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CHICAGO – Newcastle Limited* represented the Jane Addams Hull House Association in the sale of the 12,825 SF Jane Addams Center property for $1,950,000 to a private investment partnership, headed by local developer, Marc Realty, announced Michael R. Haney, President of Chicago-based Newcastle Limited, a national real estate advisory and development firm serving corporations, not-for-profit organizations, institutions, investors, and governmental agencies. The transaction closed in January of this year.
The property, located at 3212 North Broadway in Chicago, will be redeveloped as a health and fitness center, called Lakeview Athletic Club, scheduled to open during the fourth quarter of this year. Meanwhile the developer is working closely with Hull House to develop joint programs and with area groups, neighborhood organizations and schools to offer activities, specifically designed to meet the needs of the community.In 1889, a group of idealistic young people, led by Jane Addams, set out to promulgate a philosophy that crime, illiteracy and poverty could be mitigated by social service settlements deeply rooted in the community. The Hull House they created became Chicago’s premier human-services agency and the most famous settlement community in America. Today the not-for-profit Jane Addams Hull House Association reaches 100,000 residents in the Chicago metropolitan area with more than 60 community-focused programs, dedicated to helping people build better lives.
Thirty years ago, the association acquired the circa-1900 American Legion hall on Broadway near Belmont Avenue and opened the Jane Addams Center. In 1963 the Hull House Theater opened at the center with Frank Gilroy’s “Who’ll Save the Plowboy?” and became a trailblazing force in the creation of the off-Loop community theater industry in Chicago.
“Today the property is not adequate to serve the association’s mission, but the proceeds are dedicated to continuing its community-focused approach to solving social problems by fostering the spirit of ‘neighbors helping neighbors,’” said Haney. He noted that all Hull House programs have been relocated to various facilities within the vicinity.
Newcastle is also handling a sealed-bid offering for the 77-year-old, 14-acre South Water Market on the Near West Side of Chicago and the disposition of a 265-acre development site in Lake County for the YMCA of Metropolitan Chicago. The firm recently represented Baxter International Inc. in the disposition of a 70-acre development site near Deerfield, the Eleanor Women’s Foundation in a sealed-bid disposition of its property at 1550 North Dearborn to The Latin School of Chicago, and Loyola University Chicago in the disposition of its 17-acre Mallinckrodt Campus to the Wilmette Park District.
About Newcastle Limited
Chicago-based Newcastle Limited is a national commercial real estate firm serving governmental agencies, institutions, not-for-profit organizations, corporations and private investors. The firm’s strategic advisory, development and investment services are designed to reduce project risk and maximize asset value. To learn more about Newcastle, call Mike Haney at (312) 683-3113 or visit the company website at www.newcastleinvestors.com.