Lure of Fulton Market helps draw buyer to nearby industrial site

Realterm Logistics paid $15M for a 3-acre development site in “Fulton Market West”

TRD CHICAGO /
Feb.February 27, 2020 10:35 AM
Standard Equipment Company at 2000 West Lake Street and Realterm Logistics Robert Fordi 

Standard Equipment Company at 2000 West Lake Street and Realterm Logistics Robert Fordi

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.


Related Articles

arrow_forward_ios
Joe Sitt and 905 W. Fulton Market (Credit: Thor Equities)

Thor Equities’ big bet on Fulton Market is paying off

Thor Equities’ big bet on Fulton Market is paying off
Ald. Walter Burnett (27th)

Alderman Burnett to lift ban on resi development in Fulton Market

Alderman Burnett to lift ban on resi development in Fulton Market
Sterling Bay CEO Andy Gloor and a rendering of 345 N. Morgan St. (Credit: Sterling Bay, Cara)

Sterling Bay nabs construction loan for Google-leased office building

Sterling Bay nabs construction loan for Google-leased office building
110 N. Carpenter St. & Sterling Bay CEO Andy Gloor (Credit: Google Maps)

Hungry for a payout, Sterling Bay lists McDonald’s HQ in Fulton Market

Hungry for a payout, Sterling Bay lists McDonald’s HQ in Fulton Market
Ald. Walter Burnett (27th Ward)

Proposed pot shop’s proximity to Fulton Market rehab center poses problems

Proposed pot shop’s proximity to Fulton Market rehab center poses problems
Bridgford Foods plant at 170 N. Green St. & Clayco founder and Chairman Bob Clark (Credit: Google Maps)

Clayco buying prime Fulton Market property; redevelopment eyed

Clayco buying prime Fulton Market property; redevelopment eyed
LG Development CEO Brian Goldberg and 1143 West Lake Street (Credit: LG Development and Google Maps) 

LG Development sets sights on 400-unit resi project in Fulton Market

LG Development sets sights on 400-unit resi project in Fulton Market
1330 West Fulton Street & Intercom CEO and co-founder Eoghan McCabe (Credit: Google Maps)

Intercom messaging platform inks lease expansion in tech-friendly Fulton Market

Intercom messaging platform inks lease expansion in tech-friendly Fulton Market
arrow_forward_ios

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

Loading...