Another Block Of Fulton Market Is Selling For Top Dollar
Investor demand and a declining number of opportunities are driving bids upward in Fulton Market, and sellers are capitalizing. The latest deal, for a one-block section near the western end of the market, still has some details to be sorted out before it becomes official, according to Crain's Chicago Business.
A JV of IBT Group and hedge fund investor Andrew Bluhm (son of Neil Bluhm, Walton Street Capital managing partner and Rivers Casino Des Plaines owner) are in talks to buy the 145k SF site for $65M, or an average of $450/SF. The site is home to a series of low-rise buildings and smaller lots. The deal could still fall through, as it is contingent on a zoning change that would allow IBT and Bluhm to build a new mixed-use development on the site.
Fulton Market's real estate activity has quickly pushed west — Sterling Bay, McCaffery Interests, Bridgford Foods and Trammell Crow all have projects in the works. Sterling Bay, one of Fulton Market's pioneers, has been in disposition mode.