SOURCE: Newcastle Limited
CHICAGO, IL--(Marketwire - Jul 2, 2012) - Newcastle Limited has acquired two investment properties, 1542 North Damen Avenue and 2010 West Pierce Avenue, in an all-cash deal for $9.9 million. Newcastle purchased the properties on behalf of the firm's $500 million Chicago real estate investment platform.
The properties are located at the corner of Damen and Pierce Avenues in Chicago's Bucktown neighborhood, and are adjacent to the CTA Damen Station at the six-way intersection of North, Milwaukee and Damen Avenues.
1542 North Damen is a 13,500-square-foot mixed-use building with 6,800 square feet of ground floor retail and 6,700 square feet of office space. The building is leased to Penny's Noodles, Blue Line Bar & Grill, Greener Cleaner and two office tenants.
2010 West Pierce is a four-story, 18-unit apartment building with two ground-floor commercial units and 34 parking spaces. The apartments are all large, two-bedroom, two-bath units, and most feature private balconies. The building is currently 100% occupied.
"The bank took back the properties in March 2012," said Brennan Hitpas, vice president of Newcastle Limited. "Our all cash offer provided certainty of execution and a quick close, both of which were important considerations for the bank.
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.