CHICAGO— NGKF Capital Markets has just been appointed to market a valuable chunk of the city's Fulton Market district, an area that is attracting an increasing number of developers. The firm will act as the exclusive broker in the sale of 1200 Block, the roughly 145,000 square feet of land bordering Carroll Ave. to the north, Fulton Market St. to the south, Racine Ave. to the east and Elizabeth St. to the west. The block is adjacent to the Historic Fulton-Randolph Market District where many buildings have the protection of landmark status. As reported in GlobeSt.com, Tucker Development , in partnership with Acadia Realty Trust , recently acquired ten buildings on the 900 block of Randolph St. in the historic district, and plans to develop the site into a mixed-use shopping, dining and office hub. The 1200 Block benefits from its proximity to the landmark district, but was not included, giving its owner a free hand to redevelop the site. NGKF officials say senior managing director Andy Gallas , managing director Gino Tabbi , and associate director Dominic Soltero were selected by ownership to lead the sale because all have market-making proven track records. "This is a rare and unique opportunity for qualified entrepreneurs or institutions to acquire an entire city block in one of the hottest development neighborhoods in the US," says Gallas. "1200 Block is one of the last full block development sites in the booming Fulton Market District that is not encumbered by landmark status, providing developers and investors a blank canvas on which to create a legacy project." Located west of Chicago's Loop, Fulton Market, also known as the Meatpacking District, has become a high tech office and entertainment hub. Google recently moved its Midwest headquarters to a former cold storage facility located at 1000 W. Fulton Market St., now known as 1K Fulton. The arrival of Google has attracted other tech and creative companies, as well as large numbers of people seeking housing in the immediate neighborhood due to its live/work/play lifestyle. "Opportunities like 1200 Block can define the urban core of Fulton Market District where supply is constrained," adds Soltero. "The recent influx of global brands to Fulton Market will give 1200 Block broad appeal to smart money looking to create a marquee project."

Instant Insights /

NGKF Capital Markets to Market Fulton Market Block

Related Stories

Recommended For You