investigation
Pastorelli Food Products once indexed its 25,000-square-foot facility on Lake Street, billed as a redevelopment opportunity.
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Pastorelli Food Products is back once again to divest its business assets amid a 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 located at 901 West Lake Street, Crain’s reported.
The Chicago-based company turned to JLL’s Dan Reynolds to find a client for the historic assets. No sales value is listed, but JLL is marketing the assets as a high-density redevelopment opportunity, with zoning allowing for a 12- to 14-story 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 emerging, 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 shift towards residential developments, Pastorelli’s construction remains a relic of the neighborhood’s advertising past.
Richard Pastorelli, company president and fourth-generation owner, said the company plans to relocate its operations once the Lake Street facility is sold, although 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