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INDIANAPOLIS - Marsh Supermarkets, Inc. based here netted approximately $12 million from the proceeds of 25 fee-owned properties that sold at an auction handled for the retailer by New York, N.Y.-based RCS Real Estate Advisors.
The 25 locations in and around Indianapolis, Ind., consisting of both undeveloped properties and former supermarkets already closed by Marsh, were sold to buyers from all over the United States. A former Trio's restaurant in Noblesville, Ind. and a former Marsh Supermarket in Greencastle, Ind. are still available for purchase.
"The auction was well attended," said RCS Real Estate Advisors s.v.p. Spence Mehl, who added that Marsh was pleased with the results and "is eager to sell the final two properties."
Marsh plans to use the proceeds to renovate and upgrade existing stores. Sun Capital Partners, Inc., a Boca Raton, Fla.-based private-equity firm, purchased Marsh in September 2006 for $88 million. The retailer runs 91 Marsh Supermarkets, seven LoBill Foods and five O'Malia's Food Markets in Indiana and Ohio, as well as Crystal Food Services and Primo Banquet Catering and Conference Centers.