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REAL ESTATE

Inland completes disposition of Mariano’s Fresh Markets

BY Al Urbanski

With the sale of a Mariano’s Fresh Market in Arlington Heights, Illinois, for $25.5 million, Inland Private Capital Corporation marked the final disposition of four such Chicagoland locations.

Located at 802 East Northwest Highway in Arlington Heights, approximately 25 miles northwest of Chicago, the 66,393-sq.-ft. building was the first Mariano’s Fresh Market store to open in Illinois in July 2010.

“We began purchasing Mariano’s locations on behalf of investors beginning in 2011, shortly after the Arlington Heights store was built because we recognized the growth potential and brand strength of Mariano’s,” said Keith Lampi, president and chief operating officer of IPC. “As Mariano’s achieved explosive growth and expansion in the years following the opening of its flagship location, we strategically acquired additional properties with strong location fundamentals.”

The Arlington Heights location is leased to Roundy’s Supermarkets, a wholly owned subsidiary of Kroger.

Lampi said Inland was proud to have been a part of the establishment of the Mariano’s brand in the region. The three other divested supermarkets were located in Palatine, Vernon Hills and Elmhurst.

“IPC was an early adopter of what has been the fastest-growing grocery brand in the Chicagoland area, and now our investors are able to harvest the benefits through monetization,” Lampi said.

The Arlington Heights sale resulted in a total return to the investors of 169%, calculated based on the aggregate amount of original capital invested in this property, Inland reported. The sale resulted in a 9.48% average annualized return to investors.

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REAL ESTATE

Watch out for First Watch

BY Al Urbanski

Breakfast and lunch restaurant First Watch is looking to eat competitors like Cracker Barrel for dinner with a new store concept and plans for expansion.

The Florida-based chain of 339 franchised and company-owned stores in 27 states plans to open at least 100 more of its “urban farm” concept restaurants by the end of 2019. The ultimate goal is 1,400 locations, First Watch director of real estate Matthew Livingston told a general session of attendees at the International Council of Shopping Centers’ regional show in Orlando on Monday.

Several design iterations are being used to interpret the concept, which embraces the farm-to-table trend in dining establishments. The stores favor clean modern lines in their interiors, liberal use of natural wood, and covered outdoor dining areas.

“We’ve made improvements in the quality and look of our food. Our goal is to have ‘Instagrammable’ food,” Livingston said. “So far, we’ve found that the concept appeals to both Baby Boomers and Millennials.”

In its expansion, Livingston said, First Watch was looking for 3,500-sq.-ft. spaces, preferably endcaps or freestanding units next to upscale retail.

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Adventure park plans to quadruple its shopping center footprint

BY Al Urbanski

The key to success in the amusement business, according to Michael Stern, is to find ways to keep people coming back — specifically people aged 0 to 14.

The master broker for Urban Air Adventure Parks told a convention of retail real estate executives on Monday that the Dallas-based chain was poised to deliver on that promise and would be doubling its shopping center presence to 100 locations this year before doubling them again to 200 by the end of 2019.

“Trampoline parks were the Nineties; people want more,” said Stern, a principal of Edge Realty Partners at the International Council of Shopping Centers show in Orlando. “So we’re giving them indoor skydiving, obstacle courses, zip-lines, and Euro-style go-carts.”

UrbanAir, owned by the Perot Companies, is bringing an A-game with its management team, as well. It recently hired CEO Ken May away from TopGolf to serve in the same capacity at the adventure park chain.

Stern claimed that the “indoor parks” attract 10,000 to 15,000 visitors a month and that “landlords and retailers are both welcoming us with open arms.”

UrbanAir looks for mall and shopping center spaces ranging from 30,000 sq. ft. to 60,000 sq. ft., plus parking sufficient for 70 cars.

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