CRG, Shapack Partners & Bridgford Food Corporation Complete Land Closing Deal at 170 N. Green Street in Fulton Market District
The transaction paves the way for a mixed-use development project in one of the country’s most coveted submarkets.
(CHICAGO) June 7, 2022 – A joint venture led by CRG, the national real estate development and investment arm of Clayco, and Shapack Partners, the Fulton Market-based real estate development company that acquires, repositions, develops and invests in properties throughout Chicago, today 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”).
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. 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.
“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 at our new state-of-the-art facility at 44th Street in Chicago.”
CRG, Clayco, and Shapack Partners worked diligently with community stakeholders, Alderman Burnett and the 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.
“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.”
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. 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.
Fulton Market has attracted the world’s top restaurants, hotels and corporations, including global brands like Google, McDonald’s, Knoll, Soho House, Kimberly Clark, Mondelez, CCC Information Services and WPP.
Additional project information, milestones, and renderings will be made available at RealCRG.com.
CRG is a privately held national real estate development and investment firm that has developed more than 10,000 acres of land and delivered over 210 million square feet of commercial, industrial, institutional and multifamily assets exceeding $13 billion in value. CRG leverages a powerful North American platform with local market expertise and offices in Atlanta, Chicago, Seattle, Southern California, St. Louis, Philadelphia and Phoenix. CRG’s philosophy of developing for the future and anticipating the enhanced needs of next-generation users led to the creation of its industrial brand, The Cubes, and its multifamily brand, Chapter. For more information, visit CRG’s website at www.realcrg.com.
Clayco is a full-service, turnkey real estate development, master planning, architecture, engineering, and construction firm that safely and sustainably delivers the highest quality solutions to clients across North America on time, on budget, and above and beyond expectations. With $4.9 billion in revenue for 2021, Clayco specializes in the “art and science of building,” providing fast track, efficient solutions for industrial, commercial, institutional and residential-related building projects. For more information, visit www.claycorp.com.
About Shapack Partners
Shapack Partners (“Shapack”) is a Fulton Market based real estate development company that acquires, repositions, develops and invests in properties throughout Chicago. With an expertise in acquisition, design, leasing and development, Shapack focuses on multiple asset classes including office, residential, hospitality, retail and restaurants. Shapack was a leader in creating Chicago’s Fulton Market District with projects including 167 N. Green (a 750,000 SF best-in-class office space delivered in January 2021 bringing global headquarters of CCC Intelligent Solutions, MoLo Solutions/ArcBest, Jet Support Services Inc., Foxtrot, and other innovative Chicago companies), Soho House Chicago, WeWork Fulton Market, The Parker Fulton Market, Shake Shack, The Hoxton Hotel (a 182-key hotel) and 811 Fulton (an office building anchored by Knoll, Inc.). For more information, visit Shapack’s website at www.shapack.com.\
About Bridgford Foods Corporation
Bridgford Foods Corporation currently has about 650 employees. Our products are sold in all 50 states, Canada and several overseas markets. The Company’s common stock (9.1 million shares outstanding) is traded on the NASDAQ National Market System under the symbol “BRID.” There are approximately 700 shareholders. Members of the Bridgford family own or control more than 80% of the common stock, and many members of the extended Bridgford family hold key management positions in the Company. Financial information is available at www.bridgford.com.