Sterling Bay Makes A Killing With Fulton Market Dispositions
The Feil Org is the newest entrant into Fulton Market's flurry of activity, paying $35M for a group of retail assets from Sterling Bay.
Those buildings include popular establishments on Fulton Market and Randolph Street like Publican Quality Meats (pictured) and Starbucks' first Reserve shop in Chicago. Sterling Bay bought the buildings for a combined $14M between 2013 and 2014, according to Crain's. The ROI on this transaction is another sign that sellers are asking for—and receiving—pricing that would have been unthinkable a couple of years ago.
Sterling Bay remains Fulton Market's main player from both the acquisition/development and disposition perspectives. McDonald's expanded its footprint in the nine-story building Sterling Bay is building at the former Harpo Studios site. The firm is already at work on its $200M redevelopment of the former Coyne College campus. And let's not forget Sterling Bay's $257M sale of 1K Fulton to American Realty Advisors in July. [Crain's]