CHICAGO, January 16, 2014 — The Georgetown Co., a leading developer and owner of noteworthy properties nationwide, announces the acquisition of Lincoln Park Centre, a 61,000-square-foot retail property in the heart of the thriving Lincoln Park/Old Town neighborhood. The fully leased property, located at 755 W. North Avenue, was purchased today for $64 million.
The two-story property is located at the corner of North and Clybourn Avenues, a popular retail area. Current tenants of Lincoln Park Centre include Design Within Reach, Mitchell Gold + Bob Williams, Eddie Bauer, Sur La Table and Carters. These and other premier retailers have led a dramatic transformation of the shopping district over the past 24 months and high demand for retail space continues to drive strong market rents in the neighborhood.
“Rarely does an investment opportunity like Lincoln Park Centre come to market in Chicago. We are big believers in the long-term growth potential of this neighborhood and are excited to be a part of its continued development,” said Adam Flatto, CEO of Georgetown.
The property also includes 156 parking spaces in a four-story garage and is easily accessible from the CTA Red Line subway and CTA Brown Line el stops.
The Georgetown Co. has a history of successful real estate development and collaboration in Chicago. The company recently purchased the 496-unit K2 apartment tower in the rapidly growing Fulton River District and also owns the strategically positioned Gap building at 35 North State St.
ABOUT THE GEORGETOWN CO.
Founded in 1978, the Georgetown Co. is a privately-held diversified real estate development company founded by Marshall Rose and headquartered in New York City. Georgetown has developed properties across the country including in New York, California, Illinois, Massachusetts and Ohio. The principals of the Georgetown Co. are also active in numerous pro bono developments on behalf of not-for-profit organizations. These include the restoration of Bryant Park in midtown Manhattan; restoration of the New York Public Library’s landmark building on Fifth Avenue and development of the Science, Industry and Business Library; restoration of the Park Avenue Armory in Manhattan; and new developments on behalf of the Robin Hood Foundation, Brooklyn Academy of Music and the International Center of Photography.