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CHICAGO – Loyola University Chicago is selling a 210,000 SF five-story contemporary office building in Forest Park, IL, through a sealed-bid offering, announced Michael R. Haney, President of Chicago-based Newcastle Advisors, LLC, which is providing advisory and disposition services to Loyola. Newcastle is a national real estate advisory and development firm serving corporations, institutions, governmental agencies and private investors.
“This offering will especially appeal to value-added investors, because of the building’s outstanding upside potential. The property includes 8,000 lineal feet of prefabricated partitions, which represent substantial savings and tax advantages on future tenant improvements,” said Haney who is offering the investment CD-ROM to qualified buyers. The deadline for sealed-bid offers is Friday, May 2.The building is located at 8601 West Roosevelt Road and occupies a high-profile corner site at Roosevelt Road and 1st Avenue, just 12 miles from Chicago’s central business district, eight miles from Oak Brook, 17 miles from O’Hare International Airport and 11 miles from Midway Airport. With convenient access to I-290 and the entire interstate system, it is adjacent to the Loyola University Medical Center and the Hines Veterans Administration Hospital campuses and is served by the CTA and Metra commuter lines and Pace buses.Built in 1990, the building has flexible 36,700 SF floorplates, designed to accommodate single or multiple tenants. Its top-quality mechanical systems will appeal to both small and large office users. The building features a marble lobby, full-service kitchen and cafeteria, basement storage, security infrastructure and other amenities. The 8.56-acre site provides parking for up to 840 vehicles.
“The building was developed to house the University’s administrative, information technology and finance departments; however, Loyola has decided to relocate its staff to other locations as part of its overall real estate strategy,” Haney said.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. To learn more about Loyola, visit the university’s website at www.luc.edu or contact Bud Jones, Associate Vice President of Public Relations, at (312) 915-6159.
About Newcastle Limited*
Newcastle Advisors, LLC, is a wholly owned subsidiary of Chicago-based Newcastle Limited, 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.