West Side Galewood Yard Redevelopment Slated

Heartland Partners LP has closed the sale of the remaining 50-acreparcel of its Galewood Yard property on the West Side of Chicago to the Loren Joseph Corp., which will redeveloping the former rail yard as the Grand Central Business industrial park that will be anchored by a paper company. Heartland had previously sold a 17-acre parcel of the site to Metra, the Chicago areaÕs regional commuter train operator. The sale price of the 50-acre parcel was $5.5 million, and Heartland could receive up to $2.25 million of additional consideration in the event that certain tax increment financing can be arranged.