OAK BROOK, IL—Locally based Inland Real Estate Acquisitions Inc. has purchased two Mariano’s Fresh Market stores in the Chicago suburbs for $46.3 million.
The two stores are located in Palatine, Ill. and Vernon Hills, Ill. The Palatine location opened in January 2012. The Vernon Hills location opened in June 2011. Each store is approximately 71,000 sq. ft. and 100 percent occupied by Mariano’s on 20-year leases. The grocer is a division of Roundy’s.
Mark Cosenza, vice president of Inland Real Estate Acquisitions, facilitated the transaction. “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,” Cosenza says in a statement. “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. We enjoyed a great relationship with the seller, IM Properties, and the broker, Brandon Duff of Stan Johnson Co.”