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CHICAGO — Chicago-based Newcastle Ltd. has acquired the historic Belmont House, a 269-unit apartment tower located at 3170 N. Sheridan Rd. in the Lakeview neighborhood of Chicago, for $56 million. The 13-story, 315,000-square-foot building also contains 9,000 square feet of retail. The property was acquired by Newcastle from Wexenthaller Realty Management on behalf of the firm’s $500 million Chicago investment platform. The Belmont acquisition was part of an 896-unit, seven-property portfolio purchase from Wexenthaller; the other six buildings should close in the next 30 days. Newcastle was represented by The Kiser Group.
AVON AND AMHERST, OHIO — The Luttner Group of NAI Daus has completed two medical office sales in Ohio. In Avon, the company brokered the sale of the Cleveland Clinic Condo, an 18,423-square-foot medical office condo located at 36901 American Way, for $4.7 million, at a 7.06 percent capitalization rate. Mark Luttner of NAI listed the property on behalf of the buyer, and also secured and represented the seller. Both parties were undisclosed. In Amherst, Luttner represented the undisclosed buyer in the acquisition of Pinnacle Medical Building, a 10,585-square-foot medical office building located at 1170 Cleveland St., for $2.13 million, at a 7.22 percent capitalization rate. The seller was also undisclosed.
BIG RAPIDS, MICH. — Agree Realty Corp. has announced plans to partially redevelop Rapids Plaza, a community shopping center located in Big Rapids. The former Roundy’s supermarket on the property will be remodeled and re-tenanted with a 25,000-square-foot MC Sporting Goods and a 15,000-square-foot Peebles department store. The project is expected to be complete in the third quarter of the year. Rapids Plaza is fully occupied by tenants including Kmart, Fashion Bug, Dollar Tree, Rent-A-Center and Payless Shoe Source.