Northmarq investment sales broker Jason Maier completed the sale of a freestanding grocery store located at 105 Northwest Highway in Crystal Lake, Illinois. The 74,800 sq. ft. high-end supermarket is leased to Mariano’s, a wholly owned subsidiary of The Kroger Company. Maier represented the seller, a New York-based private investor. The property was acquired for approximately $34.7 million by a 1031 exchange buyer based in New York.
“We were very pleased to have represented both parties in this transaction. It was the perfect timing and the ideal property for a 1031 buyer that our team was exclusively representing,” said Maier. “One of the major benefits of our platform is the access we have to some of the best trophy triple net leased properties in the country.”
The property was built in 2018 as the most recent Mariano’s prototype format and is situated on an 8-acre lot at the signalized intersection of Northwest Highway and South Virginia Road. Just 45 minutes northwest of Chicago, Crystal Lake boasts strong demographics, and is home to approximately 131,187 residents within a 5-mile radius. The average household income is approximately $111,903 within a 3-mile radius.
The upscale grocery store offers a Starbucks, sushi bar, pizza oven, oyster bar and sweets shop. Neighboring businesses in the surrounding retail corridor include Target, Walgreens, Aldi’s, Sam’s Club and numerous quick service restaurants.
“It just worked out that we represented the current owner when he purchased the property as part of his 1031 in 2018,” Maier added. “It made perfect sense for the owner to sell, and it was the ideal trophy NNN leased asset our buyer was looking for. It checked all the boxes. It is always a great feeling to walk away knowing your clients are happy, and you were able to add real value.”