Thor Equities Makes Huge $36M Fulton Market Buy
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Thor Equities bought two large sites in Fulton Market last Thursday for $36.1M, fulfilling a promise the firm made in January to spend up to $50M in Chicago's hippest commercial real estate market. The Morreale Meats portfolio, a four-story building at 816-820 West Fulton Market (pictured) and vacant warehouses at 216-226 North Peoria St, total 106k SF, making this one of the largest sales in Fulton Market in Q3.
Thor Equities plans to redevelop the buildings into mixed-use plays. The Peoria Street warehouses will be combined and expanded to accommodate a five-story structure. The Fulton Market buildings will be renovated and repositioned to take advantage of the fast-changing neighborhood demographics.
Thor Equities started the year buying 1229 West Randolph in a $1.9M deal, 230 North Peoria for $2M and 905 West Fulton Market for $1.9M in January. In July, the firm acquired 942 West Fulton Market in a $5.9M deal. Thor's Fulton Market acquisitions total $47.8M. SVN | Chicago Commercial's Scott Maesel repped the seller and was the sole broker in the deal.