CHICAGO – Newcastle Limited has acquired a 7,300-square-foot retail property located at 33 South Wabash in Chicago’s Loop in an all-cash deal for $4.0 million. Newcastle purchased the property on behalf of the firm’s $500 million Chicago real estate investment platform. The property is located at the base of The Legacy at Millennium Park, a 355-unit, high-end condominium building, and is one block west of Michigan Avenue and Millennium Park. The east portion of Chicago’s Loop has, in recent years, become a vibrant, mixed-use neighborhood of office, retail and residential uses — and home to a number of educational institutions with more than 65,000 students. The retail space is currently 100% occupied by Utrecht Art Supplies, a leading provider of art supplies and a retail destination for area students. Newcastle purchased the property directly from the owner, Monroe/Wabash Retail, LLC, which is a partnership of Mesa Development, LLC and Walsh Investors, LLC. “We were attracted to the property because of its Loop location and Utrecht’s long-term relationship with The School of the Art Institute, a long-time Newcastle client and adjacent property owner,” said Michael R. Haney, president and CEO of Newcastle Limited.
Newcastle represented the School of the Art Institute in the sale of land to Mesa for The Legacy project in 2005. Newcastle Limited is a Chicago-based real estate advisory and 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.