CHICAGO – Newcastle Limited has acquired 1640 North Damen Avenue, a 10,000-square-foot mixed-use property, in an all-cash deal for $3.2 million. Newcastle purchased the property on behalf of the firm’s $500 million Chicago real estate investment platform. Luke Molloy of Cushman & Wakefield represented the firm in the transaction.
The property is located in Bucktown at the corner of Damen Avenue and Concord Place, one block north of the North, Damen and Milwaukee Avenues intersection and the Damen CTA station. The three-story asset consists of 3,500 square feet of retail space with 50 feet of prime frontage along Damen and 6 large apartments on the top two floors. The retail space is currently leased to Cans, a popular neighborhood bar and restaurant.
“The seller wanted to structure a sale/lease-back with flexible terms, and needed absolute certainty of closing,” said Brennan Hitpas, vice president of Newcastle Limited. “Newcastle’s capital and long-term outlook enabled us to close with cash and meet the seller’s need for flexibility.”
Newcastle Limited is a Chicago-based real estate 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.