CHICAGO—The imminent arrival of Google has thrown a spotlight on the Fulton Market neighborhood, and even New York firms like Madison Capital and ASB Real Estate Investments have decided that the historic meatpacking district presents a remarkable opportunity. The two joined up to buy a four-property portfolio from Birdland Properties, a subsidiary of local meat distributor Economy Packing, a neighborhood fixture for over 80 years. NGKF Capital Markets represented both parties in the transaction.

The 83,516-square-foot portfolio consists of 934-938 W. Fulton Market, 939-943 W. Fulton Market, 312 N. Carpenter St. and 328 N. Carpenter St., plus about 35,000 square feet of additional air space. The neighborhood's transformation began about four years ago when the city decided to construct a Green Line El stop nearby, making it an easy commute for office workers. These properties are all located within a three-minute walk of the new stop.

“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,” says NGKF managing director Gino Tabbi, “At the same time, longtime owners of properties have an incredible opportunity to capture the increasing value.”