Investor Buys Block of Broadway Retail Space

In an all-cash deal, Chicago investor Newcastle Limited has purchased an entire city block worth of storefronts in a prime business corridor in Lake View.

Located at 3300 N. Broadway, the 12,500-square-feet of retail space was sold for $7 million, the company announced in early December. The group of storefronts—including Caribou Coffee, Homemade Pizza Company and Ultimate Exposure—spans along North Broadway from Aldine Avenue to Buckingham Place.

In addition, the company says it will give the set of buildings a facelift in the spring of 2013, including a new façade and signage for the retailers.

Most notable, however, is that the stretch has only one vacancy: the prime piece of real estate formerly occupied by Mexican restaurant Mr. Taco, which closed in late October. Located at the corner intersection with Buckingham Place, the 2,300-square-foot vacancy could soon be filled.

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Newcastle Limited is marketing the space, according to a statement, but representatives with the real-estate firm did not immediately return Patch’s phone calls about the property.

The company’s investment portfolio says the set of buildings sees traffic of about 8,500 people and 17,000 vehicles per day. The average household family income for the 82,000 people in the surrounding mile is $97,000.

Newcastle Vice President Brennan Hitpas told Chicago Real Estate Daily the company likes Lake View’s “strong demographics, great density and a great mix of national and local retail.”

Seven tenants occupy the close to 270-foot stretch of storefronts. Newcastle bought the property from Chicago’s First Development Corp., Chicago Real Estate Daily reports. 

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