News
Newcastle Buying in All Cash
February 15, 2011
 | |
| Lifelong Chicagoan Mike Haney and his company Newcastle Limited have used their $500M fund to buy up three neighborhood retail properties over the last three months, all in cash. The former post office at 227 E. Ontario, the strip center at 2500 W. North Ave, and the retail/residential building at 2525 N. Clark all represented real estate with instrinsic value outside of just the tenants leasing the space, Michael says. Another two multifamily and two retail properties are set to close in the fund, to be added to Newcastle's 36-building portfolio in the next three to six weeks. | |
 | |
| Over the last two years Newcastle has also brought all of its property management in-house under the Reside Living brand name. Its's developed about $150M of property for clients over the last 14 years. Mike (here showing us what the view from his office would have been like in 1804) says that several of the retail properties Newcastle has bought recently had been under contract with other buyers who were unable to close with the necessary financing. As fascinating as 1804 is, it seems Mike prefers looking forward: He's looking to invest$100M in the next year in Chicago retail and residential properties, ranging from $5M to $50M. |
