Madison Capital and ASB Real Estate Investments have entered Chicago’s evolving Fulton Market neighborhood with the acquisition of a four-property portfolio. The seller was Birdland Properties, a subsidiary of local meat distributor Economy Packing that has been operating in the area for over 80 years. NGKF Capital Markets represented both parties in the sales transaction.
The 83,516-square-foot portfolio consists of 934-938 West Fulton Market, 939-943 West Fulton Market, 312 North Carpenter Street and 328 North Carpenter Street, plus approximately 35,000 square feet of additional air space. The properties all are located within a three-minute walk to the Morgan Green Line CTA stop and one block from Google’s soon-to-be Midwest headquarters at 1K Fulton.
Google’s move to Fulton Market District, in addition to the city’s $42 million redevelopment plan for the street, has jumpstarted the neighborhood’s transformation from an industrial meatpacking district into a retail and nightlife destination. The Soho House hotel debuted a Fulton Market location in 2014 and the Ace Hotel is slated for development later this year. Several trendy restaurants have also recently opened in the area, including Fulton Market Kitchen, The Betty, Formento’s, and Momotaro.
In describing the current economics of the Fulton Market District, NGKF Managing Director Gino Tabbi stated, “Fulton Market is quickly becoming the most interesting neighborhood in the city and developers want to be on the front-end of that transformation to benefit from the turnaround. At the same time, longtime owners of properties have an incredible opportunity to capture the increasing value.”
Mr. Tabbi, Senior Managing Director Andy Gallas and Associate Director Dominic Soltero represented both parties in the transaction.
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