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Article: Heartland Completes Sale of Kinzie Station North Parcels; Company Updates Status of Other Major Development Projects.
- Article from:
- PR Newswire
- Article date:
- February 12, 2003
CopyrightCOPYRIGHT 2003 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Heartland Partners, L.P. today announced that its operating partnership CMC Heartland Partners has completed the sale of two parcels of land in the Kinzie Station North development in Chicago for a total of $9.85 million. The purchasers, a group of local real estate developers led by the Fifield Companies and MCZ/Jameson Development Group, plan to develop the 147,000-square-foot parcel in accordance with its residential zoning.
CEO Lawrence S. Adelson said proceeds of the sale will be used to pay off the company's revolving loan, trade creditors, certain other deferred charges and for a working capital reserve.
"While the company will not pay a ...