A four-parcel land portfolio totalling 2.46 acres has gone on the market in the Fulton Market neighborhood of Chicago. The premier land portfolio, being shopped around by JLL as a development opportunity, represents the biggest offering of the past year in one of the country’s most sought-after neighborhoods
“The Fulton Market neighborhood offers the attributes that investors and developers simply cannot find anywhere else,” said managing director Tom Kirschbraun who, along with vice president Dan Reynolds, is leading the JLL team’s marketing efforts.
The parcels are coupled up at two different intersections. These include a 59,885-square-foot plot and a 5,707-square-foot plot at the northwest and southwest corners, respectively, of Racine and Carroll Avenues. At the Racine Avenue and Kinzie Street intersection, a 27,753 square feet lot on the southeast corner and a 14,000 square foot parcel on the southwest corner round out the portfolio.
“This is a remarkable assemblage, surrounded by the city’s hottest restaurants, creative office space and new residential developments,” Kirschbraun said. “There is no doubt that Fulton Market has come into its own, and this property is a last chance for investors to build something of substantial scale.”
Fulton Market continues to rapidly evolve with investors and developers flocking to the district that has become home to one of the fastest growing tech concentrations in the country. Today it is Chicago’s most desirable live-work-play destination for millennial professionals. Google’s 350,000-square-foot Midwest headquarters validated the neighborhood and other tech employers clustered around it. Established corporate powerhouses have followed suit, pursuing the same educated labor force. McDonald’s is set to move this spring into its new 600,000-square-foot world headquarters.
