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.