Oak Brook, Ill.-based Inland Real Estate Acquisitions Inc. announced the acquisition a 48,403-square-foot Pick ‘n Save grocery store in Burlington for approximately $8.1 million.
The store is 100-percent leased to Roundy’s Foods through 2029. The property was acquired on behalf of Inland Diversified Real Estate Trust Inc., and the purchase was facilitated by Joe Cosenza, president of Inland Real Estate Acquisitions.
"This Pick ‘n Save store is part of Roundy’s Foods grocery chain, one of Wisconsin’s leading grocers with more than 120 locations," Cosenza said. "Located in Burlington, home to a Nestle Chocolate Factory, this store is supported by a local population with average household incomes of more than $70,000."
The grocery store is attached to a Kohl’s department store, which was not purchased as part of the transaction. This is the second Roundy’s grocery store Inland Real Estate Acquisitions has acquired on behalf of Inland Diversified Real Estate Trust in 2011. On May 9, the company announced the $6.2 million acquisition of a Roundy’s in Neenah.
"Grocery stores continue to be an integral segment of our diversified real estate portfolio," said Barry Lazarus, president and chief operating officer of Inland Diversified. "We believe these necessity-based retailers provide stability across all economic cycles."
