January 29, 2020

University Purchases Jewel-Osco Property in $20 Million Deal

The University of Chicago has bought the property occupied by Jewel-Osco on 61st Street and Cottage Grove Avenue for nearly $20 million.

Crain’s Chicago Business first reported on Tuesday that the University, through what the publication described as “a venture connected to the university,” made the $19.8 million purchase back in November. Crain’s also reported that UChicago financed the purchase with a loan worth $14.8 million.

Greenstone Partners, the broker in the sale, first announced the sale of the property on January 10, but the terms and buyer were not disclosed at the time. In a press release, Greenstone wrote that the then-undisclosed buyer was interested in the property because of how many people live near the store, as well as the amount of underdeveloped land in the area.

University of Chicago spokesperson Gerald McSwiggan told The Maroon via email that the Jewel-Osco would continue to operate under its 20-year long-term lease to the grocer’s parent company, Albertsons.