Three former Dominick’s stores have been sold in Cook County as Safeway finishes exiting the Chicago market, according to Crain’s Chicago Business.
A Dominick’s supermarket in Lincoln Square sold for $7 million, while one in southwest suburban Countryside fetched $3 million, a disparity based in part on how easily buyers think they can make a buck on the empty stores.
Safeway Inc., the Pleasanton, Calif.-based owner of Dominick’s, decided last year to exit the Chicago market and sell off its portfolio, including store spaces it leased and properties it owned. The move has scrambled the local grocery market, as competing chains consider taking over former Dominick’s stores.
The sales offer a view into the perceived potential of each store, a figure that reflects several factors, including the most important: location. To date, prices for at least three transactions for empty Dominick’s stores have been recorded with Cook County.