CHICAGO – Newcastle Limited has acquired a 7,100-square-foot retail condominium located at 6 North Michigan Avenue in an all-cash deal for $10.1 million. Newcastle purchased the property on behalf of the firm’s $500 million Chicago real estate investment platform. Doug Renner and Anthony Campagni of Baum Realty represented the seller in the transaction.
The property is at the base of a 120-unit, high-end condominium building located at the corner of Michigan Avenue and Madison Street, across from Chicago’s Millennium Park, which attracts more than 4 million visitors annually. The property is 100% leased to two national tenants: Starbucks, which opened in September and Panera Bread Co., scheduled to open in November.
“We were attracted to the property because of its high-visibility location on Michigan Avenue and the long-term leases with Starbucks and Panera,” said Michael R. Haney, president and CEO of Newcastle Limited. “The purchase of 6 N. Michigan marks our twelfth acquisition so far this year.”
Newcastle Limited is a Chicago-based real estate advisory and investment firm serving institutions, corporations and investors. The firm helps clients use real estate strategically to achieve overall mission objectives more quickly, at a lower cost, and with less risk. Using its $500 million investment platform, Newcastle acquires urban Chicago real estate, including multi-family, retail, mixed-use and other commercial assets. An entrepreneurial investor with institutional backing, Newcastle can deploy large amounts of capital and close transactions quickly. To learn more about Newcastle, call Mike Haney at (312) 252-1401 or visit the company website at www.newcastlelimited.com.