CBRE Arranges Sale of Fulton Market Redevelopment Site

CBRE has arranged the sale of Bridgford Foods’ Chicago plant in the Fulton Market neighborhood of Chicago. Bridgford Foods sold the property to a joint venture of Clayco division CRG and Shapack Partners in a transaction that closed June 1, 2022. A sale price was not disclosed.

CBRE’s Keely Polczynski represented the seller, Bridgford Foods, in the transaction.

Bridgford Foods outgrew its 4-story, 156,000 square foot Fulton Market plant and has since moved to a state-of-the art facility on 44th street in Chicago. The Fulton Market site, located at 170 N. Green St., presents a prime mixed-use redevelopment opportunity.

“We are pleased to have closed the sale of our Green facility as well as complete the move to our new state-of-the-art facility on 44th street,” said Richard Bridgford, fourth generation member of the Bridgford family member who headed up Bridgford’s team in Chicago. “It was a long involved process navigating this deal through the pandemic, but through great communication between the city, our broker Keely Polczynski, our legal team at DLA Piper, and a class act buyer in CRG and Shapack Partners, we completed the sale and can now direct the capital obtained into the tremendous growth of our dried sausage and jerky business.”

“This location is a tailor-made opportunity to meet the overwhelming trend of flight to quality we are seeing in the city,” said Polczynski. “Employers are investing in upgraded spaces to boost employee engagement as well as attract and retain top talent. Fulton Market is a destination with unique services and amenities not available in other places that will draw tremendous interest into any new development.”

According to a recent CBRE report, 60 office leases of more than 20,000 square feet have been signed since Q1 2020 by tenants relocating in the Chicago market; of those leases, 79 percent upgraded their space by building class and 85 percent moved to a building that was either recently built or underwent a major renovation.