Buyer Sought for Independent Grocer Stanley’s Property

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Buyer Sought for Independent Grocer Stanley’s Property

07/25/2019
Buyer Sought for Stanley’s Fresh Fruit and Vegetables Site
Aerial photo of the property formerly housing Stanley's Fresh Fruit and Vegetables

The Panagiotaros family has hired Paine Wetzel Commercial Real Estate and MWA Capital Advisors to publicly market the property that formerly housed its Stanley’s Fresh Fruit and Vegetables grocery business. The site, located at the corner of North and Elston avenues on Chicago’s North Side, features a 7,665-square-foot retail building and a cold-storage building. The iconic independent grocer served several nearby neighborhoods for decades.

The popular store closed abruptly back in April, according to the Chicago Tribune, but its website is still active. The property had been up for sale since July 2018, with the family citing increased competition and redevelopment in the vicinity.

“We want to thank our customers for over half a century of loyalty and graciousness,” said Peter Panagiotaros, son of Stanley’s founder Stelios Panagiotaros. “With all the competition that’s been coming to the area, we were just not doing the same volume we once were and have decided it is time to find a better use for the property.”

Ed Wabick, principal of Chicago-based Paine Wetzel, and Ken Nofziger, president of Champaign, Ill.-based MWA, a subsidiary of Murray Wise Associates LLC, are heading the marketing effort.

“Our goal here is to maximize the value of the property for the Panagiotaros family by bringing a buyer to the table that sees the future potential of this property,” explained Wabick. “This is a high-traffic entryway from the Kennedy Expressway directly into the 55-acre redevelopment project, Lincoln Yards, and the proposed Salt District redevelopment.”

“It is hard to put a price on a unique offering such as this, so we are publicly soliciting all qualified offers and will be considering price, terms and conditions,” added Nofziger. “The property has a wide range of potential future uses and could be redeveloped into retail, apartments, offices, medical or a multitude of other options.” 

The property comes to 1.05 acres, but with potential assemblage of adjoining parcels, the acreage increases to 3.67 acres.