60Th & Western Ave Multi-Tenant Retail Building

60th & Western Ave Multi-Tenant Retail Building 6050 South Western Avenue, Chicago, IL 60636

CONFIDENTIAL OFFERING MEMORANDUM

Chad Firsel Daniel Waszak Jason Caplan Quantum Real Estate Advisors, Inc. President Senior Vice President Senior Vice President

Phone 312.269.0220 Phone 312.269.0550 Phone 312.533.2347 125 S. Wacker Dr., Suite 1590 Cell 312.343.4141 Cell 630.673.1522 Cell 312.887.1007 Email [email protected] Email [email protected] Email [email protected] Chicago, IL 60606 6050 S. Western Ave., Chicago, IL 60636 Confidential Offering Memorandum

Confidentiality Agreement

QUANTUM REAL ESTATE ADVISORS, INC. (“QUANTUM”) has been retained as the exclusive broker by the Owner of Record (“the Owner”) for the multi- tenant retail building, located at 6050 S. Western Ave. in Chicago, IL in connection with the sale of certain properties (“the Property”) as described in this Offering Memorandum.

This Offering Memorandum has been prepared by Quantum for use by a limited number of parties, and does not purport to provide a necessarily accurate summary of the physical or economic aspects of the Property or any of the documents related thereto, nor does it purport to be all inclusive or to contain all of the information which prospective investors may need or desire further, the Offering Memorandum is limited to the matters set forth therein. All budgets or projections have been developed by Quantum and Owner, and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and Quantum and therefore are subject to variation. Each of Quantum and Owner makes no representation as to the accu- racy or completeness of the information contained herein, and nothing contained herein is, or shall be relied on as a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Quantum and its employees, and Owner, and its trustees, officers, and employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or omissions from the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property Owner as of the date of preparation of the Offering Memorandum.

Additional information and an opportunity to inspect the Property will be made available upon written request to interested and qualified prospective investors. Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers regarding the property, and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by Owner and the Board of Trustees of Owner and a written agreement for the purchase of the Property has been fully executed, delivered and approved by Owner and its legal counsel, and any conditions to Owner’s obligations hereunder have been satisfied or waived. This Offering Memorandum and the contents, except such information that is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting this Offering Memorandum, you acknowledge that you have executed, and have agreed to be bound by, the Confidentiality Agreement with Quantum and Owner.

Quantum Real Estate Advisors, Inc. 125 S Wacker Dr Chicago, IL 60606 qreadvisors.com 2 out of 21 6050 S. Western Ave., Chicago, IL 60636 Confidential Offering Memorandum Table of Contents

Executive Summary Market Overview Property Overview 04Offering Summary 07 Regional Map 13 Property Photos Investment Highlights Township Overview Site Aerial Financial Information Demographics

Tenant Overview Financial Analysis 16Tenant Descriptions 18Rent Roll Cash Flow

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Offering Summary Investment Highlights Financial Information

Executive Market Property Tenant Financial Summary Overview Overview Overview Analysis 6050 S. Western Ave., Chicago, IL 60636 Confidential Offering Memorandum

Description

Quantum Real Estate Advisors, Inc. (“QREA”) has been retained to exclusively offer for sale 6050 South Western Avenue. The subject property consists of a free-standing 7,599 square foot multi- tenant building leased to Subway, See Thru Chinese Kitchen, and Goodwill. The site is located in Chicago, IL on Western Avenue, which sees over 41,000 vehicles per day. Western Avenue is one of the longest retail thoroughfares in the Chicago MSA. The site is surrounded by numerous national retail tenants including: Walgreens, Aldi, Pizza Hut, CVS, Dollar Tree and many more.

The site is located immediately adjacent to the CSX Intermodal Terminal, which serves domestic and international intermodal freight. Additionally, only 3.5 miles west of 6050 S Western Avenue is Midway Airport, Chicago’s second largest airport serving national and international travelers with three concourses and over 40 gates. Just south of Midway is Ford City Mall, the largest enclosed mall in Chicagoland.

Highlights Demographics • Dense urban area, 51,000 people within a 1-mile radius 1 mile 3 mile 5 mile • Excellent visibility seeing over 41,000 VPD Population 49,205 339,101 811,550 • 100% leased to local and national tenants • Recently extended leases from: all three tenants which is testament to their HH Income $41,164 $46,435 $52,298 excellent performance • Surrounded by national retail tenants bringing many individuals to the area to take advantage of quick service food tenants Subway & See Thru Chinese Kitchen • Close proximity to Midway Airport & Ford City Mall drawing people from throughout the Midwest towards the site

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Financial Information

Purchase Price: $1,790,000 Cap Rate: 8.50% Building SF: 7,599 Price/SF: $235.56

Contact Information

This multi-tenant retail building located at 6050 S. Western Ave. in Chicago, IL is being exclusively marketed by Quantum Real Estate Advisors, Inc. If you have further questions please contact Quantum Real Estate Advisors, Inc.:

Quantum Real Estate Advisors, Inc. 125 S. Wacker Dr., Suite 1590 Chicago, IL 60606

Lead Advisor Chad Firsel Daniel Waszak Jason Caplan President Senior Vice President Senior Vice President Phone 312.269.0220 Phone 312.269.0550 Phone 312.533.2347 Cell 312.343.4141 Cell 630.673.1522 Cell 312.887.1007 Email [email protected] Email [email protected] Email [email protected]

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Regional Vicinity Map City Overview Demographics

Executive Market Property Tenant Financial Summary Overview Overview Overview Analysis 6050 S. Western Ave., Chicago, IL 60636 Confidential Offering Memorandum

Regional Map

6050 S. Western Ave. Chicago, IL

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City Overview Chicago, IL Economy

Chicago has the third largest gross metropolitan product in the United States— Overview approximately US$532 billion according to 2010 estimates. Additionally, the Chicago metropolitan area recorded the greatest number of new or expanded Chicago, the third largest corporate facilities in the United States for calendar year 2014. metropolitan area in the United States, is the most influential Chicago is a major world financial center, with the second largest central economic region between business district in the US. The city is the headquarters of the Federal Reserve the East and West Coasts. Bank of Chicago (the Seventh District of the Federal Reserve), home to three Situated at the geographical major financial and futures exchanges, including the Chicago Stock Exchange, heart of the nation with nearly the Chicago Board Options Exchange (CBOE), and the Chicago Mercantile 43 million people living within Exchange (the “Merc”), which is owned, along with the Chicago Board of 500 miles of the city, Chicago’s Trade (CBOT) by Chicago’s CME Group. Chase Bank has its commercial and locational advantage has retail banking headquarters in Chicago’s Chase Tower. fostered its development into an international center for banking, securities, high technology, air transportation, business services, wholesale and The city and its surrounding metropolitan area are home to the third largest retail trade and manufacturing and is considered the central hub of the labor pool in the United States with approximately 4.48 million workers, as of United States. In addition, Chicago is one of the principal trading centers 2014. In addition, the state of Illinois is home to 66 Fortune 1000 companies, for commodities, financial and derivative futures products. The Chicago including those in Chicago. The city of Chicago also hosts 12 Fortune Global Metropolitan Statistical Area (MSA) includes Cook, DeKalb, DuPage, 500 companies and 17 Financial Times 500 Companies. The city claims one Grundy, Kane, Kendall, Lake, McHenry and Will counties. With one of Dow 30 company: aerospace giant Boeing, while the suburbs contain two more the most diversified economies of any region in the country, Chicago is Dow 30 companies, Kraft Foods and McDonald’s, as well as Sears Holdings less vulnerable to fluctuations in individual industries than most other large Corporation and the technology spin-offs of Motorola. Chicago is also home to urban regions. United Continental Holdings, with its headquarters at Willis Tower. Metropolitan Chicago enjoys one of the finest transportation systems of The city is also one of the most diversified economies in the U.S. Manufacturing, any metropolitan area with its extensive highway and railroad networks, printing, publishing and food processing also play major roles in the city’s a highly skilled labor pool, quality housing and world-class medical and economy. Several medical products and services companies are headquartered higher education institutions. These factors all contribute to Chicago’s in the Chicago area, including Baxter International, Boeing, Abbott Laboratories, reputation as one of America’s premier metropolitan areas, a major and the Healthcare Financial Services division of General Electric. economic center, and a 24-hour international city.

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City Overview Continued Chicago, IL on the Near North Side. The area features easy access to numerous city thoroughfares, strong geographic barriers to entry, minimal vacancy, and exceptional demand for retail space. The district contains over 1.3 million Shopping square feet of retail space, popular restaurants, and a bustling nightlife scene, all indicating that it is becoming the premier destination for Chicagoans to Chicago is a city with a multitude of shopping destinations, most notably eat, shop, and play. The North and Clybourn retail area is also conveniently North Michigan Avenue, which continues to symbolize one the nation’s accessible from all parts of the city via either major expressways and primary premier retail streets providing regional draw and flagship branding. thoroughfares or public transportation. Ranked 6th by National Geographic and 10th by Business Travel Guide as shopping destinations in the world and often compared to New York’s Fifth The latest addition to the Clybourn Avenue, Bahnhofstrasse in Corridor is one of the city’s biggest Zurich, London’s Bond Street new developments. The New City and Beverly Hills’ Rodeo Development located at the corner Drive, The Magnificent Mile of Clybourn Ave and Halsted St offers an array of high-end which was completed in fall of shopping, luxury residential 2015 and features of mix of luxury and hotels and fine dining. rental residences and a mix of The eight-block stretch offers retail options including the largest approximately 3.3 million Mariano’s in Chicago. square feet of retail space in Education over 460 stores and 270 restaurants. Neiman Marcus, Brooks Brothers, Louis Vuitton, Burberry, Chanel, Saks Fifth Avenue, Bloomingdale’s, Gucci, Chicago is home to more than 60 four-year colleges and universities, serving over Nike Town, The Apple Store, Nordstrom’s, Best Buy, Tiffany & Co., Ralph 175,000 students. Two of the nation’s top-ranked institutions are located here. Lauren, and Top Shop are just a few examples of the exceptional shopping The University of Chicago, world-renowned for its 82 Nobel laureate faculty found within walking distance. and outstanding programs in economics, law, business and medicine, is located in Hyde Park. The University also maintains the Pritzker School of Medicine, The Clybourn Corridor the University of Chicago Law School and the Booth School of Business. Northwestern University, established in 1851, is a private research university that Another notable shopping district can be found in the rapidly developing combines innovative teaching and pioneering research in a highly collaborative North and Clybourn retail area. The trade area, also known as the Clybourn environment. The university has two campuses: a 240-acre campus in Evanston Corridor, was initially an industrial corridor, which has undergone a gradual and a 25-acre campus in downtown Chicago. Other well-known schools include transformation into a premier retail hub during the 1990’s to present. This Loyola University, University of Illinois Chicago, DePaul University, Illinois Institute area has become an attractive location for many national retailers due to of Technology, Columbia College and the School of the Art Institute of Chicago. its high population density combined with the highest median income

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City Overview Continued Chicago, IL This unique highway, rail and shipping access contribute to Chicago’s role as a center for warehousing and distribution operations with more than one billion square feet of space. Construction and Development Chicago not only has an excellent distribution network for its industrial The Chicago CBD has experienced a resurgence in recent years with con- commodities, but also has an extensive commuter rail system and is the hub struction of major new condominium and Class A office buildings. These for Amtrak intercity train service. include the 92-story Trump Tower Chicago, Lakeshore East development, Created in 1947 through the North Lasalle office building, and 150 North Riverside office building in consolidation of several transit the west loop along the Chicago River. Many city neighborhoods are gen- companies, the Chicago Transit trifying at a rapid pace as well, including Logan Square, Pilsen, Uptown, Authority (CTA) operates the Near Southside, and Rogers Park. nation’s second largest public transportation system and Retail concepts continually target Chicago’s urban and suburban trade ar- covers the City of Chicago eas for new entry or expansion of existing store networks. Shopping center and 40 surrounding suburbs. construction in Chicago in 2014 totaled 2.4 million square feet, the largest On an average weekday, 1.6 increase in development since 2008. million rides are taken on the CTA. Metropolitan Chicago’s Transportation integrated mass transit system is considered to be one of the finest in the nation. Central to this system are ten heavy-rail commuter lines that radiate from four Located along the southwestern shore of Lake Michigan, Chicago is downtown terminals. the geographical center of the nation. It is unique in its transportation predominance. Chicago began as the water hub of the west with its Two primary airports serve Metropolitan Chicago. O’Hare International strategic location between two water shed systems – the Mississippi River Airport, 19 miles northwest of downtown Chicago, has been the world’s and the Great Lakes, subsequently becoming the railroad, highway and aviation capital for more than 30 years. O’Hare served over 70.1 million aviation hubs of the continent. domestic and international passengers in 2014, making it the third busiest airport in the United States and sixth busiest in the world by passenger traffic. Chicago is the nation’s largest trucking center with over 200 truck terminals. O’Hare is the busiest airport in the world by number of takeoffs and landings – In addition to the extensive road system, Chicago serves as the country’s a title it reclaimed in 2014. Midway Airport, 13 miles southwest of downtown primary railroad hub with 14 freight rail lines and 11 trunk rail lines. Chicago, served almost 21.2 million passengers in 2014, up 3.4 percent from Shipping access from Lake Michigan to other Great Lake ports, the Atlantic 2013. A third of all American nonstop flights to China originate in Chicago, Ocean and the Gulf of Mexico further enhances access to Metropolitan evidence of Chicago’s importance to international trade and travel. Chicago.

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Demographics

One Mile Three Mile Five Mile Population 49,205 339,101 811,550 Households 12,939 94,962 258,723 Average Household Size 3.60 3.40 3.00 Owner Occupied Housing Units 5,777 47,536 124,783 Renter Occupied Housing Units 7,162 47,426 133,940 Median Age 30.2 31.2 33.2

Median Household Income $31,916 $34,673 $36,582 Average Household Income $41,164 $46,435 $52,298

Households by Income Number Percent Number Percent Number Percent < $25,000 4,997 38.6% 34,790 36.6% 93,728 36.2% $25,000 - $50,000 4,088 31.6% 27,347 28.8% 67,083 25.9% $50,000 - $75,000 2,076 16.1% 15,718 16.6% 40,758 15.8% $75,000 - $100,000 974 7.5% 8,639 9.1% 24,540 9.5% $100,000 - $125,000 546 4.2% 4,665 4.9% 14,306 5.5% $125,000 - $150,000 135 1.0% 1,764 1.9% 6,828 2.6% $150,000 - $200,000 86 0.7% 1,328 1.4% 6,754 2.6% $200,000+ 36 0.3% 712 0.8% 4,726 1.8%

Race and Ethnicity Number Percent Number Percent Number Percent White 21,548 43.8% 181,375 53.5% 403,300 49.7% Black 26,148 53.1% 145,495 42.9% 360,933 44.5% American Indian 673 1.4% 4,292 1.3% 8,677 1.1% Asian 207 0.4% 3,533 1.0% 26,655 3.3% Pacific Islander 28 0.1% 304 0.1% 536 0.1% Other 602 1.2% 4,102 1.2% 11,449 1.4% Hispanic Origin (Any Race) 22,305 45.3% 172,463 50.9% 316,641 39.0%

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Site Aerial Market Aerial Property Photos

Executive Market Property Tenant Financial Summary Overview Overview Overview Analysis 6050 S. Western Ave., Chicago, IL 60636 Confidential Offering Memorandum

Property Photos

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Site Aerial

S Kedzie Ave 23,000 VPD

Midway

Airport S Western Ave 41,000 VPD Site

S Cicero Ave 60,000 VPD

S Pulaski Ave 50,000 VPD

Marquette Park

Ford City Mall

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Tenant Descriptions

Executive Market Property Tenant Financial Summary Overview Overview Overview Analysis 6050 S. Western Ave., Chicago, IL 60636 Confidential Offering Memorandum

Select Tenancy Subway Goodwill

Website: www.subway.com Website: www.goodwill.org Number of Locations: 42,939 Number of Locations: 2,600 retail stores; 165 career agencies

The owner of Subway restaurants, Doctor’s Associates Inc., is a privately held Goodwill Industries International Inc. is an American nonprofit 501(c)(3) company headquartered in Milford, Connecticut. Doctor’s Associates was organization that provides job training, employment placement services, co-founded in 1965 by Dr. Peter Buck and Fred DeLuca, who now serves and other community-based programs for people who have disabilities. as president of the Subway restaurant chain. Subway is the world’s largest Goodwill is funded by a massive network of retail thrift stores which operate submarine sandwich chain, with 42,939 Subway locations in 107 countries and as nonprofits as well. territories worldwide, including 25,072 in the United States. For the 17th time in twenty-three years, Subway was ranked the number one franchise opportunity It slowly grew from its founding in 1902 and was first called Goodwill in in Entrepreneur magazine’s Annual “Franchise 500.” Subway’s target market is 1915. In 2011, Goodwills collectively earned more than $4 billion, and adults between the ages of 18 and 49 who eat quick meals and are looking for used 82 percent of that revenue to provide employment, training and support good-tasting options. Subway wants to increase its “consideration set” among services to more than 4.2 million individuals. Today Goodwill has become an frequent fast-food consumers who lead an active lifestyle and are seeking a international nonprofit that takes in more than $4.8 billion in annual revenue balance of nutrition, taste, and value. Subway’s current marketing goal is to and provides more than six million people with job training and community emphasize that the Subway brand represents all that is good about health and services each year. well-being. Goodwill Workforce Connection Centers were opened in Chicagoland as a See-Thru Chinese Restaurant response to the downturn in the economy that left so many in the community without work, many for the first time in years. The centers bridge the gap between the job seeker and local companies. They offer job search assistance Website: www.seethrukitchen.com free of charge and no appointment is necessary. Goodwill provides an array Number of Locations: 21 of services, including resume assistance, workshops on interviewing, access to computers and other technology, job boards and a regular schedule of See Thru Chinese Kitchen is a Chinese restaurant in Chicago with locations employer recruitment sessions. throughout the city and suburbs. The first See Thru Kitchen was opened by Elaine Kong in 1992 at 109th and Western and has since expanded to its Anyone over 17 1/2 years old can use the Center services free of charge to 21 locations with over 180 employees. The concept of See Thru Kitchen is to find work. The revenue generated from sales of donations in Goodwill Store combine the art of Chinese cuisine and the culture of the American fast food & Donation Centers help fund these services. chain while utilizing the open kitchen design concept. In 2009, See Thru Kitchen and Master Chef Zhenwei Ma won first place at the 8th Annual “China Star” Cooking Competition with over 20 Chinese restaurants from different regions in the Greater Chicago Area competing.

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Rent Roll Cash Flow

Executive Market Property Tenant Financial Summary Overview Overview Overview Analysis 6050 S. Western Ave., Chicago, IL 60636 Confidential Offering Memorandum

Rent Roll

Lease Term Rent Annual Expense Reimbursements Tenant Name Square Feet % Share Begins Ends PSF Annual Monthly Annual PSF Subway 1,101 14.49% May 30, 2006 May 31, 2021 CAM $4,579 $4.16 Suite 6044 Insurance $432 $0.39 June 1, 2016 May 31, 2021 $27.85 $30,666 $2,555 Taxes $5,341 $4.85 Management/Admin $2,117 $1.92 Option 1 June 1, 2021 May 31, 2022 $32.29 $35,549 $2,962 Total $12,468 $11.32 June 1, 2022 May 31, 2023 $33.09 $36,438 $3,036 June 1, 2023 May 31, 2024 $33.92 $37,348 $3,112 June 1, 2024 May 31, 2025 $34.77 $38,282 $3,190 June 1, 2025 May 31, 2026 $35.64 $39,239 $3,270

Option 2 June 1, 2026 May 31, 2027 $36.53 $40,220 $3,352 June 1, 2027 May 31, 2028 $37.44 $41,226 $3,435 June 1, 2028 May 31, 2029 $38.38 $42,256 $3,521 June 1, 2029 May 31, 2030 $39.34 $43,313 $3,609 June 1, 2030 May 31, 2031 $40.32 $44,396 $3,700

See Thru Chinese Kitchen 1,081 14.23% April 18, 2006 April 30, 2021 CAM $4,495 $4.16 Suite 6046 Insurance $424 $0.39 May 1, 2016 April 30, 2017 $25.37 $27,420 $2,285 Taxes $5,244 $4.85 May 1, 2017 April 30, 2018 $25.37 $27,420 $2,285 Management/Admin $2,078 $1.92 May 1, 2018 April 30, 2019 $26.13 $28,243 $2,354 Total $12,241 $11.32 May 1, 2019 April 30, 2020 $26.91 $29,090 $2,424 May 1, 2020 April 30, 2021 $27.72 $29,963 $2,497

Goodwill 5,417 71.29% January 28, 2010 January 31, 2020 CAM $22,527 $4.16 Suite 6054 Insurance $2,124 $0.39 February 1, 2015 January 31, 2018 $18.58 $100,628 $8,386 Taxes $26,278 $4.85 February 1, 2018 January 31, 2019 $19.13 $103,647 $8,637 Management/Admin $10,413 $1.92 February 1, 2019 January 31, 2020 $19.71 $106,756 $8,896 Total $61,342 $11.32

Option 1 February 1, 2020 January 31, 2023 $20.30 $109,959 $9,163 February 1, 2023 January 31, 2024 $20.91 $113,258 $9,438 February 1, 2024 January 31, 2025 $21.54 $116,656 $9,721

Total Occupied SF 7,599 100.00% Total $158,714 $13,226.14 CAM $31,600 $4.16 Total Vacant SF 0 0.00% Insurance $2,979 $0.39 Total SF 7,599 100.00% Taxes $36,863 $4.85 Management/Admin $14,608 $1.92 Total $86,051 $11.32

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Cash Flow Summary Analysis Valuation Cap Rate 8.50% NOI 152,595 Purchase Price 1,790,000 Purchase Price/SF 235.56

Property Summary Total % Leased SF 7,599 100.00% Vacant SF - 0.00% Total 7,599 100.00%

Operating Income Subtotal Total PSF Scheduled Rental Income: 158,714 20.89 Expense Reimbursements: CAM: 31,600 4.16 Insurance: 2,979 0.39 Taxes: 36,863 4.85 Management/Admin: 14,608 1.92 Subtotal 86,051 11.32

Potential Gross Income 244,765 32.21

Vacancy Allowance (2.5%) 6,119 0.81

Effective Gross Income 238,646 31.40

Recoverable Operating Expense: CAM: 31,600 4.16 Insurance: 2,979 0.39 Taxes: 36,863 4.85 Management/Admin: 14,608 1.92 Total Recoverable Operating Expenses 86,051 11.32

Net Operating Income 152,595 20.08

Quantum Real Estate Advisors, Inc. 125 S Wacker Dr Chicago, IL 60606 qreadvisors.com 20 out of 21 Chad Firsel Daniel Waszak Jason Caplan Quantum Real Estate Advisors, Inc. President Senior Vice President Senior Vice President