CHICAGO—Transwestern Investment Management (TIM) and State Farm Life Insurance Company has purchased land on the corner of Ashland and Webster in Chicago’s Lincoln Park neighborhood for a planned retail development, comprised of an approximately 75,500-sq.- ft. grocery store.

TIM will continue to work with the developer of the project, Key Development Partners (KDP), and expects the property to be completed in 2014. The site will be developed for Mariano’s Fresh Market, subject to a long-term lease.

According to Laurie Dotter, president of TIM, "Our investment in the retail development on the Ashland and Webster site is consistent with our objective of acquiring assets in quality locations such as Lincoln Park. Upon completion, the property will provide attractive cash flows for our partner State Farm Life Insurance Company."