Realty Income picked up another Mariano’s grocery store, this time paying $36.1 million for the chain’s Orland Park location.
The San Diego-based real estate investment trust in late March acquired the 73,000-square-foot grocery store at 9504 West 142nd Street in south suburban Orland Park, Cook County property records show. Mariano’s, a fast-growing, upscale grocer now owned by the Kroger Company, has a lease on the property that runs through 2036, with multiple options to extend, records show.
Selling the building is IM Properties, a United Kingdom-based investor that acquired the Mariano’s location in March 2017 for $31 million, according to property records. The firm refinanced the acquisition two months later with a $25 million loan.
This is at least the fifth Mariano’s store Realty Income has acquired in recent years. In early 2017, the REIT paid $116 million for three stores in Harwood Heights, Lake Zurich and Frankfort, Crain’s reported at the time. IM Properties was the seller there as well, after paying a total of $83.1 million for the stores, Crain’s reported.
Income Realty also acquired the Des Plaines Mariano’s in 2017 for $34.6 million, according to Crain’s. A spokesman for the company did not immediately return a request for comment.
Grocery stores have become popular with investors because they are more impervious to the changes in the retail landscape. And Mariano’s, a new chain with many of its stores in new developments, have been particularly popular. In August, the real estate investment arm of State Farm bought the Arlington Heights Mariano’s for $25.5 million.
The Orland Park Mariano’s was developed by Bradford Real Estate Companies and opened in January 2016.