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Shapack Venture Acquires Salvation Army Campus in River West
A venture controlled by Shapack Partners has acquired the Salvation Army’s main downtown campus in the River West neighborhood, Crain’s Chicago Business reported. Sources familiar with the purchase told Crain’s that developer Jeff Shapack intends to convert a six-story building at 509 Union Ave. into a hotel.
In a deal brokered by SVN | Chicago Commercial, Shapack paid close to $25 million for the property, which the Salvation Army had owned since 1931. It most recently served as the charity’s family store and donation center as well as an adult rehabilitation center.
Magnetar Capital founder Alec Litowitz is also an investor with Shapack in the Salvation Army property, reported Crain’s. The duo previously teamed up on the development of a 70,000-square-foot office building at 811 W. Fulton St. that they sold in 2019 for more than $50 million, then a record high price per-square-foot price for a Chicago office building.
- ◦Sale/Acquisition
