GlenStar Properties has acquired 10 acres of land located on the north side of the Kennedy Expressway at the Cumberland Ave. interchange in Chicago from Chesapeake Hotel Limited Partnership and Host Hotels & Resorts, L.P. Sale price was not disclosed.
“This was a terrific opportunity to add a significant piece of land in a hot submarket to our portfolio,” said GlenStar principal Michael Klein. “For users seeking instant access to the Illinois Tollway system, the CTA Blue Line and O’Hare International Airport, the location is ideal.”
Upon closing, GlenStar subdivided the property into three parcels. The largest parcel, at 3.6 acres and fronting the Kennedy Expressway, is available immediately for build-to-suit opportunities. The smallest parcel, approximately 2.4 acres, is in the process of being rezoned. The remaining, 2.8-acre parcel was sold to an unnamed buyer that subsequently retained the developer to build a new, 150,000-square-foot office building on its behalf.