ALGONQUIN – The Algonquin location of family-owned grocer Joe Caputo & Sons will continue to operate after the Wisconsin company that operates Piggly Wiggly and Butera Market bid $32 million for it and two other northwest suburban locations, real estate officials said.
Piggly Wiggly Midwest acquired the assets as well as the combined 267,000 square feet of retail space on 30 acres in Algonquin, Palatine and Des Plaines during an auction Thursday in Rosemont, according to Paine/Wetzel TCN Worldwide, one of the commercial real estate firms that handled the auction.
The Algonquin location spans 67,550 square feet on 7.92 acres at 100 S. Randall Road.
While it's unclear if Piggly Wiggly Midwest will continue to operate the Algonquin location under the Joe Caputo & Sons name, the new owners “have indicated they will continue operating the existing grocery stores in Palatine and Algonquin and plan to develop a new store at the Des Plaines location,” the release said.
Joe Caputo & Sons financial troubles came to light earlier this year when, in February, Chicago-based wholesaler Anthony Marano Co. sued the company on claims that the grocery chain did not pay for $3.6 million in produce delivered since June.
A federal judge subsequently issued a temporary restraining order that froze the grocer's assets. The same order gave Marano's attorney Robert B. Marcus the power “to make all business and legal decisions to manage the continued operation and/or liquidation” of Joe Caputo & Sons locations.
The sale will close 30 days after receiving district court approval, officials said Friday.
In early 2014, Joe Caputo & Sons announced plans to add three locations at former Dominick's stores in Arlington Heights, Elk Grove Village and Northbrook. The grocer closed the locations in Arlington Heights and Northbrook late last year.
Joe Caputo & Sons opened its Algonquin location in 2007, promising to offer customers in the Algonquin area the freshest fruits and vegetables and quality Italian specialties.
The family-owned chain first started doing business in 1989 out of its store in Des Plaines.