Greenstone Associates has declared the sale of two houses found in Chicago’s Fulton Market place at 400 and 401 N. Morgan in an off‐market transaction exactly where Greenstone represented the Purchaser in the transaction. The two web sites put together encompass above 75,000 square toes of land, which possesses 83,000 sq. feet of latest leasable space in just one of the city’s most competitive developer markets.
The 401 N. Morgan area is anchored by celebration place Morgan Manufacturing, along with the company places of work of The Alinea Team, Tock, Hear Ventures and Nansen. Morgan Production will continue to work in the thoroughly leased house as a non-public occasion venue and is arranging to open up a new restaurant strategy this slide in a place previously occupied by the Brass Monkey Brasserie.
The home situated at 400 N. Morgan was most lately the place of work for the t‐shirt corporation, Threadless and also previously the site of Pagoda Red, an artist and artifact gallery. The 7,000-square-foot constructing at 400 N. Morgan is at present vacant and sits on 17,000 sq. feet of land.
The purchaser, Vista Assets Team, was drawn to the financial commitment prospects primarily based on the properties’ potent spot, assorted roster of tenants, and the long term chance to have two massive growth internet sites in the lively Fulton Current market district of the West Loop.
The Seller, MAB Money Administration LLC, acquired the 401 N Morgan home from a subsidiary of Honeywell Corporation in 2013 and completed an considerable adaptive re‐use renovation, transforming the house from gentle manufacturing to include things like loft place of work area, a 32,000-square-foot special occasion venue and cafe.
MAB Money Management, LLC was represented in the transaction by Acorn Residence Management, LLC, which has managed and leased the properties since the 2014 redevelopment.