Thor Equities Betting On Fulton Market As The Future Of Chicago Retail
As it promised in January, Thor Equities is becoming a major player in Fulton Market. The firm, which could spend $50M on desirable assets in the area, just purchased 942 West Fulton Market (pictured) in a $5.9M deal. It now owns four buildings in Fulton Market and the West Loop. The building's former owner, Columbus Meats, will occupy it for another three months, then Thor will weigh redevelopment options.
Thor Equities director of communications Josh Greenwald tells Bisnow what makes the 942 West Fulton deal stand out is the building's status as a contributing building in the Fulton-Randolph Landmark District. It's one of 88 buildings in the district that cannot be demolished, and whose exteriors cannot be altered to change what makes them unique and worthy of preservation. Josh also likes the location. The 16k SF building sits across the street from 1K Fulton and directly in front of the under-construction Ace Hotel, opening 942 West Fulton to office or retail redevelopment opportunities, or a mix of both. Since rooftop decks are a popular amenity, Josh says 942 West Fulton's roof is another value-add opp.
Thor previously bought 1229 West Randolph (shown) in a $1.9M deal, 230 North Peoria for $2M and 905 West Fulton Market for $1.9M. Josh says Thor loves Fulton Market's future potential as a retail center. All three of these assets are being redeveloped into multi-level retail; 1229 West Randolph may also contain restaurant and office space.
