A New York investor has paid almost $12 million for a retail and office building in Chicago’s Fulton Market, increasing its stake in the former meatpacking district where real estate values have skyrocketed in recent years.
The Feil Organization this week paid $11.7 million for a three-story building at 1133 W. Randolph St., according to Danny Spitz of Greenstone Partners, who brokered the deal. With the latest deal, Feil has invested more than $76 million in low-rise retail buildings in the fast-changing area west of the Loop business district since late 2016.
The latest acquisition is “a nice complement to what we already own in the area,” Brian Feil, executive vice president of leasing, said in a statement. “We have watched the evolution of Fulton Market and we see the long-term vision of what the area will become,” he said.
Completed in 2018, the 13,800-square-foot building is fully leased to Gioia Ristorante & Pastificio on the ground floor and small office tenants on the upper floors.
The seller was Texas-based Bayview USA Holdings, which bought the Hot Potato Distributors facility on the site for $3.25 million in November 2015. It demolished a brick structure on the site, taking out a nearly $8.5 million construction loan for the new building, according to Cook County property records.
“We experienced a strong level of buyer interest not only on a nationwide basis but also from international buyers,” Spitz said in the statement. “The activity signifies the rarity of this core investment that is truly best-in-class, and as the West Loop and Fulton Market area continues to evolve, we are seeing fewer opportunities like this one come available.”