Clayco buying prime Fulton Market property; redevelopment eyed

The 150K sf building is located outside of the area’s ban on new residential development

Chicago /
Feb.February 13, 2020 05:00 PM
Bridgford Foods plant at 170 N. Green St. & Clayco founder and Chairman Bob Clark (Credit: Google Maps)

Bridgford Foods plant at 170 N. Green St. & Clayco founder and Chairman Bob Clark (Credit: Google Maps)

Clayco has agreed to pay $60 million for a food processing plant in Fulton Market, which it intends to redevelop amid the booming district, a source confirmed to The Real Deal.

The construction and development company will acquire the 156,000-square-foot plant from California-based Bridgford Foods at 170 North Green Street. The site is located outside of the area’s ban on new residential development, which could make it a prime property for apartment or condo construction. The site’s lot size spans 62,000 square feet.

Bridgford previously planned to redevelop the site into a mixed-use building with residential and retail space, and won the city’s approval in 2017, according to Crain’s, which first reported on the pending sale.

When Bridgford instead put the property on the market, it had hoped to maintain ownership of the land with a long-term ground lease deal. Clayco is purchasing the property outright, the source said.

The sale continues Bridgford’s recent history of unloading properties in Fulton Market, which has been at the epicenter of Chicago’s development boom. Nearly two years ago, it sold a small warehouse at 167 North Green Street, across the street from the food processing plant, to Shapack Partners and Focus Development for $6 million.

Shapack and Focus are building a 17-story office tower on the property. WeWork signed a lease to take 140,000 square feet of the building’s 750,000 square feet. The building is expected to open in mid-2021.

Bridgford plans to relocate its Chicago operations to a new facility that it’s building on the South Side.

A Clayco representative and CBRE’s Keely Polczynski, who is the listing agent for Bridgford, declined to comment. A Bridgford representative didn’t respond to requests for comment.

Last April, Clayco and Farpoint Development said they were teaming up on an Opportunity Zones venture, hoping to raise $1 billion for development projects “throughout America’s Heartland.” Clayco just missed TRD’s ranking in August of Chicago’s top construction firms.


Related Articles

arrow_forward_ios
1000 W. Fulton Market and American Realty Advisors CEO Stanley Iezman (Google Maps)
Google HQ in Fulton Market is for sale
Google HQ in Fulton Market is for sale
Foxtrot Market CEO Michael LaVitola and 167 N. Green Street 
Convenience store chain eyes new Fulton Market HQ
Convenience store chain eyes new Fulton Market HQ
Harrison Street Real Estate Capital's Chris Merrill and Fulton St. Companies’ Alex Najem with a rendering of the complex at 1201-1215 West Fulton Street (Fulton St. Companies)
433-unit apartment tower would be among Fulton Market’s biggest
433-unit apartment tower would be among Fulton Market’s biggest
Sterling Bay’s Andy Gloor (right), JPMorgan’s Jamie Dimon and 370 North Carpenter Avenue in Fulton Market, one of two properties the companies are selling. (Sterling Bay; Getty; Google Maps)
Sterling Bay and JPMorgan test appetite for redevelopment
Sterling Bay and JPMorgan test appetite for redevelopment
Chicago’s Downtown office market hit new lows in Q4, with sublease availability pushing past 5.4 million square feet. (iStock)
Chicago’s Q4 office market report was grim tally
Chicago’s Q4 office market report was grim tally
Marc Realty’s David Ruttenberg and 311 N. Sangamon Street in Fulton Market (Google Maps)
Marc Realty plans another big hotel in Fulton Market
Marc Realty plans another big hotel in Fulton Market
Thomas Roszak, at left, is co-founder of Moceri + Roszak. Michael Moceri, at right, is the son of Daniel Moceri, the other co-founder. All three are involved in the latest project.  (Sterling Bay)
Moceri + Roszak founders plan 383-unit Fulton Market tower
Moceri + Roszak founders plan 383-unit Fulton Market tower
110 N Carpenter Street in Fulton Market (Photo via Sterling Bay)
Sterling Bay, JPMorgan near deal to sell McDonald’s HQ for $430M
Sterling Bay, JPMorgan near deal to sell McDonald’s HQ for $430M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...