Fulton Market has become one of the brightest stars in Chicago’s commercial real estate market, with developers and property owners increasingly trying to extend its boundaries and seize on its popularity. The city’s industrial market has also remained hot.
Now, a Maryland-based industrial investment firm is trying to fuse the two with its purchase of a 3-acre property that appears primed for redevelopment. The firm paid $14.8 million for the industrial site near the United Center that is outside of — but relatively close to — Fulton Market.
Realterm Logistics acquired the property at 2000 West Lake Street, which includes four connected brick buildings totaling about 44,000 square feet, and a large parking lot.
The company plans to continue using the industrial property for logistics and last-mile distribution in the near-term, according to Rob Moriarty, who handles Realterm acquisitions in the central region.
George Toscas of ACO Commercial brokered the all-cash sale and announced the deal, and is positioning it as “Fulton Market West.”
The sellers — principals of Standard Equipment Company — assembled the property into almost an entire city block over several decades. Standard Equipment has held the lease for decades, using the property as its headquarters since 1986. The company is relocating to Elmhurst, according to the release.
Earlier this month, a 156,000-square-foot food processing plant at 170 North Green Street in Fulton Market sold for $60 million.