Four suburban Jewel-Osco stores 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.
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.