CHICAGO, IL--(Marketwire - January 18, 2011) - Newcastle Limited has acquired 2500 West North Avenue, a 14,800 square foot retail center with parking in the Bucktown retail corridor, for $4.65 million. Newcastle purchased the property on behalf of the firm's $500 million Chicago real estate investment platform. The all-cash deal was closed in 80 days.
Located at the corner of North and Campbell Avenues (just west of Western Avenue), the single-story building is currently 100% occupied by the following national retailers: O'Reilly Auto Parts, Charter One Bank, H&R Block, GameStop, Subway and Acceptance Insurance. The property includes 30 parking spaces and provides easy access to public transportation.
"We were attracted to the property because of its location in a heavily trafficked east-west corridor in Bucktown and its strong mix of national tenants," said Michael R. Haney, president and CEO of Newcastle Limited. "Our investment focus on Chicago-area, urban real estate made the purchase of 2500 West North Avenue the perfect opportunity for us to add to our existing retail holdings in the Lincoln Park, Lakeview, Uptown and Andersonville neighborhoods, and bolsters our efforts to acquire commercial properties throughout Chicago."
Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented all parties in the transaction.
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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