CHICAGO –Newcastle Limited has acquired 953 West Belmont, a 14,900-square-foot retail property, in an all-cash deal for $4.6 million. Newcastle purchased the property on behalf of the firm’s $500 million Chicago real estate investment platform. Kyle Stengle and David Gaines of Marcus & Millichap represented the seller in the transaction.
The property is located in Lakeview at the corner of Belmont and Sheffield Avenues, along the Belmont Retail Corridor and is adjacent to the newly renovated CTA Belmont station with approximately 13,000 riders daily. The property is currently 100% leased to a diverse mix of national and local retailers: Bank of America, Chicago Bagel Authority, Ultimate Exposure, Milios Hair Studio and Never Mind Clothing.
Newcastle plans to make improvements to the building exterior, entrance and common areas.
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.