Regal Ventures dives into Chicago retail with $11.2M purchase

Paid 37% less for North Side shopping center than what Newport Capital paid in 2013

THE REAL DEAL- April 25, 2024

Regal Ventures purchased the 55,000-square-foot Belden Centre in Lincoln Park for $11.2 million, about $203 per square foot, marking a significant discount from the $17.8 million Newport Capital Partners paid for the property in 2013. The sale price reflects a 37% drop, influenced by rising interest rates and the shift to e-commerce, which has increased retail vacancies in Chicago. Despite these challenges, Regal sees potential in the Belden Centre’s prime location and believes that retail properties in densely populated, well-located areas will continue to perform well.