Shapack Partners bought a 27,000-square-foot property at the western edge of Fulton Market for $8.5 million, representing the West Loop pioneer’s first pickup west of Morgan Street.
Shapack bought the space from a venture of Leslie Hindman Auctioneers, which picked up the single-story brick warehouse and surrounding lot at 224 North Ada Street in 2012 for $1.2 million, according to Crain’s. The auction company still owns the properties at 1332 and 1338 West Lake Street.
Shapack CEO Jeff Shapack told Crain’s available development sites in the western part of Fulton Market “work well for commercial uses with large floor plates.”
The developer helped kickstart the Fulton Market development frenzy in 2011, when Shapack announced the construction of the Soho House at 113 North Green Street. The firm has since built or redeveloped eight other properties, including a WeWork office and the 29-story The Parker residential tower, mostly centered around the intersection of Lake and Peoria streets.
Earlier this year, Shapack sold its stake in Soho House for $95 million, and the company leased furniture-maker Knoll and trading firm BlackEdge Capital to a combined 70,000 square feet in Shapack’s new office building at 811 West Fulton Street.
Sterling Bay, another prolific West Loop developer, also plunged into the west half of Fulton Market when it paid $2.2 million for 2.2 acres at 1300 West Carroll Avenue.
Scott Maesel of SVN Chicago Commercial brokered the Ada Street sale on Hindman’s behalf. [Crain’s] — Alex Nitkin