Dominick's Founders Sell 7 Retail Properties

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Dominick's Founders Sell 7 Retail Properties

CHICAGO -- The founding family of Dominick's Finer Foods here, the DiMatteos, reportedly has sold seven Chicago area retail properties in a portfolio totaling almost 425,000 square feet for about $75 million to investment advisory firm RREEF Real Estate.

The portfolio includes Dominick's stores in Evanston, Northfield and River Forest, Ill., as well as two shopping centers anchored by Dominick's stores in Town Square in Schaumburg and Gateway Centre in Chicago's Rogers Park section, according to Crain's Chicago Business. Two other sites include a small building leased to LaSalle Bank next to the Gateway Centre and a Walgreens-anchored strip center in Edgewater at Broadway St. and Glenlake Ave.

The DiMatteo family had retained the seven properties after selling the Dominick's chain to Ron Burkle's Los Angeles-based Yucaipa Cos. in 1995, according to CB Richard Ellis Inc. marketing materials. "All of the properties occupy prime, in-fill sites in high density city neighborhoods or close-in, affluent suburbs," according to the sales brochure distributed to potential buyers.

Crains reported that the sale closed late last week, but a spokeswoman with RREEF, a unit of German bank Deutsche Bank A.G., declined further comment.

Dominick's, which Safeway Inc. bought in 1999, earlier this year closed 14 underperforming Dominick's, leading to a $30.3-million charge, and bringing the chain's tally to 81 stores.