Realty Income continues Mariano’s shopping spree with acquisition of Orland Park store
It’s at least the fifth Mariano’s grocery store the San Diego REIT has acquired since 2017
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.