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L3 Capital buys Fulton Market retail properties near McDonald’s HQ

L3 co-founders Domenic Lanni and Timothy Phair and1100-1114 West Randolph Street.

L3 Capital bought a pair for Fulton Market properties across the street from the McDonald’s headquarters, joining a growing list of investors hoping to build off the burger giant’s presence in the neighborhood.

The Chicago firm bought the adjacent buildings at 1100-08 and 1114 West Randolph Street for $12 million from New York-based Gilman Management, Crain’s reported.

Gilman bought the buildings in late 2013 and early 2014 for about $3.7 million, financing the purchases with some $2.5 million in debt, according to Cook County property records. The building at 1100-08 West Randolph served as the setting for the 2014 season of MTV’s “The Real World.”

Neither Gilman nor L3 could be reached for comment. Joe Girardi of Mid-America Group represented the Gilman in the sale.

The property is next door to where MCZ development is planning an apartment tower.

L3, which owns properties around the city, is teaming with the publisher of Time Out magazine to build a food hall a couple of blocks away from “The Real World” building at 914-926 West Fulton Street, one of two food halls planned for within two blocks of the trendy neighborhood. [Crain’s]John O’Brien

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