CHICAGO – Newcastle Limited has been retained by the Chicago Historical Society to manage the disposition of its 100,000 SF, five–story, building at 2361 South State Street in Chicago’s South Loop. Newcastle Limited is a national real estate advisory and development firm serving not–for–profit organizations, institutions, investors and corporations.
The building, constructed in the early 1900s, was initially purchased by the Chicago Historical Society with the intent to renovate and accommodate collections storage and conservation labs. The Chicago Historical Society is selling the building as part of their strategy to retire long–term debt, eliminate ownership costs and generate funds to increase programs.
The property is centrally located among the rapidly growing residential neighborhoods of the South Loop, Chinatown and Bronzeville. The State Street corridor provides a link from the IIT campus to downtown Chicago and is only two blocks west of the McCormick Place convention center campus expansion. One block south of the Property is a two–way interchange that provides easy access to I–55, Lake Shore Drive, I–94 and both O’Hare and Midway airports.
Newcastle Limited has worked closely with the Chicago Historical Society in the redeployment of the property. Newcastle will maximize the sale price, accelerate the disposition and minimize any risks associated with the transaction.
“Located in a prime area, this building represents a significant redevelopment opportunity for conversion to loft residential and/or retail use,” said Martin Jablonski, Senior Vice President of Newcastle Limited.
The property is currently zoned “DX–3”, a mixed–use designation intended to accommodate office, commercial, public, institutional and residential development. The property also benefits from the inclusion in a City–designated tax increment financing (TIF) district that can provide financial support for qualifying redevelopment projects.
Newcastle represented the Art Institute of Chicago on the sale of the Jewelers Row Properties at 21–29 South Wabash and the White Tower Building at 847 West Jackson, arranged the sale of the Rubens Baby Factory property to DePaul University, and advised Metropolitan Family Services on the sale of its 116–acre Camp Algonquin to the McHenry County Conservation District.
About Newcastle Limited
Chicago–based Newcastle Limited is a national commercial real estate firm serving 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 Limited, contact Mike Haney, President, at (312) 252–1401 or visit the company website at www.newcastlelimited.com