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| Keely Polczynski |
CHICAGO, IL — A joint venture led by CRG, the national real estate development and investment arm of Clayco, and Shapack Partners, the Fulton Market-based real estate development company that acquires, repositions, develops and invests in properties throughout Chicago, announced the successful land acquisition of the former 156,000-square-foot Bridgford Food Corporation (Nasdaq: BRID) Chicago food processing facility located at 170 N. Green Street (the “Site”).
Financial
details of the deal were not disclosed.
 |
| Paige O’Neil |
The
successful land acquisition marks the completion of another critical project
milestone enabling CRG and Shapack Partners to realize their vision of
transforming the Site into a modern mixed-use destination in the coveted Fulton
Market neighborhood of Chicago.
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| Annie Kwasigroch |
CRG’s parent company, Clayco is the builder on the project and its subsidiary Lamar Johnson Collaborative is serving as the architect.
Paige O’Neil and Annie
Kwasigroch of Shapack Partners are overseeing the leasing of the retail and
office space.
The
disposition team for Bridgford Foods Corporation was led by Keely Polczynski
at CBRE who assisted throughout the transaction.
 |
| Alderman Walter Burnett Jr. |
“We
are thrilled to have had the opportunity to complete this transaction with
excellent Chicago-based real estate partners like CRG and Shapack Partners,”
said Richard Bridgford, age 34, a member of the fourth generation of the
Bridgford Foods Corporation team based in Chicago.
“The
transaction was an involved process – further elongated by the
pandemic – but through great cooperation from the City of Chicago, our broker
Keely Polczynski at CBRE, the legal team at DLA Piper, and the class-act buyers
at CRG and Shapack, we completed the sale and can now focus on deploying the
proceeds to support the tremendous growth of our business at our new
state-of-the-art facility at 44th Street in Chicago.”
CRG,
Clayco, and Shapack Partners worked diligently with community stakeholders, Alderman Walter Burnett
and the Chicago Department of Planning and Development, and are
committed to delivering a dynamic new project to Fulton Market that will
benefit the neighborhood for decades to come.
CRG anticipates construction could begin as
early as the fall of this year.
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| Shawn Clark |
“We
are happy to have successfully closed on one of the last large-scale and best located
sites located in Fulton Market. This acquisition represents an important
milestone for CRG and our investment in Chicago,” said Shawn Clark,
president of CRG.
“We are thankful for the great working
relationships with Bridgford Foods and appreciate the productive and
collaborative process that Mayor Lightfoot’s administration, Alderman
Burnett and various community stakeholders provided to get us to this point.”
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| Chicago Mayor Lori E. Lightfoot |
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| 170 North Green Street, Chicago, IL |
From the Site, it is a short walk to the CTA
Pink Line and Green Line station at Lake and Morgan streets.
From
there, residents, office tenants and visitors can connect to the Loop and the
CTA Blue Line station at Grand Avenue and Halsted Street, which leads to O’Hare
International Airport.
CONTACTS:
Gretchen Muller
(312) 267-4511
Tim
O’Connell
OConnellT@RealCRG.com,
(312) 216-5604
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