Newport Fund IV Makes First Investment - Carriage Way

Newport’s Fund IV has acquired its first investment, Carriage Way, through an off-market transaction, securing a dominant, grocery-anchored neighborhood center in one of Chicago's most affluent and supply-constrained retail corridors. Situated at a heavily trafficked, signalized intersection on Waukegan Road, the property serves as the primary daily-needs destination for Lake Bluff and Lake Forest.

The center is anchored by a high performing Heinen's Grocery Store which ranks first among their Illinois locations. This acquisition is consistent with Newport’s thesis of buying dominant assets in supply constrained markets.

Value Creation Opportunities:

• Off Market Sourcing: Proprietary relationship enabled acquisition of the asset at a discounted price relative to

  market with a basis well below replacement cost (55.8%).

• Mark-to-Market & Remerchandising: Carriage Way offers embedded rent growth through mark-to-market of legacy leases during the hold period. As a premier local destination with lack of proximate competition, the center should support sustained rental growth and high tenant demand.

• Strategic Capex Spend: Newport’s business plan contemplates strategic capital improvements, strengthening the appearance, and activating under-utilized outdoor spaces. Newport believes this should enhance the property’s long-term desirability for both consumers and tenants.