CHICAGO, IL--(Marketwire - December 6, 2010) - Newcastle Limited has acquired a mixed-use property consisting of 4,300 square feet of prime retail space and 12 apartments in the Lincoln Park neighborhood for $3.0 million. Newcastle purchased the property on behalf of the firm's $500 million Chicago real estate investment platform. The deal was closed in 45 days. Kyle Stengle and Steve Rachman of Marcus & Millichap represented the seller in the transaction.
Built in 1923, 2525 North Clark is located on the corner of Clark Street and Deming Place in Chicago's Lincoln Park neighborhood. Current retail tenants include Starbucks Coffee; Austrian Bakery, a neighborhood restaurant specializing in traditional Austrian specialties; and Sultan's Market, a Chicago destination spot know for its Middle Eastern cuisine.
"Newcastle's investment focus on Chicago-area, urban real estate made 2525 North Clark a perfect fit for our portfolio," said Michael R. Haney, President and CEO of Newcastle Limited. "We're finding that certainty of execution is sellers' primary concern in today's market. Our cash offer, financial wherewithal and quick close satisfied the seller's objectives."
Newcastle Limited is a Chicago-based real estate advisory and investment firm serving institutions, corporations and investors. The firm helps clients use real estate strategically to achieve overall mission objectives more quickly, at a lower cost, and with less risk. Using its $500 million investment platform, Newcastle acquires urban Chicago real estate -- multi-family, retail and mixed-use. An entrepreneurial investor with institutional backing, Newcastle can deploy large amounts of capital and close transactions quickly. To learn more about Newcastle, call Mike Haney at (312) 252-1401 or visit the company website at www.newcastlelimited.com.
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