February 17, 2014 - Capri Capital Partners
CHICAGO, IL – Capri Capital Partners, LLC (“Capri”) of Chicago announced today that it has signed a long-term lease agreement with Roundy’s Supermarkets, Inc. (“Roundy’s”) of Milwaukee, Wisconsin for The Metropolis, a $50 million dollar commercial/retail development located at the intersection of South State Street and Pershing Road (39th Street) in Chicago.
The 123,000 square foot project is a joint venture between the Capri Select Income II Fund and Judson Investment Company of Chicago. The Prime Group, Inc. of Chicago is the developer for The Metropolis. CB Richard Ellis is the exclusive leasing agent.
“Capri is committed to transforming the near south side, and we’re pleased that Roundy’s has partnered with us,” said Quintin E. Primo III, Chairman and Chief Executive Officer of Capri. ”This historically significant project addresses the chronic lack of commercial retail in the Bronzeville area, and will be the catalyst for the rebirth in this underserved market. A grocer with the reputation and quality of Roundy’s gives the community a first-class supermarket, plus jobs for the people of the neighborhood.”
“We are excited about the opportunity to build a new grocery store in Bronzeville,” said Robert Mariano, Roundy’s chairman and CEO. “We look forward to serving our new customers and having a positive impact on the neighborhood.”
“I am excited that Roundy’s will be in our community,” said Alderman Pat Dowell, Chicago 3rd Ward. “This is an important milestone for the residents of the 3rd Ward. With the addition of Roundy’s, the 3rd Ward will no longer be a food desert. Now the community will have a full service grocery store, which will create jobs for local residents. During the campaign I promised to bring a grocery store to the 3rd Ward. I am proud to be able to deliver on that promise.”
“After many months of perseverance, and with the strong backing of Alderman Dowell, the city of Chicago, and the Department of Planning, we are very pleased to have received the long-term commitment from Roundy’s so that we can move forward with construction,” said Michael W. Reschke, Chairman and Chief Executive Officer of The Prime Group, Inc.
“Roundy’s will be part of a great shopping experience for the Bronzeville neighborhood,“ said Stephen D. Lane, Partner-Asset Management and Development for Capri. “The development is aligned with green design principals and will include a nicely landscaped plaza that will provide an inviting, comfortable place for the community to gather.”
The 60,000 square-foot, full-service supermarket is scheduled for opening in the fall of 2010.
About Capri Capital Partners, LLC
Capri Capital Partners LLC is an institutional real estate investment advisory firm, investing and managing commercial real estate properties and portfolios since 1992. Capri offers a broad spectrum of equity and debt products to its customers through separate account and commingled fund vehicles. Diversified assets managed on behalf of its pension fund and other institutional clients totaled $4.44 billion as of September 30, 2008. For more information, please call 312-573-5275 or visit the company’s website www.capricapital.com.
Capri Capital Partners, LLC expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in their expectations with regard thereto or change in events, conditions, or circumstances on which any such statement is based.
This announcement does not constitute an offer to sell, or a solicitation of an offer to buy any security relating to Capri Capital Partners, LLC or any of their funds. Any offer or solicitation may be made only through the delivery of a definitive Private Offering Memorandum and all information contained herein is qualified in its entirety by such Memorandum.
About Roundy’s Supermarkets, Inc.
Roundy’s Supermarkets, Inc. is a leading grocer in the Midwest with nearly $4 billion in sales and 21,000 employees. Founded in Milwaukee in 1872, it operates 151 retail grocery stores under the Pick ‘n Save, Copps, Rainbow and Metro Market banners in Wisconsin and Minnesota. For more information about Roundy’s, visit the company website at www.roundys.com.
The Prime Group, Inc.
The Prime Group, Inc. (“Prime”), founded in 1981 by Michael W. Reschke, is a full-service diversified real estate company with expertise in development, planning, design, construction, marketing, leasing, property management, and finance. Headquartered in Chicago, Prime has acquired and developed over $12.0 billion of commercial and residential real estate across the United States. In Chicago, Prime is currently developing a 610-key J.W. Marriott hotel at 151 W. Adams, a 245-key Hotel Edition at 11 S. LaSalle, a luxury condominium tower at 10 East Delaware, and a 1.2 million square foot office tower at 400 W. Randolph.