Newport Capital Partners Buys Chicago Shopping Center for $30M ...Middle East

Newport Capital Partners has acquired a Jewel-Osco-anchored shopping center on the Near West Side, two months after offloading another retail asset in the city. The Chicago investor paid $30.6 million for the 109,800-square-foot property at 1220 South Ashland Avenue, in the Illinois Medical District, Crain’s reported. The price comes to roughly $278 per square foot. The seller was Indianapolis-based Kite Realty Group, which acquired the property in 2021 through its merger with Oak Brook-based Retail Properties of America. CBRE’s Richard Frolik, Christian Williams and Michael Wilson brokered the deal.  Newport Capital financed the purchase with a loan from Manulife, although the loan amount

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