Loyola Gets $20M for Mallinckrodt Campus

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.