CHICAGO-Loyola University has acquired two properties adjacent to Loyola’s Water Tower Campus. The two parcels were bought for $40 million. The two sites include a four-story residential and retail complex at 800-04 N. State St. and 4-10 W. Chicago Ave., and a parking lot adjacent to the property, says Mike Haney, president and CEO of Chicago-based Newcastle Limited.

The YMCA of Metropolitan Chicago sold the parking lot. The seller of the retail and apartment building was a private investor group based in Chicago, Haney tells

“Loyola is located across the street from these properties” and acquired the properties “so it has the opportunity to grow its campus in the future,” Haney says. The university, which was founded in 1870, has enrollment of more than 15,500 students.

Both the building and the adjacent parking lot will continue to be operated as they had been, he says. The four-story building has 18 apartment units and six retail stores. The retail and the apartments are 100% occupied, Haney tells The monthly apartment rental rates are approximately between $1,200 and $2,100.

The YMCA in the Chicago area has been in the process of selling parcels with “high property values, but low mission values,” Haney says. “They have been then taking the proceeds and redeploying towards other real estate or other endeavors.” YMCA was looking to sell the lot, and the owners of the building were approached to see if they would be interested in selling as well, Haney says. “Loyola was just an obvious potential buyer for the properties,” he says. The YMCA is retaining ownership of its nearby Lawson House, and some of the parking, he says. YMCA has also recently sold a 4.3-acre property in LaGrange, IL and a 254-acre parcel in Lindenhurst, IL, with Newcastle representing the organization in both of the transactions.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information


Join GlobeSt

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

  • Free unlimited access to'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 and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.