Sentinel Net Lease buys two Schnucks Fresh Foods stores in Illinois

Sentinel Net Lease, a Los Angeles-based is a real estate investment firm, has acquired a couple of Schnucks Fresh Foods grocery stores in Illinois for $18.3 million.

The first store, which is located in Loves Park, has been acquired for $11.7 million. It has a space of 142,357 sq ft and is located on 15 acres of land.

The second Schnucks Fresh Foods, which is located in Normal, was purchased for $6.6 million. It has a space of 57,000 sq ft and is located on six acres.

According to Sentinel Net Lease, the stores directly align with its strategy of executing opportunistic acquisitions of pandemic-resistant, mission critical real estate that can potentially bring in passive income for investors even in adverse macroeconomic situations.

Sentinel Net Lease buys two Schnucks Fresh Foods stores in Illinois. Photo courtesy of Business Wire.

Based in St. Louis, Schnucks Fresh Foods has more than 14,500 employees in 123 stores in five states in the US.

Sentinel Net Lease said that with the addition of the two properties and three more acquisitions slated by the year end, it is on track to buy more than $78 million in real estate assets by the end of 2020.

Dennis Cisterna – Sentinel Net Lease Chief Investment Officer said: “Schnucks Fresh Food Grocery Stores represent a primary essential service where demand and revenue have remained strong during the COVID-19 pandemic. Additionally, Schnucks is a tech forward business that participates in online ordering and delivery, which has been the fastest growing revenue sector in retail over the past year.”