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JV Divests Trio of Fulton Market Office Assets

NKF has arranged the sale of a three-property office/retail portfolio in Chicago’s Fulton Market District. The firm’s Andy Gallas and Gino Tabbi oversaw the transaction on behalf of the seller, a joint venture between Madison Capital and ASB Real Estate Investments, and the undisclosed buyer, identified by Crain’s Chicago Business as Asana Properties.

Totaling 77,155 square feet, the portfolio comprises 939 W. Fulton St. (37,353 square feet), 936 W. Fulton Street (16,957 square feet) and 312 N. Carpenter Street (22,845 square feet). A majority of the portfolio is stabilized, being anchored by Vital Proteins’ new headquarters at 939 W. Fulton and iCrossing at 312 N. Carpenter.

NKF also represented the JV when it originally purchased the portfolio back in 2015. At that time, the three historically-landmarked buildings were being utilized as meat-packing facilities. Over the past four years, Madison Capital and ASB have revitalized them into modern, mixed-use buildings.

Pictured: 939 W. Fulton


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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).

  • ◦Sale/Acquisition