X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WILMETTE, IL-Loyola University’s 17-acre Mallinckrodt campus has been sold to this North Shore suburb’s park district for $20 million. The acquisition was approved by voters earlier this year.

The referendum came after Chicago-based Newcastle Limited found a buyer in a joint venture between Edward R. James Partners LLC and Valenti Builders, which proposed residential redevelopment of the property that includes a 170,000-sf at 1041 Ridge Rd. and two smaller buildings. However, the property’s future is likely to be for park purposes. The park district plans to hold public hearings on the property’s redevelopment.

The referendum gave the park district authority to borrow up to $25 million to keep the Mallinckrodt campus out of the hands of developers.

“This was a complex transaction on many levels,” says Newcastle Limited president Michael R. Haney in a statement. “It involved the university, a residential developer, a village, its citizens, and an independent park district, all with differing points of view and real estate philosophies.”

Loyola bought the property three years ago from the Sisters of Christian Charity and used it to house the university’s school of education. The school also is selling a 24,800-sf building at its Downtown campus off the Magnificent Mile. Newcastle Limited is accepting sealed bids through Friday.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.