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News release

Chicago

Growing South Loop Submarket Lures Retail Investors

1031 Exchange Investor purchases Mariano’s Fresh Market retail grocery asset for $40.5M


​CHICAGO, Jan. 28, 2014 — On behalf of Outlook Development, Bucksbaum Retail Properties and Simon Konover Development, Jones Lang LaSalle’s (JLL) Capital Markets experts today announced the sale of Mariano’s Fresh Market grocery store, located in the South Loop submarket of Chicago.  The property was purchased for $40.5M by Clark 1625, LLC, a New York City Based private investor in a 1031 exchange. Mariano’s Fresh Market is part of Roundy’s Supermarkets Inc.’s grocery store chain and it operates on a NNN lease with 20 years of remaining lease term.


Guy Ponticiello, Bruce Westwood-Booth, Brian Shanfeld and Matt Berres led the JLL team on this transaction.

 “The South Loop has become one of Chicago’s top housing markets: during the last ten years, the area surrounding the property has delivered more than 6,500 multifamily units and has nearly 1,000 apartments planned or under development that will support this Mariano’s location and provide strong returns on investment.,” said Ponticiello.  

The newly constructed 65,568-square-foot property is located at 1615 South Clark St. in Chicago and held its grand opening in October 2013. This location is one of 6 Mariano’s stores that opened in 2013 and the 12th store Mariano’s developed in the Chicago-land area. 

Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.

For more news, videos and research resources on Jones Lang LaSalle, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.

About Jones Lang LaSalle 

Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management. For further information, visit www.jll.com. 

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