By Bruce Japsen
Posted yesterday at 11:57 a.m.
Children’s Memorial Hospital has hired Chicago-based commercial real estate firm U.S. Equities Realty to market the land and building at its current tony Lincoln Park location.
Calling it “one of the most desirable neighborhoods in the Midwest,” hospital officials are hoping the prime six-acre real estate site will fetch a large sum.
Hospital officials would not disclose or speculate on what the sale of the property may raise but it is certainly worth tens of millions of dollars even in the current down market for real estate, say Chicago real estate observers.
Children’s is scheduled to relocate to a new $915 million hospital in Chicago’s Streeterville neighborhood east of Michigan Avenue in 2012. While the hospital has raised $500 million of its $600 million philanthropic goal toward the new hospital’s construction, it still needs the real estate sale to help finance the balance of the project. More…
