New York Firms Enter Fulton Market

CHICAGO—The imminent arrival of Google has thrown a spotlight on the Fulton Market neighborhood, and even New York firms like Madison Capital and ASB Real Estate Investments have decided that the historic meatpacking district presents a remarkable opportunity. The two joined up to buy a four-property portfolio from Birdland Properties, a subsidiary of local meat distributor Economy Packing, a neighborhood fixture for over 80 years. NGKF Capital Markets represented both parties in the transaction.

The 83,516-square-foot portfolio consists of 934-938 W. Fulton Market, 939-943 W. Fulton Market, 312 N. Carpenter St. and 328 N. Carpenter St., plus about 35,000 square feet of additional air space. The neighborhood’s transformation began about four years ago when the city decided to construct a Green Line El stop nearby, making it an easy commute for office workers. These properties are all located within a three-minute walk of the new stop.