CHICAGO, IL - Newcastle Limited has acquired 227 East Ontario, a 15,500 square foot commercial property with parking in Chicago's Streeterville neighborhood, for $5.9 million. The all-cash deal closed in less than 40 days and is Newcastle's third acquisition in the past 60 days. The transaction required the assemblage of land under the building from two separate ownership entities. Newcastle purchased the property on behalf of the firm's $500 million Chicago real estate investment platform.
Located two blocks east of Michigan Avenue on Ontario, the property is located in one of Chicago's most established, high-density neighborhoods. The two-story building was recently occupied by the U.S. Post Service, which vacated the building earlier this month. Newcastle plans to add 885 square feet of space to the property and redevelop the building as a well-located, premier retail property.
"The property's location in the well-established, targeted retail corridor in Streeterville fits with our investment strategy to increase our urban Chicago retail holdings," said Michael R. Haney, president and CEO of Newcastle Limited. "The property's visibility and impressive area demographics, in addition to our retail plans, has already attracted positive attention from several retailers."
Paul Bryant and David Stensby of Mid America Real Estate represented the sellers in the transaction. Newcastle has retained Mid America to market the property.
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 -- multi-family, retail and mixed-use. 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.