January 20, 2016

Newport Capital Partners Buys Retail Centers in Oak Brook Illinois and Milwaukee Wisconsin

CHICAGO, IL--(Marketwired - Jan 20, 2016) -  Newport Capital Partners has acquired two shopping centers: The Oaks of Oak Brook, in Oak Brook, Illinois and Whitnall Square in Milwaukee, Wisconsin for $18.25 million and $11.85 million, respectively, on behalf of Newport Capital Partners Fund II.

The Oaks of Oak Brook is a 67,143-square-foot shopping center situated on just over 5.0 acres in the super-regional Oakbrook Center Trade area, one of the premier retail markets in the Chicago metropolitan area, and strategically located across from the 2.3-million-square-foot Oakbrook Center Mall. The property is currently 98% leased and features a diverse mix of local, regional and national retailers including Panera Bread, Athletico, Wells Fargo, Sleepy's and Calumet Photography. Joe Girardi and Ben Wineman of Mid-America Real Estate Group represented the seller, a joint venture between Tarrytown, New York-based DLC Management and Hartford Connecticut-based Hutensky Capital Partners, in the transaction.

Whitnall Square is a 133,000 square-foot shopping center, anchored by Pick 'n Save grocery, and located at the intersection of Layton Avenue and Whitnall Avenue in St. Francis (Milwaukee), Wisconsin, immediately east of Milwaukee's General Mitchell International Airport. The property is currently 93% leased and features a strong line up of regional and national retailers including Petco, Harbor Freight Tools and Dollar Tree. John May of Oak Brook based May Real Estate, represented the seller, Regency Centers, in the transaction.

"We are extremely excited about these two acquisitions. Both Oaks and Whitnall are phenomenally located within their respective trade areas and markets," said Ben Andrews, Director at Newport Capital Partners. "Whitnall Square is Newport's first asset in the recently launched, Newport Fund II, and also Newport's first asset under management in the State of Wisconsin. Oak Brook is the premier suburban retail market in Chicagoland, and the Oaks of Oak Brook's location across from the Oak Brook Center Mall, and being on Route 83 with all of its great traffic, will provide strong growth and stability for the future. These shopping centers fit perfectly into our Fund's strategy, focusing on value-add neighborhood and community, convenience oriented retail properties throughout the central United States."

Newport Capital Partners is a vertically integrated real estate investment firm with over $450 million under management. Newport has recently begun raising capital for Newport Capital Partners Fund II, with an investment strategy focused on value-add, income producing, convenience, neighborhood and community retail, and mixed-use properties in major Midwestern metro areas. To learn more about Newport, call Ben Andrews or Derrick McGavic at (312) 724-7031 or visit the company website at www.newportcapitalptrs.com.

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