SOURCE: Newport Capital Partners

Newport Capital Partners

July 06, 2017 09:00 ET

Newport Capital Partners Fund II acquires two prominent neighborhood shopping centers in Chicago

CHICAGO, IL--(Marketwired - July 06, 2017) - Newport Capital Partners Fund II has acquired Kedzie Plaza at 47th Street and Kedzie Avenue in Chicago's Brighton Park neighborhood for $8.7 million, and Lincoln Village Shopping Center at Lincoln Avenue and McCormick Boulevard on the city's North Side in the Peterson Park neighborhood for $30.45 million. Evan Halkias of Cushman & Wakefield represented Inventrust in the sale of Lincoln Village, and Rick Drogosz of Mid-America represented Learsi & Co. for Kedzie Plaza.

Lincoln Village is a 164,000-square-foot shopping center anchored by Ross Dress for Less, Starbucks, Panera Bread, Famous Footwear and Fifth Third Bank. Kedzie Plaza is a 54,000-square-foot shopping center anchored by Dollar Tree, Fallas Stores, City of Chicago EZ Pay Center and Access Community Health. The property is shadow-anchored by Pete's Fresh Market Grocery.

"We are thrilled to have acquired our fifth and sixth assets on behalf of Newport Fund II," said Ben Andrews, Director at Newport Capital Partners. "The City of Chicago continues to be a tremendous place to live, work, do business and invest. Both of these shopping centers are convenience, necessity-based retail properties that have rich histories and are an important part of their respective neighborhoods. Lincoln Village, for example, was developed in 1950 by EG Shinner, and designed around his vision of vehicular accessibility for neighborhood shopping being the future of retail."

"If you lived on the North Side of Chicago in the 70s and 80s, you most likely saw a movie at the Lincoln Village Theater, and in the 50s and 60s, you visited Hollywood Kiddieland as a child. That is exciting to us. The history of this property will not be lost on the future of Lincoln Village. We are thrilled to be owners and investors in these areas as we continue to build our presence here in Chicago and throughout the Midwest."

Newport Capital Partners is a vertically integrated real estate investment firm with approximately $400 million of assets under management. Newport is currently raising capital for Newport Capital Partners Fund II, with an investment strategy focused on value-add, income producing, convenience, neighborhood and community retail, and mixed-use properties in the major Midwestern metro areas. To learn more about Newport, call Ben Andrews or Derrick McGavic at (312) 724-7031 or visit the company website at newportcapitalptrs.com.

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