CHICAGO – Newcastle Limited* represented DePaul University in the sale of its 24–acre Barat College property in Lake Forest to Barat Woods LLC. Newcastle marketed the property through a sealed–bid offering, evaluated offers based on economics and proposed development plans, and negotiated a sale of the property.DePaul University, the largest Catholic university in the United States, purchased the 100–year–old campus and created an educational alliance with Barat College in 2001, but enrollments fell short and DePaul closed the campus in June of 2005.The former college campus consists of natural ravines, a cemetery and nine buildings. One of the original buildings, Old Main, located in the heart of campus, is a Lake Forest historic landmark.“We were able to exceed the goals of DePaul University in this complex transaction. It was a win–win transaction for all parties involved,” said S.L. van der Zanden, Managing Principal of Newcastle Limited.Recently, Newcastle represented Loyola University in the lease of a development site on its Water Tower Campus and in efforts to establish the new Devon/Sheridan TIF District in Chicago’s Rogers Park community. Newcastle also represented The Art Institute of Chicago in the sale of its properties located at 21–29 South Wabash and 847 West Jackson in Chicago.
About Newcastle Limited
Chicago–based Newcastle Limited is a national real estate firm serving tax–exempt institutions, corporations and private investors. The firm’s real estate advisory, development and investment services enable clients to maximize asset value and reduce project risk. To learn more about Newcastle Limited, visit the company website at www.newcastleinvestors.com