Regal Ventures dives into Chicago retail with $11.2M purchase

Regal Ventures acquired the 55,166-square-foot Belden Centre — the Lincoln Park retail center formerly home to Tower Records — at 2301-2315 North Clark Street in Chicago for $11.2 million, or about $203 per square foot. The price marked a 37% discount to the $17.8 million the seller, Newport Capital Partners, paid in 2013.

The property is roughly 69% leased across three tenants and includes a 76-space parking garage. It is Regal's first investment in the Chicago area, with a value-add plan to lease up the remaining space.