Marc Bushala is ready to cash out on a Fulton Market development site, where a small office project was once in the works.
Bushala’s MAB Capital Management has hired JLL brokers to market the 13,700-square-foot surface parking lot at 450 North Morgan Street, roughly nine years after buying the property for $1.9 million, CoStar reported.
It’s unclear how much MAB expects to fetch in a sale, but the site is likely worth significantly more than what it paid in 2015, given the area’s transformation from a run-down industrial hub into one of Chicago’s hottest neighborhoods.
High-rise residential and office buildings have sprouted up all over Fulton Market over the past decade, including Google’s midwest headquarters and McDonald’s’ global headquarters, and there’s no sign of slowing.
MAB secured zoning approval for a boutique five-story office building at the site, but most surrounding projects would tower over a structure of that size.
Bushala’s previous sales of adjacent properties to Vista Property Group fetched nearly $31.7 million. He expressed interest in divesting from more properties along Morgan Street due to a shift in development strategy. A vacant lot at 464 North Morgan is also up for grabs.
“I think both sites are excellent locations for office or residential use and have become increasingly attractive over the years given all of the new real estate development that has taken place” north of Fulton near train tracks, Bushala told the outlet.
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JLL broker Dan Reynolds anticipates interest from developers eyeing residential zoning, albeit on a smaller scale compared to other projects in the area. Among those are Related Midwest’s 300-unit the Row Fulton Market, which is slated to become the tallest building in the neighborhood, standing at 495 feet.
Notably, the neighboring Guinness Open Gate Brewery is also on the market. It’s expected to sell for more than $20 million, according to a source familiar with the listing.
—Quinn Donoghue