CRE N Illinois

Domus Group, Barnett Capital JV expands Fulton Market foothold

Domus Group, Barnett Capital JV expands Fulton Market foothold,ph1
1133 W. Fulton, Chicago.

A joint venture between Domus Group LLC and Barnett Capital has acquired a series of properties in Chicago’s Fulton Market neighborhood that broadens the partnership’s holdings there and will bring 230,000 square feet of office space to Fulton Market in 2019. Those deliveries represent more than 60 percent of the office space to be delivered in the district in 2019.

“This portfolio represents the new ‘Main and Main’ location of one of the last great adaptive reuse flagship options now available to the Fulton Market in 2019, as businesses and individuals continue to be drawn to the maturing and evolving live-work-play lifestyle that exists there,” said Phillip Ciaccio, principal, Domus Group.

“Fulton Market is the hottest, most dynamic market in the city, and remains one of the top emerging markets in the entire country,” said Elan Peretz, managing director, Barnett Capital. “The acquisition of this assemblage of properties, almost an entire block, gives us a stronger and more diverse foothold in Fulton Market.”

The centerpiece of the four-property acquisition is 1133 Fulton an industrial, landmark building. The building currently has approximately 97,000 square feet of space with 25,000-square-foot floor plates. Upon completion of the renovation, slated for Fall 2019, 1133 Fulton will offer the largest contiguous block of space to be delivered in 2019.

Other properties acquired as part of the transaction include 213 Racine, an existing 19,000 square foot building; 219 Racine, an existing parking lot for future development and 1114 Fulton, an adaptive reuse of a former 30,000-square-foot warehouse.

“Given the size of our buildings and its floorplates, we have tremendous flexibility to attract tenants ranging in size from 5,000 to 100,000 square feet,” Peretz said. “Many of these tenants will be attracted to the overall lifestyle this market is creating. Others are focused on the ability to be in close proximity to pioneering tenants such as Google and McDonalds, among others, that are here now or will be relocating in the near term.”