Greenstone Partners has announced the sale of two properties located in Chicago’s Fulton Market at 400 and 401 N. Morgan in an off‐market transaction where Greenstone represented the Buyer in the transaction. The two sites combined encompass over 75,000 square feet of land, which possesses 83,000 square feet of current leasable space in one of the city’s most competitive developer markets.
The 401 N. Morgan location is anchored by event space Morgan Manufacturing, along with the corporate offices of The Alinea Group, Tock, Listen Ventures and Nansen. Morgan Manufacturing will continue to operate in the fully leased property as a private event venue and is planning to open a new restaurant concept this fall in a space previously occupied by the Brass Monkey Brasserie.
The property located at 400 N. Morgan was most recently the office for the t‐shirt company, Threadless and also previously the location of Pagoda Red, an artist and artifact gallery. The 7,000-square-foot building at 400 N. Morgan is currently vacant and sits on 17,000 square feet of land.
The buyer, Vista Property Group, was drawn to the investment opportunities based on the properties’ strong location, diverse roster of tenants, and the future opportunity to have two large development sites in the vibrant Fulton Market district of the West Loop.
The Seller, MAB Capital Management LLC, acquired the 401 N Morgan property from a subsidiary of Honeywell Corporation in 2013 and completed an extensive adaptive re‐use renovation, transforming the property from light manufacturing to include loft office space, a 32,000-square-foot special event venue and restaurant.
MAB Capital Management, LLC was represented in the transaction by Acorn Property Management, LLC, which has managed and leased the properties since the 2014 redevelopment.