Chicago

Phase three will consist of four new buildings, totaling 918,972 square feet, and will be the final construction phase at the 225-acre, master-planned Bridge Point North campus that Bridge has been actively developing since 2015.

The property prior to the sale, entered into a 10-year, 340-bed master lease with Columbia College in August. Greystar reports that the remaining 48 beds are fully leased for the 2019/2020 academic year.

The newly created position is expected to assist the firm in nearly tripling its portfolio value to $30 billion by 2024.

Through what the city terms is a groundbreaking collaborative by government, businesses, philanthropies, and community leaders, the city will align more than $750 million in already allocated funding to the South and West Sides over the next three years.

The city estimated the new congestion tax will generate approximately $40 million in new revenue.

Located at the southwest corner of Montrose Avenue and Bernard Street, on formerly vacant land, the new five-story building has 32 one-bedroom and 16 two-bedroom apartments, which are nearly fully occupied.

LoBello was previously director of property management with The Hampshire Companies where she was most recently responsible for more than 10 million square feet of commercial real estate across the office, industrial and retail sectors.

The offering marks JLL Income Property Trust's first entry into the 1031 exchange sector.