CHICAGO – Newcastle Limited has acquired 5343 N. Broadway, a 50,000 square foot retail property on 2.8 acres of land with 160 parking spaces in Chicago’s Edgewater neighborhood, for $8 million. The all-cash deal closed in 60 days. Newcastle purchased the property on behalf of the firm’s $500 million Chicago real estate investment platform. This is the fifth acquisition for Newcastle since December.
The retail property is located at the corner of Berwyn and Broadway, a highly traveled thoroughfare with a strong traffic count of 21,000 vehicles per day. The property is also adjacent to the CTA Red Line’s Berwyn station, which had 1.5 million riders in 2010 and is the main stop for the popular Andersonville neighborhood. The single-story building is occupied by Jewel-Osco.
“The property’s location, visibility and tenancy made it an attractive investment opportunity and another great addition to our growing retail portfolio,” said Michael R. Haney, president and CEO of Newcastle Limited. ”We are pleased to continue to find urban Chicago investment opportunities that fit squarely with our strategy.”
Marc Imrem of Baum Realty Group represented the seller.
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.