JLL Capital Markets closed the sale of the 47,723-square-foot Mariano’s in Northfield, Illinois
News release
22 August 2023
Triple-net-leased grocery store in Chicago MSA trades for $13.1M
Your browser doesn't support speech synthesis.
Listen to article •
Read time: 1 sec
CHICAGO, Aug. 22, 2023 – JLL Capital Markets announced today that it has closed the $13.1 million sale of a 47,732-sqaure-foot, triple-net leased Mariano’s located within the Chicago MSA in Northfield, Illinois.
JLL represented the Stockbridge (seller) and Swanson Development Group (buyer) in this transaction.
Mariano’s is a regional supermarket chain with 44 locations throughout Illinois. In 2015, the chain was acquired by retail conglomerate Kroger via Mariano’s parent company Roundy’s. This Mariano’s has been in operation since 2013 and currently operates on a NNN lease structure with multiple renewal options.
Situated at 1822 Willow Rd., the property is located within the desirable North Shore region of Chicago’s metropolitan area and is just 19 miles from downtown Chicago. Within five miles of the property is a population of 234,000, a household income of $195,000 and a buying power of $17.5 billion. The property has exposure to the to 30,400 vehicles per day on Willow Rd. and sits just off the heavily trafficked I-90.
The JLL Capital Markets team was led by Senior Managing Director Alex Sharrin, Senior Director Michael Nieder, Director Mohsin Mirza and Analysts Charles Shehan and Caity Tirakian.
“JLL continues to see strong demand for well-located, single-tenant grocery assets,” said Sharrin. “The short-term Mariano’s in Northfield will provide future ownership potential upside in rents, underpinned by quality North Shore Chicago real estate and a fungible box with ample parking.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit our newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Stockbridge
Stockbridge is a private equity real estate investment management firm led by veteran industry professionals. The firm’s portfolio comprises assets across the investment risk spectrum, including core, value-add and opportunistic strategies. Stockbridge and its affiliates have approximately $33.7 billion of assets under management (as of June 30, 2023) spanning all major real estate property types and certain specialty property types throughout the United States. For more information, visit www.stockbridge.com