CHICAGO—The New York-based Georgetown Co. continues to make clear how much it believes in Chicago real estate. The developer just bought Lincoln Park Centre, a 61,000-square-foot retail property in the Lincoln Park/Old Town neighborhood for $64 million, one of several major purchases the company has made here recently.
The two-story property, located at 755 W. North Ave. at the corner of Clybourn Ave., sits in one of the most vibrant retail areas on the North Side. Current tenants of in the fully-leased building include Design Within Reach, Mitchell Gold + Bob Williams, Eddie Bauer, Sur La Table and Carters. The property also includes 156 parking spaces in a four-story garage and shoppers have easy access to the CTA Red Line subway and CTA Brown Line el stops.
“Rarely does an investment opportunity like Lincoln Park Centre come to market in Chicago,” says Adam Flatto, chief executive officer of Georgetown. “We are big believers in the long-term growth potential of this neighborhood and are excited to be a part of its continued development.”
As reported in GlobeSt.com, Georgetown also just bought K2, the 34-story, 496-unit apartment tower in the Fulton River District at 365 N. Halsted St. for $215 million. Flatto told GlobeSt.com that he considered the property “a long-term investment; we're thinking in terms of decades.” It also owns the Gap building at 35 North State St.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
