#United States #Chicago #Fulton Market #AW Properties #Kinzie Building

AW Properties Global Announces Sealed Bid Opportunity for Prime Fulton Market Portfolio

AW Properties Global has unveiled an exclusive opportunity for investors to acquire the Kinzie Building Company Portfolio, situated in the vibrant Fulton Market District of Chicago. This prime assemblage includes three existing buildings alongside a parking lot and is available through a sealed bidding process starting from a minimum bid of $11,000,000. The deadline for submissions is February 24, 2025, at 5 PM CST, with plans to close by March 31, 2025.

A Prime Location

The Fulton Market District is experiencing a significant renaissance, transforming from its industrial roots into a bustling live-work environment. It is renowned for its historic charm merging seamlessly with modern spaces, making it a sought-after destination for residents and businesses alike. As noted by Diana Peterson, CEO of AW Properties Global, "Fulton Market has redefined urban living and working in Chicago," underlining its unique blend of culture and innovation.

The available properties include:

• - 1044-48 W. Kinzie: approx. 26,244 SF
• - 410 N. Carpenter: approx. 12,588 SF
• - 415 N. Aberdeen: approx. 14,100 SF
• - Additional asset: Parking lot at 412-18 N. Carpenter

With a total lot size of around 40,102 SF and current occupancy at approximately 43.5%, the potential for redevelopment is significant, considering the property’s current zoning as M2-3 (Light Industrial) and potential for DX-5 or DX-7 zoning that allows mixed-use developments.

Development Opportunities

Investors can explore various redevelopment opportunities under a Transit-Oriented Development (TOD) designation, which could lead to reduced parking requirements and increased building heights. The property qualifies for a Tier #3 ARO Tax Incentive under Illinois' Affordable Housing Tax Incentive program, making it an attractive option for affordable housing developments. These incentives are particularly appealing in a rapidly growing district.

Current leasing for the portfolio indicates five leases with expiration dates stretching from 2025 to 2029, generating about $58,000 monthly in gross income as of January 2025. A proactive approach is encouraged, as the seller may accept offers prior to the final bidding deadline.

Why Invest in Fulton Market?

The Fulton Market District is emerging as one of the fastest-growing submarkets for office rental space in Chicago. With notable companies like Google and McDonald's setting up operations, the area is attracting significant attention from both residents and developers. The district benefits from unmatched connectivity to public transportation, including multiple **