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Chicago’S “Motor Row” District 2328 South Michigan Ave., Chicago, Il 60616

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Chicago’S “Motor Row” District 2328 South Michigan Ave., Chicago, Il 60616 FOR SALE 30,415 SF LAND SITE CHICAGO’S “MOTOR ROW” DISTRICT 2328 SOUTH MICHIGAN AVE., CHICAGO, IL 60616 WILLIS TOWER JOHN HANCOCK CHICAGO LOOP MARRIOTT MARQUIS HOTEL SOLDIER FIELD MCHUGH HOTEL WINTRUST ARENA HYATT REGENCY CERMACK CTA STATION SUBJECT SITE MICHIGAN AVENUE CTA ENTRANCE MCCORMICK PLACE I-55 JAMESON COMMERCIAL REAL ESTATE MARK JONES, CCIM Senior VP, Investment Sales 425 W. North Ave | Chicago, IL 60610 (O) 312.335.3229 [email protected] www.jamesoncommercial.com ©Jameson Real Estate LLC. All information provided herein is from sources deemed reliable. No representation is made as to the accuracy thereof & it is submitted subject to errors, omissions, changes, prior sale or lease, or withdrawal without notice. Projections, opinions, assumptions & estimates are presented as examples only & may not represent actual performance. Consult tax & legal advisors to perform your own investigation. EXECUTIVE SUMMARY PRICE REDUCED: $6,750,000 PROPERTY DESCRIPTION Jameson Commercial is pleased to bring to market this 30,415 SF land site. The property is located in Chicago’s South Loop on South Michigan Avenue in the historic “Motor PROPERTY HIGHLIGHTS Row District” conveniently located adjacent to McCormick Place and just a 4-minute walk to the new CTA Greenline station. Although located in a historic district, the • Land Size: 30,415 SF site is one of the few unencumbered with historic landmark designation. A radical • Michigan Ave. Frontage: 170 FT transformation of the area is occurring with a number of significant new developments • Depth: 179 FT underway to transform the surrounding neighborhood into a vibrant entertainment • Zoning: DS-5 district. • Great Development Opportunity McCormick Place, the nation’s largest convention center, boasts over 170 meeting • Located in South Loop’s Motor Row District rooms and 2.6 million square feet of Exhibition Halls. It has secured more than $6 Billion • Adjacent to McCormick Square in new, recommitted, or extended shows. Through Elevate Chicago, McCormick Place • Within 4-Minute Walk to new CTA Green Line and Navy Pier are undergoing $1.1 Billion in transformational development projects. Station Chicago’s South Loop is one of the city’s fastest growing neighborhoods. There are • Accessible to I-55, I-94, Lake Shore Drive & more than a dozen active developments currently under construction in the South Loop Chicago’s Loop including the Marriott Marquis Hotel, the Wintrust Arena, the 22 story McHugh Hotel • Real Estate Taxes (2016): $41,710 Development, McCormick Square and the 14 -acre 3,600 unit Riverline Project To help support development and investment in the South Loop, a new $50 million Cermak-McCormick Place Train Station was recently opened to service. The station is within walking distance of the Motor Row entertainment district and McCormick CLICK TO VIEW VIDEO Place. City officials and developers are optimistic that the new access to rapid transit will help accelerate the expansion of businesses and housing in the South Loop area. The property is currently leased to Burger King Corporate via a 5-year absolute NNN lease extension expiring in February, 2021. Current NNN rent is $4,500/month. The landlord has a right to terminate with a 12-month notice. SOUTH LOOP MAP 2328 SOUTH MICHIGAN AVE. CHICAGO, IL 60616 ©Jameson Real Estate LLC. All information provided herein is from sources deemed reliable. No representation is made as to the accuracy thereof & it is submitted subject to errors, omissions, changes, prior sale or lease, or withdrawal without notice. Projections, opinions, assumptions & estimates are presented as examples only & may not represent actual performance. Consult tax & legal advisors to perform your own investigation. SITE PHOTOS 2328 SOUTH MICHIGAN AVE. CHICAGO, IL 60616 ©Jameson Real Estate LLC. All information provided herein is from sources deemed reliable. No representation is made as to the accuracy thereof & it is submitted subject to errors, omissions, changes, prior sale or lease, or withdrawal without notice. Projections, opinions, assumptions & estimates are presented as examples only & may not represent actual performance. Consult tax & legal advisors to perform your own investigation. SITE PHOTOS 2328 SOUTH MICHIGAN AVE. CHICAGO, IL 60616 ©Jameson Real Estate LLC. All information provided herein is from sources deemed reliable. No representation is made as to the accuracy thereof & it is submitted subject to errors, omissions, changes, prior sale or lease, or withdrawal without notice. Projections, opinions, assumptions & estimates are presented as examples only & may not represent actual performance. Consult tax & legal advisors to perform your own investigation. SITE PHOTOS 2328 SOUTH MICHIGAN AVE. CHICAGO, IL 60616 ©Jameson Real Estate LLC. All information provided herein is from sources deemed reliable. No representation is made as to the accuracy thereof & it is submitted subject to errors, omissions, changes, prior sale or lease, or withdrawal without notice. Projections, opinions, assumptions & estimates are presented as examples only & may not represent actual performance. Consult tax & legal advisors to perform your own investigation. SURVEY 2328 SOUTH MICHIGAN AVE. CHICAGO, IL 60616 ©Jameson Real Estate LLC. All information provided herein is from sources deemed reliable. No representation is made as to the accuracy thereof & it is submitted subject to errors, omissions, changes, prior sale or lease, or withdrawal without notice. Projections, opinions, assumptions & estimates are presented as examples only & may not represent actual performance. Consult tax & legal advisors to perform your own investigation. ZONING MAP 2328 SOUTH MICHIGAN AVE. CHICAGO, IL 60616 The DS, Downtown Service district is primarily intended to accommodate commercial and service uses that are essential for the livelihood of businesses and residents of the downtown area and surrounding neighborhoods. The district regulations allow a mix of small-scale office, commercial services, public uses, transportation and communication services, and industrial uses. The maximum floor ratio (FAR) in a DS-5 is 5.0 with available FAR bonuses. ©Jameson Real Estate LLC. All information provided herein is from sources deemed reliable. No representation is made as to the accuracy thereof & it is submitted subject to errors, omissions, changes, prior sale or lease, or withdrawal without notice. Projections, opinions, assumptions & estimates are presented as examples only & may not represent actual performance. Consult tax & legal advisors to perform your own investigation. CHICAGO 2328 SOUTH MICHIGAN AVE. CHICAGO, IL 60616 Chicago, on Lake Michigan, with a 2016 population of 2.705 million is the 3rd most populous city in the U.S. Famed for its bold architecture. it has a skyline punctuated by skyscrapers such as the iconic John Hancock Center, Willis Tower (formerly the Sears Tower) and the neo-Gothic Tribune Tow- er. e city is also renowned for its museums, including the Art Institute of Chicago with its noted Impressionist and Post-Impressionist works. e Chicago metropolitan area, or Chicagoland, is the metropolitan area that includes the city of Chicago, and its suburbs. With an estimated popu- lation of 9.4 million people, it is the third largest metropolitan area in the US. e Chicago metropolitan area is one of the world’s largest and most diversi ed economies, with more than four million employees and gener- ating an annual gross regional product of over $561 billion. e region is home to more than 400 major corporate headquarters, including 31 in the Fortune 500 and the Chicago Cubs, White Sox’s, Bulls, Bears, and Black- hawks. In 2016, Chicago set a visitation record of 54.1 million visitors; a 2.9 % increase from 2015. ©Jameson Real Estate LLC. All information provided herein is from sources deemed reliable. No representation is made as to the accuracy thereof & it is submitted subject to errors, omissions, changes, prior sale or lease, or withdrawal without notice. Projections, opinions, assumptions & estimates are presented as examples only & may not represent actual performance. Consult tax & legal advisors to perform your own investigation. CHICAGO’S SOUTH LOOP NEW DEVELOPMENTS 2328 SOUTH MICHIGAN AVE. CHICAGO, IL 60616 Alderman Dowell is proud to have brought two streetscape projects to the Motor Row area, one on Michigan Avenue between Cermak Rd. and 24th Place, the other on 23rd Street between State Street and Indiana Avenue. Improvements include new sidewalks, curb and gutter, lighting, landscaping, road reconstructions, ComED line burial, and various pedestrian and placemaking elements. These streetscape and placemaking improvements provide needed infrastructure repairs and elements to support an envisioned Motor Row corridor as an Entertainment District MOTOR ROW STREETSCAPES Newly constructed and open, the Cermak-McCormick Place Chicago Transit Authority (CTA) Green Line station, will serve the growing area near historic Motor Row area and provide a crucial additional transportation option for the Near South Side residents and businesses. The new station, part of $4 billion in transit investments is located near the intersection of Cermak Road and State Street. It provides convenient rail access to McCormick Place, which lies two blocks east. CERMAK-MCCORMICK PLACE GREENLINE STATION ©Jameson Real Estate LLC. All information provided herein is from sources deemed reliable. No representation is made as to the accuracy thereof & it is submitted subject
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