A portfolio of office and retail buildings in Fulton Market has sold for $33.5 million, showing the area is still a bright spot in Chicago’s office landscape.
The four properties — at 1144 W Fulton Street, 1101 W Fulton Street, 220 N Aberdeen Street, 112 N May Street — are historic, loft-style buildings with brick and timber construction.
The buildings total 76,000 square feet and are mixed-use with office and retail space. The deal also included a parking lot at 351 N May Street.
SVN’s Chicago office handled the deal on behalf of the seller, who is not disclosed in public records. The buyer is also not yet identified in public records.
“This transaction shows the continued interest from investors in the thriving Fulton Market submarket,” Chad Schroedl, an assistant vice president at SVN, said in a release from the company. “The mix of office, residential and retail combine to drive demand from investors and tenants alike.”
The deal is another example of just how popular Fulton Market is, despite rising interest rates and record office building vacancy in other parts of the Loop.
Fulton Market was the city’s only neighborhood where Class A office availability dropped last year — to 23 percent — even as vacancies soared in the rest of the downtown office market during the pandemic.
Strong demand in Fulton Market pushed up the average sale price per square foot in the submarket to $678 last year, compared with the central business district’s $431.