May 13, 2016
Rosemont, Illinois (May 12, 2016) – Thursday’s public auction of the Joe Caputo & Sons Northwest suburban retail/grocery centers and assets brought a total of $32 Million. Murray Wise Associates and Paine/Wetzel TCN offered the retail real estate and grocery store assets in six tracts. With over 100 people in the standing room only crowd, the auction featured competitive bidding throughout and culminated in all six of the tracts selling to a single buyer.
The three real estate parcels included approximately 267,000 square feet of retail space on 30 acres in Des Plaines, Palatine and Algonquin, Illinois. The buyer, Piggly Wiggly Midwest LLC owned by the Butera family, have indicated they will continue operating the existing grocery stores in Palatine and Algonquin and plan to develop a new store at the Des Plaines location.
“Coming into today’s auction, we knew there was serious interest in these assets by real estate investors and grocery store operators alike. When the dust settled, we ended up with close to 50 registered bidders, which far surpassed our expectations.” said Ken Nofziger of Murray Wise Associates.
Ed Wabick of Paine/Wetzel added, “With our active marketing approach we really felt we would bring the top of the market value at auction today and we did just that. The folks bidding today really understood the unique investment opportunity these locations and stores offered and the final result is a testimony to the continued strength in Chicagoland’s retail real estate market.”
“Today’s auction accomplished everything we set out to do upon the onset of this marketing process. Our goal was to maximize the value of these assets with minimal disruption to the ongoing store operations," said Robert Marcus, Esq., the court appointed Trustee on behalf of the Caputo entities. “This process resulted in the best possible outcome for the communities, employees and patrons of these locations. I am looking forward to working with the Butera family during the transition of these properties.”
The sale is currently pending District Court approval and will close approximately 30 days following court approval.
About Paine-Wetzel TCN Worldwide
Paine/Wetzel TCN Worldwide (PW) is a corporate real estate firm headquartered in Chicago. Since 1975, PW brokers have specialized in the leasing and disposition of office and industrial properties. The firm offers specialists in investment, transactions, consulting and project management who possess an unrivaled depth of local market knowledge, supported by the latest in technology. For more information, please visit www.painewetzel.com.
About Murray Wise Associates LLC
Murray Wise Associates LLC, headquartered in Champaign, Illinois, is a leading national real estate auction, marketing, and financial advisory firm, with additional offices in Naples, Florida and Clarion, Iowa. For more information, please visit www.murraywiseassociates.com.
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