Sentinel Net Lease Acquires Two Schnucks Groceries
Los Angeles-based Sentinel Net Lease acquired two Schnucks Fresh Food Grocery Stores for $18.3 million in central Illinois. The first property, located in Loves Park and acquired for $11.7 million, is 142,357 square feet and sits on 15 acres of land. The second, located in Normal and acquired for $6.6 million, is 57,000 square feet and sits on six acres.
Dennis Cisterna, Sentinel’s CIO, said, “Schnucks Fresh Food Grocery Stores represent a primary essential service where demand and revenue have remained strong during the COVID-19 pandemic. Additionally, Schnucks is a tech-forward business that participates in online ordering and delivery, which has been the fastest-growing revenue sector in retail over the past year.”
With the addition of these properties and three more acquisitions scheduled before the end of the year, Sentinel is on pace to acquire more than $78 million in real estate assets by year-end.
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