In addition to the property just northwest of the Loop, Heartland Partners is selling 142 acres next to Miller Park in Milwaukee, either to an interested buyer or to the city, which the real estate firm expects to attempt to acquire through eminent domain. While Heartland has sought to build a mixed-use retail and entertainment venue next to the ballpark, the city prefers industrial development.
No pricetags were given for the Downtown or Milwaukee properties.
An 80,000-sf Kinzie Station North site is under contract to a grocery chain but Colliers, Bennett & Kahnweiler is marketing 8 acres, which could hold 1,700 multifamily units and 30,000-sf of retail space. "If we receive an acceptable offer for all or any part of it we will sell it," says chief executive officer Lawrence Adelson in a letter to stockholders.
A 1.45-acre site of a 250-unit multifamily rental building--Heartland Partners originally planned to build condominiums before too much competition hit the market—is listed with Grubb & Ellis.
Adelson explains the company made the decision as a result of conversations he has had with stockholders since taking over as CEO in March. Many of those stockholders told him their primary objective was to receive cash distributions.
In addition, Adelson says the company is severing ties with Heartland Technology, which owes the real estate company $8.5 million.
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