(MENAFN- PR Newswire)
"Fulton market has redefined urban living and working in Chicago," said Diana Peterson, CEO of AW Properties Global.
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With its strategic location and significant scale, the property presents several potential redevelopment opportunities:
TOD Designation: Potential for reduced parking requirements, increased height, and more units.
ARO Tax Incentive: Property qualifies for Tier #3 under Illinois' Affordable
housing Tax Incentive, reducing property taxes for affordable rental housing development.
Enterprise Zone: Located in Zone 4, offering state and local tax incentives for economic growth and revitalization.
Expansion Area Bonus FAR: 1046 W. Kinzie is within the expansion area, allowing developers to purchase additional density through the Neighborhood Opportunity Fund.
Key Details
Minimum Bid:
$11,000,000
Sealed Bid Deadline:
February 24, 2025, at 5 PM CST
Submission Instructions:
Bids, along with proof of funds, should be submitted to Diana Peterson at [email protected] . Early submissions are highly encouraged, as the seller reserves the right to accept an offer before the bid deadline.
Closing Date:
On or before March 31, 2025
Portfolio Highlights
Location:
Fulton Market District, Chicago
Lot Size:
Approx. 40,102 SF (0.92 acres)
Building Size:
Approx. 52,932 SF across three buildings:
1044-48 W.
Kinzie (Approx. 26,244 SF)
410 N. Carpenter (Approx. 12,588 SF)
415 N. Aberdeen (Approx. 14,100 SF)
Additional Asset:
Parking lot at 412-18 N. Carpenter
Current Zoning:
M2-3 (Light Industrial)
Potential Zoning:
DX-5 or DX-7, allowing for residential, mixed-use, office, hotel, or retail developments
Current Leasing Synopsis
Occupancy:
Approx. 43.5%
Tenants:
Five leases with expiration dates between 2025 and 2029
January 2025 Gross Income:
Approx. $58,000 (including rents, CAM, and RET reimbursement)
Why Invest in Fulton Market?
Fulton Market, located in Chicago's Near West Side, is one of the city's most dynamic and rapidly evolving neighborhoods. Once an industrial hub, this vibrant district has transformed into a premier live-work-play destination, attracting urban dwellers, innovative businesses, and visionary developers.
Bounded by Grand Avenue to the north, Washington Street to the south, Halsted Street to the east, and Ogden Avenue to the west, Fulton Market serves as an extension of the Loop and West Loop. Its blend of historic charm and modern redevelopment has made it a hotspot for residential, office, mixed-use, retail, and hospitality growth.
The neighborhood's strategic location provides unparalleled connectivity. It is easily accessible via major thoroughfares, CTA bus lines, and multiple "L" train stations, including the Morgan and Ashland stops on the Green and Pink Lines. Additionally, nearby Metra commuter rail stations enhance regional access, while proposed infrastructure projects like the West Town Metra station promise to further boost connectivity and growth potential.
"Fulton Market has redefined urban living and working in Chicago," said Diana Peterson, CEO of AW Properties Global. "It's a neighborhood where history meets opportunity, offering an unparalleled mix of culture, innovation, and connectivity. For investors and developers, the possibilities here are endless."
Once dominated by industrial warehouses, Fulton Market now features a cutting-edge mix of office, retail, mixed-use, and multifamily developments. Global leaders like Google and McDonald's have set up operations here, drawn by the area's unique energy and potential. With ongoing infrastructure improvements and a thriving cultural scene, Fulton Market continues to attract significant investment and interest.
As Chicago's fastest-growing submarket for office buildings, Fulton Market injects new vitality into the city's Central Business District. The neighborhood accounts for 5.1% of the downtown office market, offering over 7.3 million square feet of redeveloped real estate, including office, retail, hotel, and residential properties. Groundbreaking projects like 919 W. Fulton, which will add 409,000 square feet of Class A office space, further reinforce Fulton Market's reputation as a hub for innovation, growth, and investment within Chicago's broader real estate landscape.
About AW Properties Global
AW Properties Global and AuctionWorks, its auction division and online marketplace, are headquartered in Northbrook, IL. The AW Properties Global team is a sophisticated and dynamic group of seasoned brokerage and auction professionals, including attorneys, MBAs, and CPAs, who consult with their clients to help them reduce costs and maximize value across a portfolio or on an individual asset basis. Committed to client satisfaction and excellence in real estate consulting, investment sales, brokerage, and auctions, the AW Properties Global team seamlessly merges local market expertise with extensive global reach. The AW Properties Global team provides premier commercial and residential real estate consulting, brokerage, and auction services across all regions, complemented by equipment liquidation services, sales of going concern businesses, and lease restructuring services. Specializing in dispositions of real estate and real estate with a business and/or equipment, the AW Properties Global platform includes investment sales, accelerated sales, online auction sales, sealed bid sales, bulk/portfolio sales, sale leasebacks, UCC foreclosure sales, and bankruptcy/363 sales. For more information, visit awproperties or call 847-509-2757 .
SOURCE AW Properties Global
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