John Novak Of Novak Construction Acquires 18.4 Acres From J.P. Morgan Asset Management For $34M

1229 West Concord Place is a development site located in Chicago, consisting of 18.4 acres of vacant riverfront land. The asset has been acquired for $34 million, marking a significant transaction in the local market. This site is situated in the southern portion of Lincoln Yards, an area previously marketed for a mixed-use project at nearly $60 million.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $34,000,000
• Buyer: John Novak - Novak Construction
• Seller: Jamie Dimon - J.P. Morgan Asset Management; Andy Gloor - Sterling Bay
• Acres: 18.4
• Market: Chicago

The acquisition by John Novak through Novak Construction is noted as the largest land purchase to date for the company, emphasizing a significant investment in Chicago's development landscape. This transaction involves prominent figures in the real estate and financial sectors, highlighting the collaborative nature of urban development ventures.