Search
 

NGKF Capital Markets to Market Fulton Market Block

CHICAGO—Although the 1200 block is near the designated historic district, it is not included, giving its eventual owner a much freer hand.

By Brian J. Rogal | brianjrogal | | Updated on March 22, 2016

 

chi-1200BlockAerial1 (4) The Fulton Market District has already attracted Google and a host of other high tech firms.
CHICAGO— NGKF Capital Markets has just been appointed to market a valuable chunk of the city’s Fulton Market district, an area that is attracting an increasing number of developers. The firm will act as the exclusive broker in the sale of 1200 Block, the roughly 145,000 square feet of land bordering Carroll Ave. to the north, Fulton Market St. to the south, Racine Ave. to the east and Elizabeth St. to the west. The block is adjacent to the Historic Fulton-Randolph Market District where many buildings have the protection of landmark status. As reported in GlobeSt.com, Tucker Development , in partnership with Acadia Realty Trust , recently acquired ten buildings on the 900 block of Randolph St. in the historic district, and plans to develop the site into a mixed-use shopping, dining and office hub. The 1200 Block benefits from its proximity to the landmark district, but was not included, giving its owner a free hand to redevelop the site. NGKF officials say senior managing director Andy Gallas , managing director Gino Tabbi , and associate director Dominic Soltero were selected by ownership to lead the sale because all have market-making proven track records. “This is a rare and unique opportunity for qualified entrepreneurs or institutions to acquire an entire city block in one of the hottest development neighborhoods in the US,” says Gallas. “1200 Block is one of the last full block development sites in the booming Fulton Market District that is not encumbered by landmark status, providing developers and investors a blank canvas on which to create a legacy project.” Located west of Chicago’s Loop, Fulton Market, also known as the Meatpacking District, has become a high tech office and entertainment hub. Google recently moved its Midwest headquarters to a former cold storage facility located at 1000 W. Fulton Market St., now known as 1K Fulton. The arrival of Google has attracted other tech and creative companies, as well as large numbers of people seeking housing in the immediate neighborhood due to its live/work/play lifestyle. “Opportunities like 1200 Block can define the urban core of Fulton Market District where supply is constrained,” adds Soltero. “The recent influx of global brands to Fulton Market will give 1200 Block broad appeal to smart money looking to create a marquee project.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.