Four suburban Jewel-Osco stores sold

  • The buildings leased to four suburban Jewel-Osco stores have been sold. The company has headquarters in Itasca.

    The buildings leased to four suburban Jewel-Osco stores have been sold. The company has headquarters in Itasca. Daily Herald file photo, May 2017

 
 
Updated 1/4/2018 8:16 AM

Inland Real Estate Acquisitions said the buildings leased to four Jewel-Osco stores in the suburbs have been sold.

Inland said Thursday that it negotiated and closed the purchase of the stores in Arlington Heights, Glenview, Naperville and Stickney -- totaling 248,622 square feet -- to unnamed buyers. Inland would not release further details about the transaction. The stores will continue to operate as Jewel-Osco.

                                                                                                                                                                                                                       
 

Joe Cosenza, president of Oak Brook-based Inland Real Estate Acquisitions LLC, completed the deal, with assistance from Gina LaMantia, managing counsel for Charles J. Benvenuto PC, on behalf of an Inland affiliate.

All four Jewel-Oscos are grocery and pharmacy stores have new 20-year leases. The stores are located at 1860 S. Arlington Heights Road, Arlington Heights with 61,475 square feet; 1340 Patriot Boulevard, Glenview, with 63,523 square feet; 1759 W. Ogden Ave., Naperville with 64,977 square feet and 7122 W. 40th St., Stickney, with 58,647 square feet.

"These Jewel-Oscos are staples in their community, with sales ranging from $27 million to $33 million per year for each store," Cosenza said. "They are well-established and in prime locations with an average three-mile household income of $108,000 and an average three-mile population of 128,000 customers for all four stores."

Inland announced a similar deal last month when it said the building leased to Mariano's Fresh Market in Palatine was sold for about $29 million to a private buyer.

by signing up you agree to our terms of service
                                                                                                                                                                                                                       
 

That store at 545 N. Hicks Road will remain in operation as Mariano's.

The recent announcements are the latest in a long run of high-priced sales of buildings leased to grocery chains. These properties have attracted investors because of their locations and long-term leases, experts say.

Other recent deals include a sale that took place about 10 days after the Mariano's on Golf Road in Des Plaines opened last spring. Realty Income, a San Diego-based investment trust, purchased that location for $34.6 million. And a couple of days after Mariano's opened in Lombard in August, the building was sold to a private investor for $20 million.

0 Comments
                                                                                                                                                                                                                       
 
Article Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.