Inland Private Capital Corp. has sold Mariano’s Fresh Market in Arlington Heights, Ill., for a gross sale price of $25.5 million.
IPC, through its subsidiary, which serves as asset manager, facilitated the sale of the property on behalf of one of its 1031 investment programs. The sale marks the final liquidity event across three separate 1031 investment programs that consisted of four total Mariano’s Fresh Market Chicagoland locations in Arlington Heights, Palatine, Vernon Hills and Elmhurst.
Located at 802 East Northwest Highway in Arlington Heights, approximately 25 miles northwest of Chicago, the 66,393-square-foot building was the first Mariano’s Fresh Market store to open in Illinois in July 2010.
The Arlington Heights property is 100 percent leased to Roundy’s Supermarkets.
The Arlington Heights sale resulted in a total return to the investors of 169 percent (calculated based on the aggregate amount of original capital invested in this property). In addition, the sale resulted in a 9.48 percent average annualized return to investors.
The additional Mariano’s Fresh Market dispositions included the sale of the Vernon Hills location in May 2016, the Elmhurst location in May 2016, and the Palatine location in November 2017 and resulted in a weighted average total return of 158 percent, and a 13.8 percent weighted average annualized return to investors across the three IPC-sponsored investment programs. The weighted average returns are calculated by multiplying the return for each program by the capital invested in that program and dividing that amount by the total capital invested in all three programs.
