Newcastle Limited Press Room
Newcastle buys Michigan Avenue retail space
November 28, 2011
By Staff
ChicagoRealEstateDaily.com Powered by Crain's Chicago Business
Newcastle Ltd. said it paid $10.1 million for 7,100 square feet of retail space at the base of a condominium building 6 N. Michigan Ave. The retail space is 100% leased, including a Starbucks that opened in September and a Panera Bread Co. restaurant set to open in December. Chicago-based Newcastle, which invests in urban apartments and retail properties, paid all cash for the space. Sitting across from Millennium Park, the building was built in the 1890s as headquarters for retailer Montgomery Ward & Co., and its previous owners had sought to convert it into condos. The seller was U.S. Bank N.A., which took over the failed lender on the property, FBOP Corp. subsidiary Park National Bank. That bank took back the property from an ownership group whose principals were indicted on federal fraud charges related to loans on it.