The Real Deal Chicago

Sterling Bay buys another big development property in Fulton Market

The prolific West Loop firm paid $22M to Republic Services for 4 parcels
By John O’Brien |
Research by Haru Coryne
December 14, 2018 01:00PM

Sterling Bay’s Andy Gloor and Fulton Market gateway

Sterling Bay added to its roster of Fulton Market properties, paying Republic Services $22 million for four parcels in the booming West Loop neighborhood.

The prolific Fulton Market developer picked up the properties totaling 2.5 acres near the intersection of Racine and Carroll avenues, which include a former waste transfer station.

Wintrust Bank helped finance the acquisition with a $12.5 million loan.

The Phoenix-based waste hauler put the properties on the market earlier this year, hoping to join scores of other property owners in the neighborhood who have cashed in on its transformation from a gritty meatpacking district to a hub of new office, retail and residential development.

JLL, which was hired to market the properties, said in April they represented the largest piece of Fulton Market development land to go on the market this year.

A spokesperson for Sterling Bay did not immediately respond to a request for comment.

But Sterling Bay has continued to build — and buy — in Fulton Market even as it gears up for its Lincoln Yards mega-project on the North Branch of the Chicago River.

Sterling Bay, Shapack Partners and a host of other developers have helped lead the transformation of Fulton Market. Among the current Sterling Bay projects in the neighborhood is a three-building development in the 300 block of North Green Street that will add 1.7 million square feet of office space to the area.