Plans on track for 3 Caputo's store auction

CHICAGO - Plans remain on track for the auction of three Northwest suburban retail centers along with three operating grocery stores on May 12, according to Ed Wabick, Principal of Paine/Wetzel, and Ken Nofziger of Murray Wise Associates.

Wabick and Nofziger are working with Robert Marcus, Esq., court appointed trustee for the sale of these assets relating to Joe Caputo & Sons, Inc.

"For some reason, we have picked up on unfounded rumors that the real estate has been sold and the stores are shutting down in advance of the auction," said Nofziger. "There's no basis for such speculation, and there has been no change in plans. All three stores are staffed, stocked, and operating normally throughout the auction process and are positioned for a new buyer to walk in and to continue operations without any disruptions after the sale"

The three properties total 268,800 square feet of retail space on 30.25 acres in Des Plaines, Palatine and Algonquin. The grocery stores' fixtures, inventory and related operating assets will also be sold at the auction.

Interested parties will be able to bid on the real estate and individual grocery stores individually or in any combination.

"In the days since we announced the auction, we have seen a significant level of interest from grocery chains and real estate investors alike," said Wabick, "Our goal remains to maximize the value of these assets with no disruption to the ongoing store operations. Going forward with the public auction is the best way to accomplish this on behalf of the creditors, stores' employees and customers."

The auction will begin at 10 a.m. May 12 at the Hyatt Regency Rosemont. An information day to discuss the properties and the auction process will be held from noon-2 p.m. Tuesday at Gino's East, 8725 W. Higgins Road. Details are available at www.murraywiseassociates.com or by calling (773) 714-9300.