Lowe's Purchases 11 Acres at New Power Center

CHICAGO-Lowe’s has purchased an 11.5-acre parcel at the Chatham Market, a 50-acre site being developed into a 420,000-sf power center by a joint venture of Archon Group LP and Monroe Investment Partners LLC, based here. The sales price was not disclosed. Lowe’s will construct a 117,000-sf store and will be one of the anchors of the development.

The area was the site of a former steel plant and is near the Dan Ryan Expressway. As part of the development, a four-lane road will be constructed that will connect 83rd Street to 87th Street, according to a company statement. The Lowe’s will have frontage on the newly constructed street, called Holland Road. Curt Bailey, director of retail investments at the Chicago regional office of Archon, did not return a phone call for comment.