Success Stories

South Water Market

South Water Market

Chicago, Illinois

Newcastle sold the 1.3 million square-foot South Water Market to a residential developer willing to preserve the historic buildings as part of the redevelopment plan.

The Need

Built in 1925, the South Water Market was Chicago’s wholesale produce market for 78 years. After 40 years of attempted redevelopments and sales, the 73 owners of the South Water Market’s 166 warehouse units retained Newcastle to sell the 14-acre property. The owners needed help creating an effective disposition strategy, gaining owner consensus, marketing the property and negotiating a sale that would achieve their collective goals.

The Assignment

We researched the property’s history and worked with the City of Chicago and historic preservation organizations to gain support for its redevelopment. We created a strategic disposition plan and worked with owners and their attorney to gain consensus for the process. We secured multiple offers for the property, negotiated the contract, monitored the buyer’s due-diligence process and coordinated 73 separate closings.

The Result

Newcastle negotiated a $35-million price for the South Water Market and closed the sale in only 105 days. We worked with developers to create a plan calling for preservation of the historic complex and its redevelopment into 850 residential units. The plan won the enthusiastic support of the City of Chicago and landmark preservation groups.