Inland Diversified Real Estate Trust Inc. said it paid about $22.6 million to buy three grocery store properties from Schnuck Markets Inc. that the grocer will continue to operate in a sale-leaseback deal.
The Schnucks properties that have been sold — at 5055 Arsenal St. and 3432 S. Grand in St. Louis and 1191 Gannon Plaza in Festus — are operating on new 15-year leases with multiple renewal options, Inland said.
Family-owned Schnuck Markets operates 99 stores and 95 in-store pharmacies in Missouri, Illinois, Indiana, Wisconsin and Iowa. It's one of the largest privately held companies in St. Louis, with 2011 revenue of $2.6 billion.
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