Colliers International | Chicago’s Michael Senner and Thomas Volini represented West Fulton 1400 LLC in the sale of a 69 percent condo interest in the 62,555-square-foot office building located at 1400 West Fulton Street. NARE Investments purchased the space at the three-story building for an undisclosed price.
“Fulton Market remains the most dynamic submarket in the city,” said Senner, an executive vice president. “For investors looking to capitalize on the continued explosive growth within the market, at a reasonable cost basis, 1400 West Fulton Street was the perfect opportunity. The sale will allow NARE to offer flexible commercial unit sizes in a market otherwise catering to large users.”
NARE Investments will take ownership of 10 commercial loft units ranging in size from 1,000 to 9,500 square feet—42,998 square feet in total—and 13 parking spots. They are 97 percent occupied.
Originally built in 1920, 1400 West Fulton Street is a brick and timber loft building. The property was renovated between 2014 and 2017. Updates include the addition of rooftop decks, bicycle parking, high-end finishes, state-of-the-art technology and warehouse loading docks and doors. The building is situated in the fast-growing Fulton Market West neighborhood, with easy access to Interstates 90, 94 and 290 and the CTA Green, Pink and Blue Lines.