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Newmark Sells South Loop Mariano’s Store and Adjacent Parking Lot
Newmark completed the sales of a single-tenant net-leased Mariano’s Fresh Market grocery store and an adjacent but separately owned ground-leased parking lot in Chicago’s South Loop. The assets traded from two separate sellers to an undisclosed purchaser for a total of more than $58 million.
The transactions were spearheaded by Newmark’s Net Lease Capital Markets group comprising vice chairman Matt Berres, director Samer Khalil and associate Karick Brown in cooperation with Carrie Frye. When the Newmark team sourced a buyer for the Mariano’s property, a build-to-suit completed in 2013, the parking lot owner also agreed to sell the ground lease to the same buyer.
“This property’s strategic location in Chicago’s South Loop, premier Mariano’s (Kroger) brand and passive lease structure make this an unparalleled investment opportunity,” said Berres. “We were pleased to also arrange the sale of the ground-leased parking lot to the same buyer.”
Pictured: a Mariano’s in Chicago.
- ◦Sale/Acquisition
