Cedar St., a leading diversified holding company headquartered in Chicago, sold their portfolio of four loft office properties, which was all purchased in one year, in the heart of the highly desired Fulton Market district of Chicago. Cedar St. sold the Fulton Market portfolio through a partnership with CLK Properties and RCG Longview for $23.75 million, while maintaining a 15% equity stake.
The Fulton Market Portfolio Snapshot: • 1101 W Fulton & 222 N Aberdeen | Office/Retail building • 327 Aberdeen | Office/Retail building • 1144 W Fulton | Loft office building
Cedar St. is the parent company of FLATS Chicago. The plans are to redeploy the gain generated by the Fulton Market sale towards its FLATS portfolio and the continued redevelopment of Chicago’s Northside. FLATS Chicago has a primary focus to offer innovative housing to meet the needs of Millennial consumers while building community through their developments.
“Each of the new FLATS buildings will incorporate placemaking, affordable housing and community partnerships” said Alex Samoylovich, managing partner. “By disposing of the Fulton Market portfolio, Cedar is better able to continue the FLATS mission.”
