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CHICAGO — Chicago-based retail developer, Preferred Development, has acquired the third of three properties on the 3400 and 3500 blocks of North Southport Avenue in Chicago. The company will demolish the existing buildings and construct approximately 20,000 square feet of one- or two-story retail space. The properties, which will be renamed The Southport Collection, were acquired for $6.6 million. Preferred development has announced plans to invest another $6.5 million in construction for the project.