Transwestern Investment Management (TIM) today announced it purchased land on the corner of Ashland and Webster in Chicago's Lincoln Park neighborhood for a planned retail development. The planned project, an approximately 75,500 square foot grocery store, was acquired by TIM along with equity partner State Farm Life Insurance Company. TIM will continue to work with the developer of the project, Key Development Partners (KDP), and expects the property to be completed in 2014. The site will be developed for Mariano's Fresh Market, a banner of Roundy's Supermarkets Inc., subject to a long term lease.
According to Laurie Dotter, president of TIM, "Our investment in the retail development on the Ashland and Webster site is consistent with our objective of acquiring assets in quality locations such as Lincoln Park. Upon completion, the property will provide attractive cash flows for our partner State Farm Life Insurance Company."
Jones Lang LaSalle represented Lowe Enterprises.
According to Laurie Dotter, president of TIM, "Our acquisition of the Inverness building is consistent with our objective to acquire quality assets enhanced by stable credit income. It is the type of core equity investment we are seeking on behalf of our partner State Farm Life Insurance Company."
About Transwestern Investment Management:
Transwestern Investment Management ("TIM") is a privately-held, operationally independent investment advisory firm with the experience and capabilities to customize investment strategies to address changing risks and opportunities in the U.S. real estate markets. The firm is a subsidiary of Transwestern Investment Group, the real estate investment firm serving a broad range of clients through a diversified array of vehicles including separate accounts, joint ventures and programmatic funds. The firm's operating structure is designed to enhance investment and asset management decision-making, accountability, and risk management to positively impact clients' investment performance. Clients benefit from Transwestern's national best-in-class services, access to penetrating local market insight and research, enhanced access to opportunities and superior local execution capabilities. For more information, visit www.transwesterninvest.net
About Key Development Partners (KDP):
KDP develops and manages retail properties throughout the Chicago area. To date, KDP has developed over 3.2 million square feet of retail space in 83 projects for national tenants such as Kohl's, Kroger, T.J.Maxx, Petsmart, Aldi, Walgreen's, Potbelly, Chase Bank, and TCF Bank. Since the mid-1990s, KDP has been involved in the development of nearly $370 million of commercial real estate.