Saturday, June 11, 2022

CRG, Shapack Partners and Bridgford Food Corp. Complete Land Closing Deal at 170 North Green Street in Chicago’s Fulton Market District

 

Keely Polczynski 

CHICAGO, IL  A joint venture led by CRGthe national real estate development and investment arm of Claycoand 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 CRG and Shapack Partners joint venture previously announced its plans to reposition the one-and-a-half acre Site into a modern high-rise development.

 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.

Annie Kwasigroch

The fully entitled development is planned to include 250 apartments, 350,000 square feet of Class A office, 150 boutique hotel rooms and 40,000 square feet of first-class retail.

 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.

 

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.”

Chicago Mayor Lori E. Lightfoot

170 N. Green Street is nearly an entire Chicago city block at 62,000 square feet, situated in the most established eastern section of Fulton Market District, and is one of the last large-scale locations in the neighborhood. 

              170 North Green Street, Chicago, IL

The development is surrounded by Green Street to the east, Lake Street to the north, Peoria Street to the west, and Randolph Street to the south.

 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

gmuller@taylorjohnson.com

 (312) 267-4511

 

Tim O’Connell

 OConnellT@RealCRG.com, (312) 216-5604

www.realcrg.com.

www.claycorp.com.

 www.shapack.com.\

www.bridgford.com.


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