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Newmark is pleased to announce that the firm successfully arranged the sale of a three-property office/retail portfolio in Chicago’s Fulton Market District. Newmark Senior Managing Director Andy Gallas and Managing Director Gino Tabbi of Newmark’s Chicago office, oversaw the transaction on behalf of the seller, a joint venture between Madison Capital and ASB Real Estate Investments (ASB), and the undisclosed buyer.
Totaling 77,155 square feet, the portfolio comprises 939 W. Fulton Street (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 Street and iCrossing at 312 N. Carpenter. A small ground floor retail vacancy exists at 312 N. Carpenter with additional retail and office space currently for lease at 936 W. Fulton Street.
Newmark also represented Madison Capital and ASB 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 re-vitalized the three properties into modern, mixed-use (office/retail) buildings.
“We are thrilled to have been a part of taking this portfolio of unique properties through its entire life cycle with Madison Capital and ASB,” said Gallas. “Madison Capital and ASB had the vision of re-vitalizing these three properties, and the buyer saw the long-term value in acquiring a trophy asset in a target market - it was a win/win for both parties.”
About Madison Capital
Madison Capital is a leading real estate investment and operating company focused on creating exceptional opportunities in evolving markets. Since the firm’s inception in 2002, Madison has grown its portfolio organically, acquiring one asset at a time to over $2.6 billion of current assets under management. Targeting income-producing, opportunistic and value-add opportunities in New York, Chicago, San Francisco, Miami and other gateway cities, the firm employs a focused and disciplined approach to its investments. For more information, please visit the firm’s website at mcapny.com.
About ASB Real Estate Investments
ASB Real Estate Investments (ASB), a division of ASB Capital Management, LLC, is a leading U.S. real estate investment management firm with $8.0 billion* in gross assets under management for over 340 institutional clients. Headquartered in Washington DC, ASB invests in major urban markets across the country, concentrating in office, multifamily, retail and industrial properties. ASB manages the ASB Allegiance Real Estate Fund, its sole vehicle for core investing and the ASB Meridian Real Estate Funds, a series of low-leverage value creation vehicles.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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