Chicago & Midwest + Downtown + Hospitality | April 28, 2020

Deal for Fulton Market Assemblage Closes Amid COVID-19

@properties Commercial completed the $19-million sale of a nearly 20,000-square-foot land assemblage in the Fulton Market District to a partnership that plans to redevelop the property as a hotel. The sale involved three properties and three different owners.

Brokers Marty Casey and Matt Scales of @properties Commercial worked with the owners over the course of two years to assemble the parcels and conduct a sealed-bid process that drew more than a dozen offers. The winning bid came from North Park Ventures and MF Development.

“We were fortunate to work with three sellers who came at this opportunity from different vantage points, but who had vision and were willing to work together to create value for each other and for themselves,” said Scales.

While the winning bid was accepted over a year ago, the sale finally closed in early April, after the onset of the COVID-19 crisis.

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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