Shapack, Focus acquire more land for Fulton Market office project

The developers paid $21M for 2 properties near Lake and Halsted

Apr.April 23, 2018 10:40 AM

The Shapack Development project near Lake and Halsted streets

UPDATED, 1:40 p.m., April 23: Shapack Partners and Focus Development acquired two properties in the booming Fulton Market district that are part of a larger office project near Lake and Halsted streets.

The Chicago-based developers paid $15 million in February for a vacant lot at 165 North Green Street, Shapack CEO Jeff Shapack said. The seller was the estate of Sue Ling Gin and CBRE was the broker, according to data from Real Capital Analytics. In March, Shapack and Focus paid $6 million for a small warehouse next door at 167 North Green Street, Shapack said.

The seller was Bridgford Foods, which has proposed its own 17-story mixed-use building across the street on the site of its current headquarters at 170 North Green. Chicago-based Walton Street Capital is part of a joint venture with Shapack and Focus Development that owns nearby property at 176 North Halsted Street.

Shapack and Focus, which is run by Tim Anderson, is planning a massive mixed-use project that would span the area between Halsted and Green and will connect the two streets with an open-air corridor on the ground floor called “the mews.”

Correction: This story has been corrected to reflect that Shapack Partners and Focus Development were the buyers of the two properties.

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