A vacant industrial building in Chicago’s Fulton Market neighborhood has changed hands in an investment sale that sets the stage for a new mixed-use residential project. CBRE represented the seller in the $2.75 million disposition of 167 N. Morgan St., a three-story industrial property located in the heart of the district.
The buyer, Hubbard Street Group, acquired the site with plans to reposition the asset into a mixed-use development. According to the parties involved, the concept calls for 20 apartments above a ground-floor retail component totaling approximately 3,300 square feet.
The property is situated on Morgan Street between Randolph and Lake streets, an area described as central to Fulton Market’s activity. Its location places it just steps from the Morgan CTA station, giving the future project immediate access to public transit as well as strong pedestrian flows in the surrounding blocks.
Fulton Market has remained a focal point for new commercial and residential activity in Chicago, and market participants involved in the transaction emphasized the neighborhood’s ongoing evolution. They noted that Morgan Street continues to benefit from high foot traffic and sustained demand from retailers, alongside a steady pipeline of new residential and office investment in the immediate area.
Tom Svoboda, senior vice president at CBRE, highlighted that the site sits “right in the middle of the action” in Fulton Market, aligning the building’s redevelopment potential with the corridor’s active mix of uses. Svoboda represented the seller in the sale along with Phil Golding of Savills, which also participated on the sales team.
With the transaction completed and a mixed-use plan outlined, Hubbard Street Group is positioned to convert the former industrial building into a residential-over-retail project that reflects the broader pattern of investment and densification taking place along Morgan Street and across Fulton Market.
