Newcastle Ltd., which has rapidly amassed a portfolio of North Side apartment buildings in recent years, has acquired a Lincoln Park strip mall for $10 million.

Newcastle paid about $570 a square foot for the 17,514-square-foot building at 801 W. Diversey Parkway. The property is about 81% leased to Dunkin’ Donuts, Performance Bicycle Shop and Back to Bed.

The seller, Chicago-based RN Realty LLC, developed the property in 1993.

“It was a good time in the market to sell,” RN Realty President Leigh Rabman says of the deal, which closed March last week. “This was a well-matured asset for us.”

Newcastle liked the property’s Lincoln Park location and 31 parking spaces, which “is pretty unique in that area,” says President and CEO Michael Haney. Avoiding the turmoil in the credit markets, the firm paid cash for the property but may “place long-term debt on it in the near future,” he says.