When Jewel-Osco opened its 48,000-square-foot location in Woodlawn last year, it was an oasis amid a so-called food desert. The store is about a mile from the site of the future Obama Presidential Center.
A venture connected to the University of Chicago just paid $20 million for the property from developers DL3 Realty and Terraco Real Estate, and vowed to keep the store at 6014 S. Cottage Grove Ave. “locally controlled,” according to Crain’s.
The buyer financed the acquisition with a $14.8 million loan from Beverly Bank & Trust, according to the report. Greenstone Partners advised on the sale.
“The university is committed to making sure the store remains a valuable resource for the community, similar to other commercial properties that the university owns in the area,” university spokesman Jeremy Manier told Crain’s. The store opened last March.
Nearby, DL3 Realty is also in the middle of redeveloping the 72,000 square foot Washington Park National Bank Building at 6300 S. Cottage Grove Ave. It will be a mixed-use complex.