CHICAGO – Newcastle Limited has been retained by The Art Institute of Chicago to conduct a sealed-bid offering to sell the White Tower Building, a 10-story, 235,000 SF commercial building on Chicago’s Near West Side, announced Michael R. Haney, President of the Chicago-based real estate firm. Newcastle Limited is a national real estate advisory and development firm serving not-for-profit organizations, institutions, investors, corporations and governmental agencies.
According to Haney, The Art Institute acquired the building 1995 for various museum and school uses, but has since determined that proceeds from the sale of the buildings will best be re-deployed to support its core mission. The deadline for submitting proposals is Friday, May 28, 2004.
The White Tower Building, situated at the southeast corner of West Jackson Boulevard and South Peoria Street, is comprised of two buildings -- 847 West Jackson Boulevard and 319 South Peoria Street. The steel and reinforced-concrete structure with white terra-cotta façade was completed in 1922. It features a 21,400 SF floorplate, three passenger elevators, three freight elevators, 117 feet of frontage along West Jackson Boulevard and 302 feet of frontage along South Peoria Street. Besides the building, the 35,482 SF site includes more than 7,000 SF of surface parking.“This sealed bid offers buyers the opportunity to acquire a well-maintained quality building and add value through commercial redevelopment or residential conversion with ancillary retail space,” said Haney, who pointed to its close proximity to the Central Business District and some of Chicago’s hottest residential neighborhoods. “The Near West Side has demonstrated a strong demographic growth trend with significant redevelopment over the past 10 years,” he said.The property is centrally located adjacent to the West Loop, Greektown, Little Italy, and the University of Illinois Chicago campus; Blue Line trains, CTA buses and Metra stations; and I-90/I-94, I-55 and I-290 interchanges.Recently Newcastle Limited represented 73 owners in the $35,000,000 disposition of the historic, 1,300,000 SF, 14-acre South Water Market; represented Loyola University Chicago in the disposition of its 17-acre Mallinckrodt Campus to the Wilmette Park District; represented Baxter International in a sealed-bid disposition of a 70-acre development property in Lake County; and represented the Eleanor Women’s Foundation in the disposition of its 1550 North Dearborn Parkway building to The Latin School of Chicago. The company is currently representing Loyola University Chicago in the development of a 24,800 SF high-rise site within its Water Tower Campus and Metropolitan Family Services in the sale of its 116-acre former campground, located near Algonquin, IL, in McHenry County
About Newcastle Limited
Chicago-based Newcastle Limited is a national commercial real estate firm serving governmental agencies, institutions, not-for-profit organizations, corporations and private investors. The firm’s strategic advisory, development and investment services are designed to reduce project risk and maximize asset value. To learn more about Newcastle, call Mike Haney at (312) 252-1401 or visit the company website at www.newcastlelimited.com.