%. The Kroger/Roundy's merger helped improve the value of the property.
Investors couldn't throw their money at Mariano's properties fast enough the past couple of years. Between 2014 and 2015, standalone Mariano's stores and retail centers anchored by the supermarket chain accounted for over $370M in transactions.
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