|Rendering of the new Mariano's|
A Mariano's Fresh Market under construction in the South Loop is up for sale.
The developers of the 65,568-square-foot grocery at 1615 S. State St. hope to get about $45 million for the property, or $686 per square foot, according to a source.
At that price, the sale would generate a huge gain over the $22.7 million the city of Chicago estimated the project would cost.
We're not real estate experts, but wow - pretty impressive to turn that type of gain before a project is even done.
All you real estate experts out there, is this common?
We had some people that thought that this means that the Mariano's isn't happening, but from what we understand it's still moving forward. The builders of the building are just trying to sell it to make a profit - since it's a desirable franchise and lease:
Milwaukee-based Roundy's Supermarkets Inc. (owner of Mariano's) has a 20-year lease for the South Loop store that begins this fall, according to an offering memorandum from Chicago-based Jones Lang LaSalle, which the developers hired to sell the property.
The rent kicks up 4.2 percent in year 11, and Roundy's has four five-year renewal options.That last blurb makes us optimistic that opening is soon. Not sure, but our fingers our crossed.
(Hat tip: AR, GG, EK, TR, TC!)