Inland sells Mariano's in Vernon Hills for $36 million

  • Inland Private Capital Corp. announced that it sold Mariano's Fresh Market in Vernon Hills for $36.4 million.

    Inland Private Capital Corp. announced that it sold Mariano's Fresh Market in Vernon Hills for $36.4 million. Courtesy of Inland Private Capital Corp.

  • Inland Private Capital Corp. announced that it sold Mariano's Fresh Market in Vernon Hills for $36.4 million.

      Inland Private Capital Corp. announced that it sold Mariano's Fresh Market in Vernon Hills for $36.4 million. Paul Valade | Staff Photographer, file photo

 
 
Updated 8/30/2016 4:52 PM

Oak Brook-based Inland Private Capital Corp. announced Tuesday that it sold Mariano's Fresh Market in Vernon Hills for $36.4 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.

At 1720 N. Milwaukee Ave., the 71,248-square-foot building is on about 7 acres.

Constructed in 2011, the property is 100 percent leased to Roundy's Supermarkets Inc. On Dec. 18, 2015, Kroger Co. purchased Roundy's, which includes names such as Copp's and Pick 'n Save as well as Mariano's.

"The sale of the Vernon Hills location was our second Mariano's disposition this year, both of which resulted in a substantial return for our investors," said Keith Lampi, president and chief operating officer of IPCC.

In May, IPCC sold the Mariano's in Elmhurst for $25 million.

All Mariano's stores are leased, according to James J. Hyland, vice president of corporate communications and public affairs at Roundy's Supermarkets.

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