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From Crain’s Chicago: Dominick’s buys motel next to store

We previously reported about this story in January. Read below for more information on the deal from Crain’s Chicago.
(Crain’s) — Dominick’s Finer Foods LLC paid $4 million for a motel property in Edgewater next to one of its stores, setting the stage for a possible redevelopment of a nearly three-acre site near the lakefront.
The acquisition of the 59-room Chicago Lodge, 920 W. Foster Ave., follows Dominick’s purchase in January 2008 of the store, which CoStar Group Inc. says is 45,900 square feet. The store is just west of the motel, which closed after Dominick’s bought it.
Dominick’s paid $5.85 million for the store, stepping in after the 2.3-acre property was marketed to developers as a site for a two-tower, residential complex above a new grocery store.
Read the entire article from Crain’s here.


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