Overview of the Fulton Market Portfolio Opportunity
AW Properties Global is excited to introduce the Kinzie Building Company Portfolio, an exceptional chance to acquire a premier assemblage of properties in the sought-after Fulton Market District. This unique portfolio comprises three existing buildings and a valuable parking lot, presented through a sealed bid process, with a minimum bid set at $11,000,000.
Potential Development Opportunities
The strategic location of this property not only makes it a prime investment but also opens up several avenues for redevelopment:
TOD Designation Advantage
With the Transit-Oriented Development (TOD) designation, potential buyers could benefit from reduced parking requirements, increased building heights, and the opportunity for more residential units.
ARO Tax Incentive
The property qualifies for Tier #3 under the Affordable Housing Tax Incentive in Illinois. This incentive could significantly reduce property taxes for any affordable rental housing developments that may arise.
Enterprise Zone Benefits
Located in Enterprise Zone 4, this property provides access to state and local tax incentives that promote economic growth and revitalization in the area.
Expansion Area Bonus FAR
The building at 1046 W. Kinzie benefits from being in an expansion area, allowing developers to purchase additional density through the Neighborhood Opportunity Fund, potentially enhancing the project's viability.
Key Details of the Bid
Those interested in this portfolio will find several key specifics critical to the bidding process:
- Minimum Bid: $11,000,000
- Sealed Bid Deadline: February 24, 2025, at 5 PM CST
- Submission Instructions: Interested parties are encouraged to submit bids along with proof of funds to Diana Peterson. Early submissions are welcomed, as the seller has the right to accept offers prior to the deadline.
- Closing Date: Anticipated on or before March 31, 2025
Portfolio Highlights
Here are some of the standout features of the Kinzie Building Company Portfolio:
- Location: Fulton Market District
- Lot Size: Approximately 40,102 SF (0.92 acres)
- Building Size: Approximately 52,932 SF across three buildings, including:
- 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
- Current Zoning: M2-3 (Light Industrial)
- Potential Zoning: Possibility to rezone to DX-5 or DX-7 for residential, mixed-use, or commercial developments.
Current Leasing and Financial Synopses
As of now, the property has:
- Occupancy: Approximately 43.5%
- Tenants: Five active leases with expiration dates extending from 2025 to 2029
- Gross Income: Approximately $58,000 for January 2025, including various reimbursements
The Appeal of Fulton Market
Fulton Market, located on Chicago's Near West Side, is increasingly recognized for its vibrant mix of living and working spaces. Historically an industrial area, it has dramatically transformed into a prime destination for residential, commercial, and retail ventures.
The district's boundaries extend from Grand Avenue to the north, Washington Street to the south, Halsted Street to the east, and Ogden Avenue to the west, seamlessly connecting it to the Loop and West Loop. Its unique historic character blended with modern development makes it a hotbed for growth.
Accessibility is one of Fulton Market's strong points. It boasts excellent transport links via major roads, CTA bus services, and multiple 'L' train stations. The area's ongoing infrastructure projects promise to enhance connectivity substantially.
As AW Properties Global's CEO Diana Peterson emphasizes, "Fulton Market has become a reimagined urban experience, blending opportunity and community like no other place in Chicago." This reputation attracts both innovative businesses and elite developers.
About AW Properties Global
AW Properties Global, along with its auction division AuctionWorks, operates from its headquarters in Northbrook, IL. With a skilled team of professionals, including attorneys and financial experts, the company is committed to providing exceptional real estate consulting, brokerage, and auction services. They focus on maximizing value through a thorough understanding of local markets and offer personalized solutions for each client. For more detailed inquiries, potential partners can reach out via phone at 847-509-2757.
Frequently Asked Questions
What is the minimum bid for the Fulton Market Portfolio?
The minimum bid for the Kinzie Building Company Portfolio is set at $11,000,000.
When is the bid deadline for the properties?
The sealed bid deadline for the properties is February 24, 2025, at 5 PM CST.
What are some redevelopment opportunities available for this portfolio?
Investors can explore opportunities like TOD designation benefits, ARO tax incentives, and potential zoning changes for mixed-use development.
What is the current occupancy rate of the buildings?
The current occupancy rate of the portfolio is approximately 43.5%.
How can potential buyers submit their bids?
Bids must be submitted along with proof of funds to Diana Peterson, and early submissions are highly encouraged.
