Newcastle Properties announces the acquisition of Forest View Shopping Center, a 68,727-square-foot retail center in Northwest Chicago, the first time this property has been sold since it was originally built in the mid-1960s. Located at the southwest corner of Cumberland Avenue and Lawrence Avenue, this shopping center is anchored by a remodeled Jewel/Osco (Albertson’s). This location enjoys a traffic count of 54,400 cars per day and has a median household income of $76,528 with 172,918 people residing within three miles.
President of Leklen Realty Group Len Blackman and Newcastle Properties SVP Michael J. Horne sourced this off-market acquisition while Newcastle Properties Asset Manager Drew Trammell managed the due diligence process and the closing.
Founded in 1989, Newcastle Properties is a privately held, diversified commercial real estate investment firm that owns and operates over 80 properties in 23 states, containing nearly 2.8 million square feet, with a focus on the retail, multi-family, hospitality, and office property sectors.
