A real estate developer in Chicago, Ill., has bought a property on the city's Near North Side that houses one of Chicago's last Barnes & Noble stores, the Chicago Tribune reported.
Newcastle Ltd. purchased the property for $61 million even though the developer's plans to build a 39-story apartment tower on the site were rejected by a Chicago alderman just a few months ago.
And while the developer has not made any formal comment about its plans, the Tribune added, the sale's high price indicates that Newcastle will likely continue trying to develop an apartment tower on the property, which would more than likely force the B&N to move or close.