In one more of what has been a long run of high-profile sales, a New York investor purchased the Bronzeville building where Mariano’s grocery store recently opened.
Mariano’s opened the new store at Martin Luther King Drive and Pershing Road on October 11 this year. Just about two weeks later the building was sold for $34 million. The sale should not affect the grocery, which has a twenty-year lease with four five-year options to extend the lease. Rent goes up every five years.
Not too long ago another Mariano’s location in north suburban Vernon Hills sold for $36 million.
Chicago Neighborhood Initiative was part of the venture that developed Mariano’s. The Initiative is a non-profit that helps areas around Chicago where development is sorely needed. Other interests behind the development were Chicago firms WBS Equities, Safeway Construction, and Bartlett-based Abbott Land & Investment.
The total cost of the original development is not completely clear, but in 2014, when the CNI announced plans for the project they said it would cost as much as $24 million.