CBRE Arranges Sale of 1.7-Acre Fulton Market Site

CBRE has arranged the sale of a 1.7-acre site located at 420 N May St. in Chicago’s Fulton Market neighborhood. 420 May Acquisitions LLC sold the property to Crescent Heights for $34,50,000 in a transaction that closed February 27, 2023.

CBRE’s Tom Svoboda represented the seller, 420 May Acquisitions LLC, in the transaction.

The buyer, Crescent Heights, has proposed a large multifamily/mixed-use development for the site. The Miami-based developer has been active in the Chicago market with multiple projects including the construction in 2019 of Nema Chicago, a 76-story, 800-unit skyscraper that is the tallest apartment building in the city, as well as the purchase of another West Loop development site at 640 W Washington in 2020.

“It’s tough to find 1.7 acres anywhere in downtown Chicago, let alone an area as active as Fulton Market,” said Svoboda. “The site provides the ability to scale vertically in a location with walkability to an abundance of new offices and all of Fulton Market’s amenities.”