NAI Hiffman has released the investment offering of the land parcel known as 450 North Morgan Street on the north side of Chicago’s booming Fulton Market District. Chicago commercial developer, MAB Capital Management, LLC, currently owns the site and over the past two years of its ownership has created value at the property through the demolition of the previously existing building, rezoning the site to B2-3 and obtaining site permitting for a mixed-use, 55,000-square-foot office and retail asset with indoor parking.
“This land parcel and development provides a unique, shovel-ready development opportunity in a dynamic area of Chicago’s expanding business district. MAB Capital Management has advanced all aspects of the site for development and has also developed several mixed use projects in the immediate vicinity which have contributed to the vitality of the West Loop,” said executive vice president Lawrence Much, SIOR.
Associate Alex Sutterer and Much, both of NAI Hiffman’s industrial services team, along with senior vice president Ted Staszak of NAI Hiffman’s capital markets team, have been retained by MAB Capital Management to market the 13,703-square-foot site. The NAI Hiffman team released the investment offering nationwide today.
“The site is seasoned for the right developer to capitalize on this area’s rapid growth,” said MAB Capital Management’s senior vice president A.G. Hollis. “These sites are hard to come by, especially in areas like Chicago’s West Loop.”