Newport Capital Partners, a leading investment firm based in Chicago, has recently acquired a 109,984-square-foot shopping center on the near West Side for $30.6 million. The property boasts an impressive tenant mix including popular brands such as Dunkin’, Subway, and Bank of America and is anchored by Jewel-Osco.
Located in the thriving Illinois Medical District, this retail center has experienced significant growth in recent years with the development of luxury apartments and mixed-use buildings nearby.
The transaction was facilitated by CBRE’s top brokers Richard A. Frolik, Christian Williams,and Michael Wilson. Newport Capital Partners purchased the property at South Ashland Avenue and Roosevelt Road from Kite Realty Group based out of Indianapolis according to reports from Crain’s.
This deal is just one example of several similar transactions involving properties anchored by Jewel-Osco grocery stores. In May alone,Fist National Realty Partners successfully closed on Townes Crossing,a 105731-square-foot shopping center located in Oswego while Mid-America Real Estate | Investment Sales Group brokered another sale for Shops at Heatherfield situated within Chicago’s North Shore area.
The article “Jewel-Osco-Anchored Retail Center Sells for $31M” originally appeared on Connect CRE .
