U of Illinois Research Park developer selling majority stake
Aug. 02, 2018
CHAMPAIGN, Ill. (AP) — The developer of the University of Illinois Research Park says it is selling majority ownership of its buildings there in order to raise money for expansion projects.
Peter Fox says his Fox/Atkins Development company will retain minority ownership in the 11 buildings and continue to handle leasing and property management at the park in Champaign for at least five years.
The News-Gazette reports Fox declined to disclose the sale amount or name the Chicago-based real-estate investment firm involved in the deal, which requires approval of the UI Research Park board. The university is keeping land ownership.
Fox's plans include a new 40,000-square-foot building and a 33,000-square-foot expansion of the Illinois Conference Center.
The park was created in 2001 and has 2,100 workers with more than 120 companies.
Information from: The News-Gazette, http://www.news-gazette.com