CHICAGO – Adding to its retail holdings, Newcastle Limited has acquired a 17,514-square-foot building at 801 West Diversey in Chicago’s Lincoln Park neighborhood for $10 million. The purchase marks Newcastle’s third retail acquisition since the first of the year.“We were immediately attracted to the opportunity because of the property’s excellent location in a strong retail corridor of Lincoln Park,” said Michael R. Haney, president and CEO of Newcastle Limited. “The purchase of 801 W. Diversey adds to our retail holdings in the Lincoln Park and Lakeview neighborhoods, and bolsters our efforts to acquire commercial properties throughout Chicago.”Located at the intersection of Halsted and Diversey, the single-story building is currently 81 percent leased to tenants, including Dunkin Donuts, Back to Bed and Performance Bicycle Shop. The property includes 32 parking spaces and has easy access to Lake Shore Drive as well as close proximity to public transportation.David Stone of Stone Real Estate represented all parties in the transaction.
About Newcastle Limited
Newcastle Limited is a Chicago-based real estate owner and advisor serving institutions, corporations and investors. The firm’s advisory services help clients use real estate strategically to achieve their objectives more quickly, at a lower cost, and with less risk. With $500 million in investment capital, Newcastle also purchases urban commercial and multi-family properties throughout the Chicago area. More information is available at www.newcastlelimited.com.