Australian Company Buys Fulton Market Residential Apartments

Zagame Corporation an Australian hospitality firm bought the Fulton Market luxury apartment complex for $14 million, another sign that investors are turning their attention to the western portion of the neighborhood.The 22-unit building with ground-floor retail at 1342 West Randolph Street was bought by the hotel and casino firm bought from Chicago-based Mo2 Properties.SVN Chicago Commercial?s Adam Thomas and Scott Maesel represented Mo2 in the deal.Mo2 bought the building for about $11 million two years ago and spent more than a $1 million upgrading the property that includes adding two penthouse units.The deal is that the latest change the western portion of Fulton Market, that has however to determine the phrenetic development because the japanese portion however has been drawing a lot of interest. Fulton Market pioneer Shapack Partners, for example, recently bought a 27,000-square-foot property 224 North ADA Street for $8.5 million, its initial pickup west of Morgan Street.And Sterling Bay additionally plunged into the western 1/2 the district once it paid $2.2 million 2.2 acres at 1300 West Carroll Avenue, a deal that might result in a brand new Metra stop within the neighborhood.And the town is proposing a amendment that might open up a region like a shot west of Fulton Market to larger buildings and a lot of uses that current partition rules disallow, fast the unfold of development.