X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

CHICAGO-Newcastle Limited, based here, is buying three retail properties at 2200 Clark St., 801 Diversey St. and at 4071 Milwaukee St. Cohen Financial, based here, secured $13 million in financing for the acquisitions, says Steve Roth, a Cohen partner. With a loan-to-value of 70%, the total acquisition cost for the three properties is estimated at nearly $18.6 million. The three buildings were acquired by three different sellers, Roth says.

The three buildings have a total of 44,310 sf of retail space and 28 apartment units. The apartment units are fully leased and the retail space is 93% occupied. Two of the properties – 2200 Clark St. and 801 Diversey St. – are in Chicago’s Lincoln Park neighborhood. The tenants at the 17,514 sf retail building at 801 W. Diversey include Dunkin’ Donuts, Back to Bed and Performance Bicycle Shop. The building is approximately 20 years old and has 32 parking spaces. Tenants at the 16,127-sf retail building at 4071 Milwaukee St. include Dollar Tree, Subway and Athletico, Roth tells GlobeSt.com. The retail building on Milwaukee Street was constructed about 14 years ago, he says.

The property at 2200 Clark St. has 28 apartment units in addition to 10,669 sf of retail space, Roth says. The retail tenants are mostly locally-owned shops, such as a dance studio, Japanese restaurant and frozen dessert retailer, Roth tells GlobeSt.com. The building was constructed in the 1890′s or early 1900′s, Roth says.

Roth and Steve Kundert, another Cohen VP, secured the financing. The term of the acquisition financing is five years. The fixed rate non-recourse loan has a 30-year amortization schedule priced on the five-year US Treasury. The lender was a national life insurance company, which was not disclosed. The properties “represent different distinct submarkets within Chicago,” with the Lincoln Park South, Lincoln Park North/Lakeview and Six Corners submarkets, Roth says. The portfolio “provides a diversity of asset locations while still having solid retail locations within the city and high occupancy,” he says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.