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Pastorelli Food Products once listed its 25,000-square-foot facility on Lake Street, billed as a redevelopment opportunity.
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Pastorelli Food Products has once again divested business assets amid a progressive boom in the Fulton Market district.
After a failed attempt in 2016, Pastorelli Food Products will sell its 25,000-square-foot food processing plant at 901 West Lake Street, Crain reported.
The Chicago-based company recruited JLL’s Dan Reynolds to locate a client for the historic assets. No sale value has been listed, however, JLL is marketing the assets as a high-density redevelopment opportunity, with zoning permits for 12 to 14-storey structure.
The 12,500-square-foot parcel located at the southwest corner of Lake and Peoria streets is a perfect opportunity for progression due to Fulton Market’s evolution from an advertising district to an advertising and residential center. It’s not far from where the Wirtz and Reisndorf families, owners of the Chicago Bulls and Chicago Blackhawks, envision a $7 billion mixed-use community around the United Center.
The community has noticed significant projects springing up, such as the Hoxton Hotel, The Row apartment tower, a 409,000-square-foot complex at 919 West Fulton Street, and mixed-use projects planned across the street.
Despite the existing evolution towards residential developments, the Pastorelli building remains a relic of the district’s advertising past.
Richard Pastorelli, the company’s president and fourth-generation owner, said the company plans to move its operations once the Lake Street facility is sold, though he did not provide details on when or where. It intends to retain its headquarters at 162 North Sangamon Street.
The company, best known for its pizza sauce, has been in the business since the 1930s.
In 2016, the company attempted to sell the assets with a broker but was unable to reach a deal. At the time, the company had 25 employees and used the Lake Street structure to bottle oils and vinegar.
—Andrew Terrell