CHICAGO – Newcastle Limited* acquired the Belle Plaine Plaza Shopping Center, 4066 North Milwaukee Avenue, in Chicago’s Portage Park neighborhood. The 16,000-square-foot property was purchased for $3.3 million from Midwest Real Estate Equities, Inc. on behalf of Newcastle’s $500 million Chicago investment platform. Newcastle was represented in the transaction by Tyler Quast of Zifkin Realty & Development.
“With its great visibility in a high traffic area, we are thrilled to add Belle Plaine Plaza Shopping Center to our growing Chicago portfolio of retail and multi-family properties,” said Michael R. Haney, President and CEO of Newcastle Limited. “The property’s proximity to the Kennedy Expressway and the Six Corners retail district, as well as its parking, made this an attractive asset.”
Bell Plaine Plaza features two single story retail buildings offering more than 16,000 rentable square feet and more than 40 parking spaces. The property is currently 100 percent leased by tenants Dollar Tree, Subway restaurant and AthletiCo Physical Therapy.
About Newcastle Limited
Newcastle Limited is a Chicago-based real estate owner and advisor serving institutions, corporations and investors. The firm’s advisory services help clients use real estate strategically to achieve their objectives more quickly, at a lower cost, and with less risk. With $500 million in investment capital, Newcastle also purchases urban commercial and multi-family properties throughout the Chicago area. More information is available at www.newcastleinvestors.com.