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Newcastle Buys Retail Properties for $19M

CHICAGO-Newcastle Limited has acquired three properties with 44,310 sf of retail space and 28 apartment units.

By Gina Kenny | Updated on August 06, 2008

CHICAGO-Newcastle Limited, based here, is buying three retail properties at 2200 Clark St., 801 Diversey St. and at 4071 Milwaukee St. Cohen Financial, based here, secured $13 million in financing for the acquisitions, says Steve Roth, a Cohen partner. With a loan-to-value of 70%, the total acquisition cost for the three properties is estimated at nearly $18.6 million. The three buildings were acquired by three different sellers, Roth says.

The three buildings have a total of 44,310 sf of retail space and 28 apartment units. The apartment units are fully leased and the retail space is 93% occupied. Two of the properties – 2200 Clark St. and 801 Diversey St. – are in Chicago’s Lincoln Park neighborhood. The tenants at the 17,514 sf retail building at 801 W. Diversey include Dunkin’ Donuts, Back to Bed and Performance Bicycle Shop. The building is approximately 20 years old and has 32 parking spaces. Tenants at the 16,127-sf retail building at 4071 Milwaukee St. include Dollar Tree, Subway and Athletico, Roth tells GlobeSt.com. The retail building on Milwaukee Street was constructed about 14 years ago, he says.

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