Office N Illinois

Three-property office portfolio sells in Chicago’s Fulton Market District

936 W. Fulton Street, Chicago. 936 W. Fulton Street, Chicago.
312 N. Carpenter Street, Chicago. 312 N. Carpenter Street, Chicago.
939 W. Fulton Street, Chicago. 939 W. Fulton Street, Chicago.

Newmark Knight Frank (NKF) arranged the sale of a three-property office/retail portfolio in Chicago’s Fulton Market District. NKF senior managing director, Andy Gallas, and managing director, Gino Tabbi, of NKF’s Chicago office, oversaw the transaction on behalf of the seller, a joint venture between Madison Capital and ASB Real Estate Investments (ASB), and the undisclosed buyer.

Totaling 77,155 square feet, the portfolio comprises 939 W. Fulton Street (37,353 square feet), 936 W. Fulton Street (16,957 square feet) and 312 N. Carpenter Street (22,845 square feet). A majority of the portfolio is stabilized, being anchored by Vital Proteins’ new headquarters at 939 W. Fulton Street and iCrossing at 312 N. Carpenter. A small ground floor retail vacancy exists at 312 N. Carpenter with additional retail and office space currently for lease at 936 W. Fulton Street.

NKF also represented Madison Capital and ASB when they originally purchased the portfolio back in 2015. At that time, the three historically landmarked buildings were being used as meat-packing facilities. Over the past four years, Madison Capital and ASB have re-vitalized the three properties into modern, mixed-use buildings.

“We are thrilled to have been a part of taking this portfolio of unique properties through its entire life cycle with Madison Capital and ASB,” said Gallas. “Madison Capital and ASB had the vision of revitalizing these three properties, and the buyer saw the long-term value in acquiring a trophy asset in a target market—it was a win/win for both parties.”