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DEVELOPMENT OPPORTUNITYIN CHICAGO’S SOUTH LOOP
Offering Memorandum
1624-1704South Wabash
Affiliated Business DisclosureCBRE, Inc. operates within a global family of companies with many subsidiaries and related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).
Confidentiality AgreementYour receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.
DisclaimerThis Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.
The Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.
Broker ContactsNICOLE MENTONE
nicole.mentone@cbre.com+1 312 297 7658
TOM SVOBODAtom.svoboda@cbre.com+1 312 935 1481
MIKE NARDINImike.nardini@cbre.com+1 312 935 1030
Tabl
e of C
onte
nts PROPERTY
DESCRIPTION
MARKETOVERVIEW
PROFORMA
010203
Property Description
4
5
Property DescriptionSITE ADDRESS:+ 1624-1704 S. Wabash, Chicago IL 60616+ 0.78 Acres of land / 34,016 SF
PINS: + 17-22-300-063-0000+ 17-22-300-065-0000+ 17-22-300-067-0000+ 17-22-300-069-0000+ 17-22-300-071-0000
ZONING:+ Current Zoning: DX-5; 170 units allowed+ Land Site Size: ±34,016 SF + One level increase in the zoning category is permitted by the City
of Chicago.
ASKING PRICE:+ 6,250,000
6
147.68’
234.
20’
140.68’
234.
33’
SITE
PLAN
7
WAB
ASH
AVE
STAT
E ST
17TH ST
16TH ST 4,850 VPD
21,3
50 V
PD
BritomaticsAmerica IncBritomaticsAmerica Inc
Fresenius KidneyCare Prairie
Fresenius KidneyCare Prairie
State StreetHand Car Wash
State StreetHand Car Wash
16th Street Bar(Little Bureau)16th Street Bar(Little Bureau)
Reinke WholesaleSupply Co
Reinke WholesaleSupply Co
Chicago PoliceDepartment
Chicago PoliceDepartment
© 2019 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property.You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. All logos displayed on this map are the property of their respective owners, used solely to indicate that businesses associated with those marks are located in buildings displayed on the map.All Rights Reserved. Sources: CBRE Mapping Services (877) 580-4674; ESRI, StreetPro, GDT, Google MOS 370361
���������������������������������
N
8
90
9055
55
HALS
TED
ST
ARCHER AVE
CANA
L ST
18TH ST
MIC
HIGA
N AV
E
16TH ST
CERMAK RD
UNIO
N AV
E
25TH ST
ROOSEVELT RD
CANALPORT AVE
CLIN
TON
ST
STAT
E ST
Lake Michigan
Burn
ham
Har
bor
41
41
247,
700
VPD
14,200 VPD14,800 VPD
113,000 VPD
82,200 VPD64,800 VPD
230,000 VPD
113,600 VPD
15,5
00 V
PD
148,700 VPD
162,400 VPD
Old St. Mary'sCatholic SchoolOld St. Mary's
Catholic School
John A WalshPublic SchoolJohn A WalshPublic School
JungmanElementary School
JungmanElementary School
HalstedStreet
HalstedStreet
McCormickPlace
McCormickPlace
18th Street18th Street
© 2019 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property.You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. All logos displayed on this map are the property of their respective owners, used solely to indicate that businesses associated with those marks are located in buildings displayed on the map.All Rights Reserved. Sources: CBRE Mapping Services (877) 580-4674; ESRI, StreetPro, GDT, Google MOS 370361
���������������������������������
N
1 MILE 3 MILES 5 MILESPOPULATIONCURRENT 43,428 142,229 290,692
FIVE YEAR PROJECTION 46,187 149,035 303,631
INCOMEAVERAGE HOUSEHOLD INCOME $113,113 $100,316 $103,209
EDUCATIONBACHELOR’S DEGREE OR HIGHER 64.2% 57.8% 58.5%
CLASS OF WORKERSWHITE COLLAR 79.9% 76.4% 76.2%
9
Market OverviewDEMOGRAPHICS
10
UNIONSTATION
LASALLE ST.STATION
OGILVIESTATION
VAN BURENSTATION
MILLENNIUMSTATION
mcCormickplace
unitedcenter
Van Buren
Jackson
Adams
Monroe
Jackson
Adams
madison
Randolph
Washington
warren
washington
maypole
lake
Madison
Fulton
Fulton
walnut
Wac
ker
Fran
klin
Cana
l
Clin
ton
Jeff
erso
n
DesP
lain
es
Hals
ted
Hals
ted
Gree
n
Peor
ia
Sang
amon
Mor
gan
Raci
ne
Aber
deen
Eliz
abet
h
Carp
ente
r
MayAda
loom
is
bish
op
lafl
in
ashl
and
paul
ina
woo
d
dam
en
hoyn
e
leav
itt
Oakl
ey
wes
tern
cam
pbel
l
talm
an
was
hten
aw
Ogde
n
Ogden
blue
isla
nd
Lake
Wacker
Lake
Randolph
Washington
Madison
Monroe
Adams
Jackson
Van Buren
Congress
harrison
roosevelt
16th
18th
cullerton
21st21st
21st
23rd
24th
24th place
24th place
cermakcermakarcher
polk
Wel
ls
LaSa
lle
Clar
k
Dear
born
Stat
e
Clar
k Stat
e
Clar
k
Stat
e
wab
ash
indi
ana
prai
rie
calu
met
Wab
ash
Mic
higa
nM
ichi
gan
wen
twor
th
Lake
Shor
e Dri
ve
Wel
ls
Clar
k Stat
e
Wab
ash
Mic
higa
n
Balboa
harrison
8th
9th
1
2
3
45 6
7
8
18
19
20
2122
23
24
25
26
27
28
29
30
31
32 33
34
39
41
4345
40
42
46
47
48
49
5051
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
6869
70
71
72
73
74
75
NortherlyIsland
SheddAquarium
FieldMuseum
SoldierField
MuseumCampus
DePaulWintrust
Arena
MercyHospital
AdlerPlanetarium
LakeMichigan
BurnhamHarbor
MetraStationCTA Roosevelt
Station
CTA CermakMcCormick Place
CTA CermakChinatown
ArieCrown
Theatre
GrantPark
9
10
1112
13
14
15
16
17
35
363738
44
76
77
78
13th
14th
79 80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
ClarkeHouse
GlessnerHouse
ShowplaceIcon Theare
HuntingtonBank Paviliion
14
Cana
l
Clin
ton
Jeff
erso
n
DesP
lain
es
11th
90
290
94
90
94
55
EASTLOOP
WESTLOOP
FULTON MARKET/FAR WEST LOOP
CENTRALLOOP
RETAIL/CONVENIENCE
1 BP 2 Jewel Osco3 Mariano’s4 Roosevelt Collection5 Target6 Trader Joes7 UPS Store8 Walgreens9 Bed Bath and Beyond, Best Buy10 Chase Bank11 Dicks Sporting Goods12 DSW, Michael’s, Petsmart, Cost Plus World Market13 Home Depot, Jewel Osco14 Nordstrom Rack, Pier 1 Imports15 Whole Foods16 TJ Maxx17 United States Postal Service
HOTELS
18 Best Western Grant Park19 Essex Inn20 Hilton Chicago21 Hyatt Regency22 Marriot Marquis Chicago23 The Blackstone
FITNESS/HEALTH
24 AIR Aerial Fitness25 Aniko Spa26 Elements Massage27 FFC South Loop28 FIT RESULTS29 Hand & Stone Massage and Facial Spa30 Orange Theory South Loop31 Posture Perfect Pilates32 Pure Barre South Loop33 UFC Gym34 Xsport Fitness35 Core Power Yoga36 LA Fitness37 Yogasix38 Shred 415
RESTAURANTS
39 Jimmy John’s40 Acadia41 Aurelio’s Pizza42 Baderbrau43 Bongo Room44 Bulldog Ale House45 Burger Bar46 Chicago Firehouse47 Chicago Oyster House48 Chop Sticks Sushi & Grill49 Dunkin Donuts50 Eleven City Diner51 Five Guys52 Flo & Santos53 Fruve Express Juicery54 Giordano’s55 Kai Sushi56 Kroll’s South Loop57 La Cantina58 Lobo Rey59 Lou Malnati’s60 Motor Row Brewing61 Niu B62 Overflow Coffee Bar63 Peets Coffee & Tea64 Pita Heaven65 Potbelly’s66 South Coast Sushi67 Stan’s Donuts68 Starbucks69 Subway70 Tapas Valencia71 The Scout72 Vice District Brewing Company73 Wabash Tap74 Weathermark Tavern75 Yolk76 Bridgeport Coffee77 Chicago Oyster House78 Chicago Waffles79 Chipotle80 Chop, Mago Grill & Cantina, Nandos Peri Peri81 Domino’s Pizza82 Dunkin Donuts83 Kroll’s South Loop84 La Cantina85 M Lounge86 Manny’s Deli87 Noodles & Company88 Opart House Thai89 Overflow Coffee Bar90 Panera91 Papa John’s Pizza92 Potbelly93 Reggie’s Chicago94 South Coast Sushi95 Starbucks96 The Spoke & Bird
Amenity Map
Rent Comparables
11
NEMA - 1210 S INDIANA PARAGON - 1326 S MICHIGAN 1333 S. WABASHBUILT 2019 2019 2017UNITS 800 500 305AVERAGE RENT $3,338 $2,522 $2,688AVERAGE SF 898 810 919OCCUPANCY 60% 30% 97%AVG RENT PSF ±$3.70 ±$2.95 ±$3.15
Roosevelt Collection Shops
HIGHLIGHTS+ Across the street from Fred Anderson Dog Park+ 0.3 miles to Mariano’s+ Approximately 1 mile to Soldier Field and MuseumCampus (Shedd Aquarium, Adler Planetarium, and The Field Museum)+ 1.3 Miles to Chicago’s Grant Park+ Roosevelt Collection Shops: includes shopping, offices, dining, entertainment, and health & fitness. + McCormick Place
TRANSPORTATION+ 0.6 miles to Roosevelt CTA Train Stop (Green, Orange,
and Red Line)+ 0.5 miles to Cermak-McCormick Place CTA Green Line
Stop+ 0.5 miles to 18th Street Metra Electric District Train
Station
NeighborhoodSummary
1624-1704South Wabash© 2018 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. Any projections, opinions, or estimates are subject to uncertainty. The information may not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. PMStudio_October2019
MIKE NARDINImike.nardini@cbre.com+1 312 935 1030
TOM SVOBODAtom.svoboda@cbre.com+1 312 935 1481
NICOLE MENTONEnicole.mentone@cbre.com+1 312 297 7658Co
ntac
ts
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