Greenstone Partners is pleased to announce the sale of a mixed‐use building and land site located in Chicago’s Fulton Market at 413 N Carpenter in an off‐market transaction where Greenstone represented the Buyer in the transaction. The sites encompass 23,326 SF of land with a fully occupied 21,000 SF mixed‐use building in Chicago’s most transcending neighborhood.
413 N Carpenter was acquired as part of a strategic assemblage of properties that the Buyer, Vista Property, began acquiring earlier this year with the purchase of 400 & 401 N. Morgan Street, which was also arranged by Greenstone Partners. The Carpenter property includes two office tenants and ten apartments, along with a thirty‐car private parking lot with frontage along Morgan Street.
The buyer was drawn to these acquisition opportunities based on the properties’ strong location, a diverse roster of tenants, and the future opportunity to have multiple large development sites in the vibrant Fulton Market district of the West Loop. “In Fulton Market, there are limited opportunities to assemble multiple acres of adjacent properties providing a unique opportunity for a large‐scale development plan.” said Danny Spitz, CEO and Managing Partner at Greenstone Partners.
“While there other individual sites in Fulton Market that have proposed projects, we have more than 3 acres on three corners”, said Hymie Mishan, Principal of Vista Property. “It’s very rare in an urban setting to be able to design a set of complementary buildings at this scale, and we are excited to enhance the Morgan Street Corridor even further”
Danny Spitz, Managing Partner at Greenstone Partners, represented Vista Property and Jed Skae of @properties represented the Seller, a local partnership, in the transaction.