Save Mart Supermarkets Sells Locations for $131.4 Million
SAN JOSE, CA - The California retail market is a diverse landscape, and the Midwest is eyeing to expand its reach. Recently, an investment group based in the Midwest has been noted as purchasing properties from retailers around the United States. The investment group has grabbed a half-dozen San Jose properties occupied by grocery stores owned by Save Mart Supermarkets. Several San Jose-based Lucky and FoodMaxx sites were sold for $131.4 million.
According to The Mercury News, the Chicago-based Oak Street Real Estate Capital has bought six sites in San Jose where a Lucky Store supermarket or a FoodMaxx warehouse store operates, public property documents filed on November 23 show.
Oak Street Real Estate Capital now owns these retail sites occupied by a sturdy tenant, and paid $131.4 million for the supermarket properties through an affiliate, according to records on file in Santa Clara County.
The private equity investment firm has a strategy of buying choice real estate, often from retailers, and then leasing back the properties to the merchants.
With extra cash on hand, will this open up new avenues for Save Mart Supermarket to expand in other markets? ANUK will keep an eye on the retailer’s trail.