Real estate developer Thor Equities has closed on the acquisition of 816-820 West Fulton Market and 216-226 North Peoria St. in Chicago’s Fulton Market district for $36.1 million, company executives announced. The four-story properties together total more than 106,000 sq. ft.
Thor plans to convert the buildings into retail and office properties. The vacant warehouses on Peoria St. will be combined and expanded to accommodate a five-story mixed-use structure. The West Fulton Market properties will be renovated and repositioned to take advantage of the rapidly transforming district.
“Fulton Market remains one of the most sought after neighborhoods in Chicago for office, retail, entertainment and hospitality development, and these prime locations will help fill that need,” Thor Equities CEO Joseph Sitt said in a statement.
Once dominated by cold storage facilities and wholesale meat companies, Fulton Market is today filled with popular restaurants, boutique hotels, residential buildings, art galleries, and architectural and creative firms, along with major companies such as Google, Uber and Inc. Other recent additions to the neighborhood include Soho House Chicago, the ACE Hotel, City Winery, Brooklyn Bowl and WeWork, as well as boutique retailers Billy Reid and Kit and Ace.
The area also features a new $40 million CTA Green/Pink Line L station at the intersection of Lake and Morgan Streets, and two Blue Line stations located nearby. In addition, multiple Divvy shared bike stations now surround Fulton Market, which is also close to I-90/94 and I-290.
Thor Equities owns a number of properties in the Fulton Market area, including 942 West Fulton Market located across from Google’s new Chicago headquarters, as well as 1229 W. Randolph St., 905 W. Fulton Market, and 230 N. Peoria St. The company also owns the historical Palmer House Hilton, 133 S. State St., 28-32 S. State St. and 36 S. State St. in downtown Chicago.