Inland sells Mariano's in Elmhurst for $25 million
Oak Brook-based Inland Private Capital Corp. Tuesday announced that it sold the Mariano's Fresh Market in Elmhurst for a gross sale price of $25 million.
Inland facilitated the sale of the property on behalf of one of its 1031 investment programs, according to a release.
Officials from Mariano's do not expect changes at the grocery story as a result of the sale.
Mariano's was built on the 5.77-acre property at 678 N. York Road in 2013 and was leased to Roundy's Supermarkets Inc. Late last year, Kroger Co. bought Roundy's.
Roundy's does not own the Elmhurst property, said James J. Hyland, vice president of corporate communications and public affairs at Roundy's Supermarkets.
He added that all Mariano's stores are leased. "We are simply a tenant to a landlord," he added.
"When a sale of a Mariano's property takes place, we simply have a new landlord -- there are no changes to the lease agreement or store," Hyland said.
Inland was unable to immediately provide further details about who purchased the property or details of the sale.
"This was a very successful investment for IPC that resulted in a substantial return for our investors," Keith Lampi, president and COO of IPCC said in a release.