Tuesday, April 12, 2011

Wal-Mart closes on land purchase for Chatham supercenter

Chatham Market property (Michael Tercha/Chicago Tribune)

Chicago Breaking Business news on movement at the Chatham Market Wal-Mart:
Wal-Mart Stores Inc. closed on the sale of a piece of land on Chicago’s South Side where it plans to build a long-anticipated 155,000-square-foot supercenter.

The world’s largest retailer paid about $10 million for the 13.5 acre parcel at the Chatham Market shopping center at the corner of 83rd Street and South Holland Road, according to a person close to the deal. The store is slated to open next year.

Wal-Mart also agreed to lease an existing 10,000-square-foot building at Chatham Market for a Walmart Express store, a convenience grocery format that is the first of its kind for the big-box retailer. Jones Lang LaSalle brokered the deals for the shopping center owner Monroe Investment Partners LLC.
UPDATE 12:26 PM - Another article I found this morning from Crain's:
Wal-Mart Stores Inc. has closed on the purchase of a 13.5-acre parcel on Chicago’s South Side where the company plans to build its next city supercenter.

The retail giant bought the property near 85th Street and South Holland Road, within the Chatham Market shopping center, from Chicago-based Monroe Investment Partners LLC. The price couldn’t be determined.

Construction of the 155,000-square-foot store is to get under way later this month, says Tom Kirschbraun, a managing director with Jones Lang LaSalle Inc. who was part of the Jones Lang team that represented Monroe in the sale.

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