What Newcastle Properties does

Newcastle Properties, LLC is a private commercial real estate investment firm founded in 1989 by James D. Devine and John E. Gross, headquartered in Park Ridge, Illinois (suburban Chicago). The firm operates a diversified national portfolio of 80+ commercial properties spanning 23 states and totaling more than 2.8 million square feet across retail, multi-family, hospitality, and mixed-use asset classes, with geographic concentration in Chicago, Las Vegas, and Phoenix. Its acquisition strategy targets single tenant net lease (STNL), multi-tenant stabilized value-add, and core-plus assets in the $3-15MM+ range, with criteria including in-place income from national credit tenants (Walmart, Home Depot, CVS, Walgreens, Whole Foods, Costco, Hampton Inn) and population thresholds in major markets.

The firm's revenue model is built on rental income generated through direct leasing to national and regional tenants across both multi-tenant and STNL arrangements, supported by asset management, leasing, and advisory services for real estate ventures. Newcastle distributes and sources deals primarily through active participation in the International Council of Shopping Centers (ICSC) and the Chicagoland Association of Shopping Center Owners (CASCO), supplemented by direct outreach and a national network of broker relationships cultivated over 35+ years. The firm operates NORCOR Investments, Inc. as a wholly-owned subsidiary and maintains a lean team (11-50 employees) managing the portfolio across regional sub-portfolios (Metro Chicago, Southwest, STNL).

The current leadership includes John E. Gross as CEO/Principal and co-founder, with Michael Horne and Sean Devine serving as Senior Vice Presidents leading leasing, acquisitions, and asset management. The firm explicitly pursues a long-term hold strategy with value creation through redevelopment, capital improvements, and well-timed dispositions rather than rapid turnover. No proprietary technology platform, AI/ML capabilities, or external institutional investment are disclosed in the available information.

Name

Newcastle Properties

Legal name

Newcastle Properties, LLC

Website

https://newcastleproperties.com

Company type

Private

Founded year

1989

Operating status

Operating

Headcount range

11–50 employees

Short description

Newcastle Properties is a private commercial real estate investment firm founded in 1989 that owns and manages a 80+ property portfolio spanning 23 states and over 2.8 million square feet of retail, multi-family, hospitality, and mixed-use assets leased primarily to national credit tenants.

Ownership category

akta.pro rank

Product category

Commercial Real Estate Investment

NAICS

Lessors of Other Real Estate Property (53119), Lessors of Real Estate (5311), Rental and Leasing Services (532)

SIC

Real Estate Dealers (For Their Own Account) (6532), Investors, Nec (6799), Operators Of Nonresidential Buildings (6512)

akta.pro primary industry

Core Real Estate (Stabilized/Core-Plus) (FSAAAKAA)

akta.pro secondary industry

Real Estate Advisory & Consulting (Strategy, Portfolio & Location) (FSAEAJAH)

Keywords

• Commercial real estate investment
• Retail property leasing
• Single tenant net lease
• Value-add real estate
• Multi-family investment

Headquarters

HQ city

Park Ridge

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Personnel, Infrastructure, Marketing or Sales, Others

Revenue model

1. Commercial Property Rental Income: Newcastle Properties generates revenue primarily through rental income from a diversified portfolio of retail, multi-family, hospitality, and mixed-use commercial real estate properties. Income is derived from both multi-tenant and single-tenant net lease (STNL) arrangements with national and regional tenants.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels4 records

Core offering

Newcastle Properties is a private real estate investment firm that acquires, owns, and manages a diversified national portfolio of 80+ commercial properties across 23 states, covering retail, multi-family, hospitality, and mixed-use assets totaling over 2.8 million square feet. The firm provides property acquisition services (value-add and core-plus assets in the $3–15MM+ range), asset management, direct leasing, and advisory services, with a long-term holding strategy centered on national credit tenants and ongoing redevelopment.

Product overview

Newcastle Properties operates as a private real estate investment firm offering a unified suite of investment and property management services. The core offering consists of commercial property investment services, including acquisition, asset management, leasing, and advisory services for a diversified portfolio of 80+ retail, multi-family, hospitality, and mixed-use properties totaling over 2.8 million square feet across 23 states. The company structures its portfolio into regional groupings (Metro Chicago, Southwest) and property types (multi-tenant retail, single-tenant net lease), with specialized services for tenant attraction and retention, property management, redevelopment, and disposition strategies.

Differentiator

Problem solved

Functional benefit

Products and services

• Real Estate Investment Services Private real estate investment services including asset management, leasing, and advisory services for retail, multi-family, hospitality, and mixed-use properties across 23 states.
• Commercial Property Portfolio Diversified national portfolio of 80+ commercial properties totaling over 2.8 million square feet, including shopping centers, retail centers, multi-family, hospitality, and single-tenant net lease assets.
• Property Acquisition Services Acquisition services for value-add and core-plus commercial real estate assets in major U.S. markets with specified population thresholds, targeting deal sizes of $3–15MM+ per asset.
• Asset Management Ongoing investment management including asset management services, property management supervision, and strategic comprehensive planning for portfolio properties.
• Property Leasing Direct leasing services for retail and office properties, with property-specific teams for multi-family assets.
• Metro Chicago Portfolio Collection of retail and commercial properties in the Metro Chicago area including properties in Deerfield, Vernon Hills, Chicago, Bolingbrook, Bloomingdale, Skokie, Niles, Park Ridge, Addison, and Carpentersville.
• Southwest Portfolio Collection of retail and commercial properties in the Southwest region including Las Vegas, NV and Henderson, NV.
• STNL Properties Portfolio Single Tenant Net Lease (STNL) properties including Walgreens, CVS, Curaleaf, Brooklyn Boulders, Just Tires, and other single-tenant assets across multiple states.

Quantifiable outcome

• Portfolio of 80+ properties in 23 states totaling over 2.8 million square feet
• +2 more outcomes

Named customers20 records

Segments1 record

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• International Council of Shopping Centers (ICSC)coreOthersNewcastle Properties is an active member of ICSC, participating in trade events and networking opportunities that serve as a primary deal-sourcing channel. ICSC membership provides access to industry conferences, professional development, and market intelligence across the commercial real estate sector.
• Chicagoland Association of Shopping Center Owners (CASCO)coreOthersNewcastle Properties maintains active membership in CASCO, the Chicagoland Association of Shopping Center Owners, which provides a regional network for deal sourcing, industry collaboration, and market intelligence in the Chicago metropolitan area.

Scale indicators4 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Phillips Edison & Company: Publicly traded net-lease REIT focused on grocery-anchored shopping centers across the U.S. Directly comparable to Newcastle's multi-tenant retail and STNL strategy, with similar investment-grade tenant profiles (Walmart, Kroger, Whole Foods) — but operates at materially larger scale.
• Kite Realty Group: Public REIT focused on open-air shopping centers in Sun Belt and growth markets — directly comparable to Newcastle's Phoenix/Las Vegas concentration and tenant strategy anchored by national grocers and big-box retailers.
• Kimco Realty: Large public REIT focused on open-air shopping centers, often grocery-anchored, with national footprint. Comparable to Newcastle's core multi-tenant retail strategy but with substantially larger AUM, public capital, and broader tenant diversification.
• Realty Income Corporation: Largest public net-lease REIT, with STNL exposure to many of the same tenants as Newcastle (Walgreens, CVS, Walmart, FedEx). Comparable on the STNL book of Newcastle's portfolio but at vastly greater scale and with public capital access.
• Brixmor Property Group: Publicly traded open-air shopping center owner with a large, geographically diversified U.S. portfolio. Comparable to Newcastle's multi-tenant grocery-anchored and community retail center strategy, though at much greater scale and with public capital access.
• Federal Realty Investment Trust: Public REIT investing in high-quality retail and mixed-use properties in major U.S. markets. Comparable to Newcastle's major-market, mixed-use positioning and high-credit-tenant orientation, but operates at institutional scale with coastal/mixed-use tilt.

Emerging players

• Phillips Realty Capital: Private real estate investment firm focused on net-lease retail and commercial assets. Comparable to Newcastle's STNL strategy and sub-institutional deal size, though smaller and more regionally focused.
• Mid-America Real Estate Corporation: Midwest-focused retail investment brokerage and advisory firm. Comparable to Newcastle given shared Chicago retail focus, ICSC involvement, and overlapping broker relationships (a Mid America principal provided a public testimonial for Newcastle on its website).
• Brauvin Real Estate: Private real estate investment firm historically active in retail and net-lease assets. Comparable to Newcastle given similar private CRE investment focus and the prior senior-level tenure of Newcastle SVP Sean Devine at Brauvin.

Direct peers

• Sterling Organization: Private, vertically integrated retail real estate investment firm that acquires, manages, and redevelops shopping centers and STNL retail. Closest direct peer to Newcastle given similar private structure, retail focus, value-add strategy, and senior executive Michael Horne's prior tenure at Sterling.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• Facebookfacebook.com/newcastlepropertiescre
• LinkedInlinkedin.com/company/newcastle-properties

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Newcastle Properties