Fulton Market food wholesaler cashing out
A suburban actual property investor is picking up one of the ultimate closing business properties waiting to be redeveloped in the heart of the Fulton Market District.
Buffalo Grove-primarily based Shorewood Development Group is under an agreement to purchase a former food wholesaling belongings on the 900 blocks of Fulton Market from Nealey Foods, Shorewood Founding Partner and CEO Louis Schriber confirmed.
The sale rate for the four homes, totaling more or less 25,000 rectangular toes, at 900-914 W. Fulton Market is uncertain because the deal isn’t always scheduled to shut until next month. Nealey have been searching for around $six hundred in line with rectangular foot for its Fulton Market homes mixed: the one Shorewood is shopping for and the 33,000 rectangular toes of brick industrial buildings across the street which might be additionally below contract to be sold next month to an assignment subsidized by using Oak Brook-based totally Huizenga Capital Management.
But the Huizenga assets are worth far more per rectangular foot because the buildings may be demolished for redevelopment, whereas 3 of the 4 homes Shorewood is buying are considered “contributing” to the Fulton-Randolph Market landmark district, meaning they can not be demolished nor their exteriors notably altered.
Schriber, whose improvement firm made its first Fulton Market purchase closing fall while it paid $three.2 million for a retail building at 1009 W. Lake St., joins the celebration of builders remodeling the community from a meatpacking district right into a corporate destination and hotbed of upscale accommodations, eating places and stores.
The Nealey belonging is a symbol of the styles of commercial enterprise that dominated the hall for the better part of a century until the town comfortable zoning there, greasing the skids for Google, McDonald’s and other company giants to transport in.
Other enterprises that paved the way via selling their homes in the latest years include Fulton Market Cold Storage, Quality Food Products, Aspen Foods, and John R. Morreale Meat. Nealey, which couldn’t be reached for remark, in the beginning, put its Fulton Market houses up for sale in 2016.
Schriber declined to share specifics of his plan for the property, which Nealey vacated in 2017 when it relocated to the 3300 blocks of South Pulaski Road in South Lawndale.
“It’s going to be consistent with the community,” said Schriber, who said his firm has mainly done infill buying center improvement in Chicago and somewhere else inside the Midwest.
The Nealey property these days is surrounded by way of construction as other builders construct out ambitious projects along Fulton Market.
The buildings are adjoining to a vintage business constructing that the determine organization of Time Out Chicago is changing right into a 50,000-square-foot meals corridor. Across the road, snack maker Mondelez International will soon circulate right into a redeveloped constructing at 905 W. Fulton Market. Meanwhile, Google has been talking to developers near its Midwest headquarters at 1000 W. Fulton Market about doubling the organization’s already big footprint within the neighborhood to about 1 million rectangular feet.
Colliers International Executive Vice Presidents Vern Schultz and Michael Senner are representing Nealey inside the belongings sale.
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