CHICAGO—The city's old Meatpacking District just west of the Loop is set for a major transformation in 2015 when Google will move into more than 250,000-square-feet of space in the Fulton Market Cold Storage building at 1000 W. Fulton. And many investors have started hunting for deals in a neighborhood that seems to promise solid returns.
The Drapac Group, an Australian company with US headquarters in Los Angeles, for example, recently purchased a 36,730-square-foot warehouse property at 1215 W. Fulton St. Furthermore, it quickly got a tenant to occupy the space. The Revel Group, an event planner, signed a lease ten days before the purchase closed on December 31, according to officials from NAI Hiffman, which represented Drapac in the transactions.
“The collective goal of our team was to secure a tenant and stabilize the asset prior to closing,” says Kelly Disser, vice president with NAI Hiffman's industrial services group. “The transaction was a great success for Drapac as it enters a popular Chicago market."
On December 20, Drapac also purchased a similar property in the neighborhood at 1400 W. Carroll St. Drapac officials declined to comment on the transactions, but according to Cook County records, the firm paid $2.675 million to Fulton Racine LLC for the 1215 Fulton property, which includes a 30,862-square-foot warehouse with office space and a fenced and secured parking lot.
Disser brought Drapac the acquisition opportunity for 1215 West Fulton, which was signed last February. In June, Disser and Kyle Barrett, an associate with NAI Hiffman, were retained to market the property for lease. Lee Dickson of Dickson Companies represented Revel. Disser also represented Drapac in the purchase of 1400 West Carroll; the seller, Hilco, was represented by John Cash, executive vice president, and David Haigh, vice president, of NAI Hiffman.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
