Regal Ventures Acquires Mixed-Use Belden Centre In Chicago From Newport Capital Partners For $11.2M

The former Tower Records site, a Lincoln Park retail center located at 2301-2315 North Clark Street in Chicago, was sold for $11.2 million. The mixed-use property spans 55,166 square feet and was purchased by Regal Ventures from Newport Capital Partners. The deal was facilitated by brokers Christian Williams, George Good, Luke Molloy, Michael Wilson, Ryan Knutson, and Steve Kundert of CBRE.

Summary of transation details:

• Property Type: Mixed-use
• Transaction Amount: $11,200,000
• Buyer: Alexander Smith - Regal Ventures
• Seller: Ben Andrews - Newport Capital Partners
• Brokers: Christian Williams, George Good, Luke Molloy, Michael Wilson, Ryan Knutson, & Steve Kundert - CBRE
• Address: 2301-2315 North Clark Street, Chicago
• Market: Chicago
• SF: 55,166
• PPSF: $203

The purchase sees Alexander Smith of Regal Ventures acquiring the property from Ben Andrews of Newport Capital Partners. The buyers intend to capitalize on the high demand for retail space in the affluent North Side neighborhood. Despite the 37% decrease in price from its last sale in 2013, opportunities for leasing the remaining space at the Belden Centre present a chance for Regal Ventures to maximize the property's potential.