3L Real Estate completed its second real estate acquisition in 12 months in the South Loop from Columbia College Chicago. The adaptive reuse specialists bought 731 South Plymouth Court from the liberal arts school, in a deal valued at more than $20M.
Columbia College put the 343-room building on the market in September. The school will lease the building for the 2018-19 school year, allowing the school to house students and various offices while construction of its new $50M student center at Wabash Avenue and Eighth Street continues. 3L Real Estate CEO Joseph Slezak said his firm will then redevelop the building into market rate apartments. The firm partnered with Skydeck, the investment arm of the Polsky family, on the redevelopment plan.Additionally, the article ends with the following:
The building's main level will be converted into retail space.Will be interesting to see what that means, but could be a good development for the Printers Row burgeoning retail scene.
(Hat tip: JP!)