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CHICAGO – Newcastle Limited* represented the YMCA of Metropolitan Chicago in the disposition of its 254-acre Hastings Lake site to the Lake County Forest Preserve District in a no-contingency $10,000,000 sale transaction, announced Michael R. Haney, President of Chicago-based Newcastle Limited, a national real estate advisory and development firm serving corporations, not-for-profit organizations, institutions, investors, and governmental agencies.
The Hastings Lake property is located at the corner of Grass Lake and Gelden Roads in unincorporated Lake County, adjacent to Lindenhurst and Lake Villa. It features beautiful rolling typography, stately trees and a 75-acre recreational lake for fishing, boating and swimming. “This is an extremely large, contiguous and rare parcel that has served as the YMCA’s summer camp since 1922,” said Haney whose company conducted a sealed-bid offering for the property with a deadline of February 12, 2003.
“We received an exceptional number of offers from qualified developers, public entities and private citizens. The property, located in the heart of the Lake County growth corridor, could have been developed in a number of ways. However, the Lake County Forest Preserve’s willingness to pay a market price for the property enabled the YMCA to preserve the land and fulfill its commitment to community service,” said Haney.In April, the Lake County Forest Preserve Board of Commissioners unanimously approved the purchase of the 254-acre property and named it Hastings Lake Forest Preserve. The new forest preserve features beautiful mature woods, open fields, wetlands and approximately two miles of shoreline and beaches. The transaction is scheduled to close this July.
“The Lake County Forest Preserve is a great purchaser for our Hastings Lake property, because it will become a significant recreational resource for public use countywide,” said Stephen S. Cole, YMCA’s President and Chief Executive Officer. The YMCA will continue to serve local residents by retaining ownership of 11 acres including a 12,700 SF community center with indoor swimming pool and locker facilities. “The YMCA of Metropolitan Chicago’s Board of Managers recently authorized the reinvestment of up to $500,000 to improve this property including the construction of day-camp pavilions, scheduled for completion in the summer of 2004,” said Cole.
“This is an ideal place for outdoor recreation including hiking, biking, fishing and light boating. First we will create a master plan for the site, which will include wildlife restoration areas and nature trails through the property for hikers and bicyclists,” said Tom Hahn, Director of Land Acquisition for the Forest Preserve. Land acquisition and improvements for the new Hastings Lake Forest Preserve will be funded from an $85,000,000 bond issue, approved in 2000 by Lake County voters, of which $70,000,000 is earmarked specifically for the acquisition of land and $15,000,000, for development.The YMCA is responsible for the demolition of 99 summer-camp cabins and all other buildings except four, which will be used by the Forest Preserve for storage and other purposes. After the closing, the Forest Preserve intends to sell a 2.5-acre parcel of land along Grass Lake Road to the Lake Villa Fire Protection District as the site for its new substation.
Newcastle is also currently handling the disposition of the 77-year-old, 14-acre South Water Market on the Near West Side of Chicago and a 210,000 SF office building in Forest Park for Loyola University Chicago. The firm recently represented Baxter International, Inc. in the disposition of a 70-acre development site; the Eleanor Women’s Foundation in a sealed-bid disposition of its property at 1550 North Dearborn to The Latin School of Chicago; and Loyola University Chicago in the disposition of its 17-acre Mallinckrodt Campus to the Wilmette Park District.
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.