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Mariano’s
Bannockburn, IL
Challenge
- Mariano’s paid over $2.5M in rent.
- Relatively flat income stream.
- Adjacent existing grocery anchored center with strong performance.
- Seller had high pricing expectations and we were the highest BOV value.
Strategy
- Fully expose the property to the market through a tiered approach.
- Target large exchange buyer and institutional capital.
- Highlight the properties excellent demographics surrounding the property location to support market rent.
- Support the strength and long-term strength of the market.
Results
- Sold the property at the upper end of our BOV range.
- Highest price paid for a Mariano’s at over $41M.
- Record cap rate for a Mariano’s at a sub 5.5% cap rate with minimal growth.
- Closed the transaction in 21 days.
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