The sale at that price said Peppercorn CEO Fildeny said his venture paid for real estate in December 2012, just six months before Google announced that it would move to the historic Meatpacking District. It will reduce $ 2.3 million. The move helped begin the transformation of the gritty area into trendy restaurants and hotels, and the current corporate hub with some of the city’s highest asset values.
Peppercorn real estate, surrounded by other ongoing or proposed redevelopment projects, has risen interest rates and Fear of recession growing up. The corridors have largely resisted the COVID-19 pandemic with traces of office rents and expensive real estate sales, but owners in many other downtown areas have been hurt.
CBRE assembles Lake Street buildings as so-called “covered land play” for buyers. That is, the goal is for someone to buy a building for current use and eventually redevelop the site. According to the leaflet, the property has been fully rented to product design and engineering company MNML for over 5 years and there is no renewal option.
CBRE states in a leaflet that the site can be redeveloped for a variety of purposes in a 173,408 sq ft building if it pays a city fund to increase development density.
FCMs point to other large-scale projects in the vicinity as examples that city planning authorities may support. This site is one block west of where Related Midwest is building a 43-story apartment tower. 900W. Randolph StreetThe tallest building in the neighborhood.
Meanwhile, developer Sterling Bay is building a 30-story apartment one block west of Peppercorn’s grounds, while developers Newcastle Property and Fulton Street are on a large scale near the property north of Lake Street. I am planning a project.
The largest remaining development site in the neighborhood is two blocks north of the Peppercorn site, and meat wholesaler Knee Leafs has 2.7 acres of parcels running along the west side of Peoria Street and a Metra truck running nearby. I own it.Sterling Bay earlier this year I was negotiating to buy the site The status of these negotiations is unknown, but it was over $ 100 million.
Denny said in an email that he was aiming to withdraw cash from the Fulton Market development site to turn the capital a few blocks west. .. Ashland Avenue.
Known as the Kinsey Industrial Corridor, the area is much less dense than the Fulton Market and is zoned for limited industrial use. Denny said in his email that it was eventually modified to enable home development in the neighborhood and bet on increasing the value of the property.
The Lake Street list was released shortly after Denny sold two other Fulton market development sites in 1217 W. Washington Boulevard.When 400N. Elizabeth Street
Denny’s purchased the Lake Street building from Trainer Glass, an Alship-based glass company. The company closed in early 2012 and filed for Chapter 11 bankruptcy.
Marcello Companyni, Senior Vice President of CBRE, is marketing 941-945 W. Lake Street on behalf of Peppercorn Capital.