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CHICAGO – Loyola University Chicago has closed the sale of its 17-acre Mallinckrodt Campus in Wilmette, IL, for $20,000,000 to the Wilmette Park District, announced Michael R. Haney, President of Chicago-based Newcastle Limited*, which is providing advisory and disposition services to Loyola. Newcastle is a national real estate advisory and development firm serving not-for-profit organizations, institutions, investors, corporations and governmental agencies.Retained by Loyola to market the property in the fall of 2001, Newcastle conducted a fast-track sealed-bid offering that resulted in a purchase contract for residential development by successful bidder, a joint venture between Edward R. James Partners LLC and Valenti Builders, in less than 10 weeks. Subsequently the citizens of Wilmette approved a Wilmette Park District referendum on March 19 of this year authorizing the district to issue general obligation bonds to purchase the property and fund its development for municipal or park purposes. The purchase agreement, approved by the Wilmette Park District’s Board of Park Commissioners on August 12, followed five months of negotiations.
“This was a complex transaction on many levels. 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. But in the end, the sale proved to be beneficial for all concerned. Wilmette residents got the property; the park district successfully facilitated a citizen mandate for the acquisition; and the university accomplished one of the objectives in its ongoing multi-phase master plan,” said Haney whose company is currently marketing a 24,800 SF high-rise development site within Loyola University Chicago’s Water Tower Campus through a sealed-bid offering that closes on Friday, October 11.
“Loyola University, with the support of the James/Valenti joint venture, worked cooperatively with the Village of Wilmette and the Park District to keep them apprised of the disposition process and give them adequate time to evaluate the potential purchase of the property and hold the referendum necessary to authorize the purchase,” Haney said.The Mallinckrodt Campus property, located at the southwest corner of Ridge Road and Elmwood Avenue, includes two small structures and a 170,000 SF building at 1041 Ridge Road that housed Loyola’s School of Education. The School was moved to the University’s Water Tower Campus in Chicago in August of this year. Built in 1913-1917 and designed by architect, Herman J. Gaul, in the Italian Renaissance style, the building is included among the Landmarks Preservation Council of Illinois’ top 10 endangered historic structures for 2002. Loyola purchased the property three years ago from the Sisters of Christian Charity which had used the building as their headquarters and training facility for their religious order.
“The Wilmette Park District is excited about this acquisition, and we look forward to giving the citizens of Wilmette an opportunity to give us their input on how they would like to see this site used,” said Richard H. Marcus, President of the Board of Park Commissioners. The park district plans to hold public hearings as part of their redevelopment process. For more information, please contact Terrance Porter, Director of Parks and Recreation, at (847) 256-9104.Loyola University Chicago, ranked as a top national university and a “best value” for higher education by U.S. News & World Report, is one of the largest of the 28 Jesuit universities and colleges in the United States. Loyola has four campuses, three of which are in the greater Chicago area including the Water Tower Campus, the Lake Shore Campus on the North Side, and the Medical Center Campus in west suburban Maywood. It also has the Rome Center of Liberal Arts in Italy. This fall, Loyola welcomed its second consecutive record-breaking freshman class of 1,650 students, up from 1,424 students in last year’s freshman class. To learn more about Loyola, visit the university’s website at www.luc.edu.
About Newcastle Limited
Chicago-based Newcastle Limited is a national commercial real estate firm serving governmental agencies, institutions, not-for-profit organizations, corporations and private investors. The firm’s strategic advisory, development and investment services are designed to reduce project risk and maximize asset value. To learn more about Newcastle, call Mike Haney at (312) 683-3113 or visit the company website at www.newcastleinvestors.com.