SVN | Chicago Brokers Fulton Market Land Parcel Sale
Scott Maesel and Drew Dillon of the Urban Real Estate Team of SVN | Chicago Commercial helped secure a 1.36-acre land parcel sale at 1143 W. Lake St. in the Fulton Market District. The asset sold for more than $32 million to LG Development, with Maesel and Dillon representing the seller.
Plans for the site include two apartment buildings totaling 665 units and 290 parking spaces. Both buildings will include ground-floor retail.
SVN helped shepherd the transaction to close through a mayoral administration change as well as the COVID-19 pandemic. The site was occupied by one of the last meatpackers to exit the once-industrial area that has been transformed into a luxury residential, office, and retail destination.
“This project shows continued investor interest in Fulton Market in these unprecedented times and highlights the strength of the submarket going forward,” said Dillon.
- ◦Sale/Acquisition
- ◦Development