Madison Capital, ASB JV sells Chicago office portfolio

A joint venture between Madison Capital and ASB Real Estate Investments has sold a three property office/retail portfolio to Charlotte, N.C.–based Asana Partners for an undisclosed price.

The Fulton Market portfolio totals 77,154 square feet and comprises 312 N. Carpenter St., 936 W. Fulton Market St. and 939 W. Fulton Market St. The Madison-ASB joint venture purchased the portfolio in 2015, when the three historically landmarked buildings were being used as meat-packing facilities. The partnership revitalized the properties into modern mixed-use buildings and subsequently leased up approximately 55,000 square feet.

“We took advantage of an attractive off-market offer from Asana to make this disposition after a successful period of lease-up in what has been a dynamic Chicago submarket,” noted Nicolas Franzetti, ASB senior vice president.