Tucker Development sells stake in Fulton Market mixed-use complex

Tucker bought the complex as part of an assemblage in 2015

Jul.July 08, 2019 03:15 PM
Tucker Development CEO Richard H. Tucker and 900 West Randolph Street (Credit: Google Maps)

Tucker Development CEO Richard H. Tucker and 900 West Randolph Street (Credit: Google Maps)

Tucker Development has sold a stake in its Fulton Market mixed-use development next to the site where it will construct a condominium complex.

With the move, Highland Park-based Tucker has entered into a new joint ownership with North Carolina-based Asana Partners of the renovated historic commercial complex in the 900 block of West Randolph Street.

Asana Partners paid $41.6 million for its stake in the 90,000-square-foot office-and-retail complex known as 900 West, Cook County property records show. Mesa West provided Asana a $40 million mortgage for the deal.

Tucker in 2015 partnered with Acadia Realty Trust to acquire the entire square block bounded by Randolph, Sangamon, Lake and Peoria Streets for $52 million, Bisnow reported at the time.

The firm renovated 10 historically significant buildings on the block, and in 2017 unveiled the new complex that includes 45,000 square feet of office space and 45,000 square feet of retail space.

A spokesperson for Tucker confirmed that the company completed a recapitalization of the development and entered into a new ownership entity with Asana.

The office portion of the development is fully leased by co-working firm Spaces and private equity firm Parker Gale, Tucker said in a recent press release. Retail tenants include Lululemon, beauty retailer Bluemercury and Jeni’s Splendid Ice Creams.

According to property records, the buildings included in the deal are: 908-924 West Randolph Street, 913-923 West Lake Street, and 163-173 North Sangamon Street. A representative for Asana Partners did not immediately return calls for comment on the deal.

Not included in the sale is a Peoria Street-facing parcel where Tucker and Related Midwest have proposed a 300-unit condo project.

In March 2018, Tucker and Related unveiled a pared-down proposal for the condo tower, reducing its height to 495 feet from 570 feet while preserving the original proposal’s square-footage. Related said it has been working with the community on the 43-story condo project that still needs city approval.
With the deal, Asana is getting into a booming office and retail sector in Fulton Market. Office space in the district is already the highest of any submarket in Chicago. Fulton Market is already home to the high-end restaurant row, and has attracted retailers like Louis Vuitton.

Later this year, Robert De Niro’s Nobu Hotel chain will open its first Chicago location directly across from the mixed-use complex Asana just purchased.

Related Articles

Freehand Hotel and Queensgate Investment Company CEO Jason Kow

Queensgate lands $44M acquisition loan on hip Freehand Chicago hotel

The Ramova Theatre and Ald. Patrick Daley Thomson (11th) (Credit: iStock)

A real estate encore for the Ramova Theatre

Oakbrook Terrace Tower at 1 Tower Lane and Blackstone's Jon Gray (Credit: Google Maps, Getty Images)

Blackstone Group notches big real estate win in Chicago suburbs

Rendering of Sterling Bay/Magellan tower at 300 North Michigan Avenue just south of the Chicago River

Dutch hotelier to add 280 rooms to planned 47-story tower, then buy a piece of it

Location of the Poplar-Prairie Stone Crossing and Walton Street Capital CEO, Neil Bluhm (Credit: Google Maps and Getty Images)

Walton Street Capital’s mall sale highlights retail market woes

1035-1065 N Orleans St (Credit: Google Maps)

Developers place bets on another downtown hotel

2537 North Pulaski Road in Logan Square (Credit: Google Maps)

‘Hipster’ concert venue will cause gentrification, Logan Square activists claim

Former NFL player Israel Idonije and 200 W. Madison St. (Credit: Getty Images, Google Maps)

Former Chicago Bear launches 1871-styled incubator with insane lease rates