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Shapack Partners is seeing the seller's market forming in Fulton Market and is looking to cash out with its properties. Shapack, which is already seeking a buyer for The Parker apartment tower, is now selling a smaller retail development it built next to the Morgan Street 'L' Station, Crain's Chicago Business reports.
Shapack built 177-185 North Morgan, a 9,200 SF building that is 100% occupied with a Shake Shack, Do-Rite Donuts, Honeydew and FireFin Poke Shop, all tenants specializing in fast-casual restaurant service. Shapack has retained JLL to market the property and is seeking a $14.25M offer.
Given the investor demand in Fulton Market, Shapack may just get that. Sterling Bay has also jumped into the Fulton Market seller pool in the past year with its dispositions of 1K Fulton last June and a retail portfolio last October. And do not forget that Shapack is still seeking a buyer for Soho House Chicago, which it placed on the market last year.
