Newcastle nabs retail space at Two West Delaware tower

The local firm paid $11.6M for ground floor property in the 30-story Gold Coast high-rise

The retail portion of Two West Delaware
The retail portion of Two West Delaware

Real estate developer Newcastle Limited is getting into the retail game at the 31-story residential tower Two West Delaware in Gold Coast.

The Chicago-based firm, which acquires, develops and owns retail, multifamily and mixed-use properties, paid $11.6 million for 2,232 square feet of ground floor retail space at the complex. The address is Two West Delaware Place.

Chase Bank, @properties and Lens Crafters occupy the three retail units that were purchased.

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The seller was Miami-based investment firm Crescent Heights. Crescent Heights acquired the residential tower, including its retail space and commercial parking lot, in 2014, for $160 million. Last month, Crescent Heights also sold a 30-story, 344-unit Park Michigan at 1212 South Michigan Avenue to Horizon Realty for more than $90 million.

Newcastle, meanwhile, has made several acquisitions in Chicago recently. In May, the firm bought a two-story retail property at 2368 N Clark Street for $6.1 million. Last November, Newcastle acquired a 12-story, 73-unit apartment building at 24 S Morgan for $31.25 million.