CBRE Arranges $29M IL Retail Sale
- Dec 15, 2017
CBRE has brokered the transaction of a 71,324-square-foot Mariano’s Fresh Market located in Palatine, Ill. The property belonged to Inland Private Capital Corp., which sold it to a private investor in exchange of approximately $29 million.
“Well-located and proven grocery concepts like Mariano’s continue to be very attractive to investors. Though retail is going through a bit of a turbulent time period, high-performing, single-tenant net leased assets with strong credit continue to be an attractive investment avenue,” said First Vice President Michael Kaider of CBRE in prepared remarks.
The property is located at 545 N. Hicks Road in a dynamic retail area along the Hicks Road corridor. It serves a community of more than 30,000 people with an average household income of approximately $80,000, according to PropertyShark. The last time the building changed hands was in 2013.
Kaider and Senior Vice President Christian Williams arranged the deal on behalf of Inland. This was the fifth sale of a Mariano’s Fresh Market that CBRE has facilitated this year. The other locations are Hoffman Estates, Frankfort, Lake Zurich and Harwood Heights.
Image courtesy of CBRE