Newport Capital Partners Acquires Jewel-Osco-Anchored Shopping Center For $30.6M

The property involved in the transaction is a retail asset located at 1220 South Ashland Avenue in Chicago. The property, spanning 109,800 square feet, was acquired by Derrick McGavic & Ben Andrews of Newport Capital Partners from John A. Kite of Kite Realty Group for a sale price of $30,600,000. The purchase highlights Newport's focus on stable, grocery-anchored retail properties in Chicago.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $30,600,000
• Buyer: Derrick McGavic & Ben Andrews - Newport Capital Partners
• Seller: John A. Kite - Kite Realty Group
• Brokers: Christian Williams, Michael Wilson & Richard Frolik - CBRE
• Lender: Manulife
• SF: 109,800
• PPSF: $279

The individuals and companies involved in the deal include Derrick McGavic, Ben Andrews, John A. Kite, Christian Williams, Michael Wilson, Richard Frolik, and Newport Capital Partners. Newport Capital Partners has been strategically expanding its portfolio in Chicago, with a recent sale of another retail asset in Lincoln Park preceding this acquisition. The transaction reflects Newport's targeted approach amidst challenging retail market conditions across the country.