University of Chicago Pays $19.8 Million for New Jewel-Osco in Woodlawn
CHICAGO, IL - Jewel-Osco and the University of Chicago are pairing up to keep produce a community affair. The university recently paid $19.8 million for a 48,000-square-foot Jewel-Osco near its campus for the sole reason of keeping fresh produce and other healthy food options in a key market.
“The University of Chicago considered the Jewel-Osco an important community asset and decided to purchase the property to ensure that it remains locally controlled rather than going to a national buyer,” Jeremy Manier, Assistant Vice President of Communications, wrote in an email obtained by Crain’s. “The University is committed to making sure the store remains a valuable resource for the community, similar to other commercial properties that the university owns in the area.”
Crain’s noted that a deed filed with Cook County disclosed that a venture associated with the university acquired the store from DL3 Realty and Terraco Real Estate—the companies that built the location. This investment from the university only furthers the investment Jewel-Osco first made in the community—both of which the news source anticipates will help stabilize the market and keep fresh produce in its midst.
The store, which is currently leased to Jewel-Osco’s parent company Albertsons, has already created 200 jobs for the community of Woodlawn.
How else will we see innovative collaborations between fresh produce advocates and retailers in 2020? AndNowUKnow will continue to follow along with the latest industry news.