Newport Capital Pays $40M For Two Shopping Centers
Newport Capital Partners loves acquiring value-add retail assets that fit with its investment and business strategy. Newport Capital acquired Lincoln Village Shopping Center on the North Side, and Kedzie Plaza in Brighton Park, for a combined $40M, according to Crain's Chicago Business.
Newport Capital paid $30.5M for Lincoln Village, a 164K SF mall, to IvenTrust Properties, which paid $40.1M for the property in 2006. InvenTrust took a 24% loss on the sale. Local investor David Israel sold the 54K SF Kedzie Plaza to Newport for $8.7M.
Lincoln Village will need more work. At the time of sale, the mall was 65% leased but Newport believes its location near the north suburbs will help it find new tenants to stabilize and sell the asset at a profit.