CHICAGO, IL--(Marketwire - February 22, 2011) - Newcastle Limited has acquired 670 West Diversey, a 10,700 square foot retail property located on the border of Chicago's Lincoln Park and Lakeview neighborhoods, for $6.1 million. The all-cash deal closed in 50 days. Newcastle purchased the property on behalf of the firm's $500 million Chicago real estate investment platform. Since December, Newcastle has closed on four acquisitions.
Located just west of where Clark Street, Diversey Parkway and Broadway Avenue converge, the retail center is positioned in an area with one of the highest pedestrian counts in Chicago, and is on the border of two of the most affluent and densely populated neighborhoods in the city. The single-story building is 100% occupied by Firkin & Pheasant, an English-style pub; Akira, a popular clothing, footwear and accessory store for men and women; and The Counter, which puts a 21st century twist on the classic burger joint by featuring unique cocktails, wines, beer and music.
"The property's location, visibility and strong demographics made it an attractive investment opportunity," said Michael R. Haney, president and CEO of Newcastle Limited. "This fits squarely in our urban Chicago investment strategy and is a great addition to our growing retail portfolio."
Newcastle purchased the property directly from the owner.
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, including multi-family, retail, mixed-use and other commercial assets. 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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