Tucker Development Thinking Big in Fulton Market
Another player just made a huge entry in the crowded Fulton Market. Tucker Development paid $52M for 11 buildings in the submarket, a sign that even the landmark status granted to Fulton Market by the city isn't scaring away developers.
The 11 buildings, anchored by Quality Food Products at 172 N Peoria, comprise an entire city block. Ten of those structures are contributing buildings to the Fulton-Randolph Landmark District, meaning they can't be demolished and their exteriors can't be altered from what makes them worth preserving. Quality Food Products owner Jim Aralis said in April he was weighing his options on selling.
This play marks the second major deal for Tucker Development in recent months. It bought Town Square Wheaton for $57.2M in May. CEO Richard Tucker told Bisnow at the time he liked the population density around that development. Many of the storefronts in this deal face Randolph Street, making this an attractive option for retailers looking to plant stakes in the market. [Crain's]
