CHICAGO – Newcastle Limited announced that it has acquired a mixed-use property consisting of 11,500 square feet of prime retail space and 55 apartment units in the Uptown neighborhood for $2,800,000. Newcastle purchased the properties on behalf of the firm’s $500 million Chicago investment fund. CB Richard Ellis represented the seller in the transaction.Built in 1920, 1132-1140 West Wilson is located on the corner of Wilson and Clifton Avenues in Chicago’s Uptown neighborhood. Adjacent to the CTA Red Line and across from Truman College, the property provides convenient access to Lake Shore Drive, the Loop and the vibrant night life of Uptown’s entertainment district.
Current retail tenants include Nick’s on Wilson, an upscale tavern, and Northwestern University’s Medill School of Journalism. Newcastle plans to reposition the retail portion of the property.
A Chicago-based real estate advisor and investor, Newcastle Limited invests in commercial and multi-family properties located in the City of Chicago and downtown areas of Chicago suburbs. Acquisitions range from stabilized properties to development opportunities. The firm’s $500 million fund enables Newcastle to deploy large amounts of capital and close transactions quickly.
About Newcastle Limited
Newcastle Limited is a Chicago-based real estate advisory and investment firm serving institutions, corporations and private investors. Newcastle helps clients achieve real estate objectives within the context of their overall mission – and achieve them more quickly, at a lower cost, and with less risk. More information is available at www.newcastlelimited.com.