OFFERING MEMORANDUM West Loop Development Opportunity  328 S. Racine Avenue // , IL 60607

THE JAX by LG Development 166 Unit Luxury Apartment Development

W. Jackson Boulevard

328 S. Racine Avenue CA6 by Belgravia 72 Unit Condo W. Van Buren Street Development

S. Racine Avenue

Eisenhower Expy

290 Racine 622,690 Riders/year

EXCLUSIVELY OFFERED BY:

ARI TOPPER, CFA TYLER DECHTER BAUM REALTY GROUP, LLC Managing Director / Broker Associate / Broker 1030 W. Chicago Avenue, Suite 200 312.275.3113 312.275.3132 Chicago, IL 60642 [email protected] [email protected] www.baumrealty.com Executive Overview // 328 S. RACINE AVENUE // CHICAGO, IL

Offering Summary

PROPERTY HIGHLIGHTS Î ±7,876 SF development opportunity in prime West Loop / Fulton Market location

Î Located ±300 feet from Racine CTA Blue Line ‘L’ Station (622,690 riders in 2019)

Î West Loop / Fulton Market is one of Chicago’s most desir- able and densely populated residential neighborhoods with a median HHI of $120,595 within 0.5 miles

Î C1-3 zoning

ASKING PRICE: SUBJECT TO OFFER CA6 by Belgravia 72 Unit Condo S R A Development

Eisenhoer Epy

S Raine Aenue

an Buren Street 290 Raine 2290 Ridersyear

2 // OFFERING MEMORANDUM Executive Overview // 328 S. RACINE AVENUE // CHICAGO, IL

PROPERTY DESCRIPTION

Address: 328 S. Racine Avenue

Chicago, IL 60607

County: Cook County

Neighborhood: West Loop / Fulton Market

Total Land Area: ±7,876 square feet THE JAX by LG Development 166 Unit Luxury Zoning: C1-3 Apartment Development PIN(s): 17-17-117-034-0000

17-17-117-050-0000

Frontage: Approximately 59’ along Racine Avenue W. Jackson Boulevard

PROPERTY SUMMARY 328 S. Racine Avenue CA6 by Belgravia Prime development opportunity in booming West Loop location, 72 Unit Condo just north of the Eisenhower Expressway (I-290), and minutes from W. Van Buren Street Development Fulton Market, UIC, the Medical District and the United Center. Just steps (±300 feet) from the Racine CTA Blue Line ‘L’ Station. C1-3 zoning.

S. Racine Avenue

Eisenhower Expy

290 Racine 622,690 Riders/year

3 // OFFERING MEMORANDUM Executive Overview // 328 S. RACINE AVENUE // CHICAGO, IL

SURVEY

8-STORY BRICK BUILDING

20’ ALLEY ENTRY 20’ Driveway 1-STORY FRAME Access Easement 4-STORY BRICK BUILDING DOOR Open Frame Porch S. RACINE AVENUE RACINE S. 128.03’ ENTRY ENTRY 25.12’ CONCRETE PATIO 59.00’

EXISTING FRAME CURB CUT ASPHALT PAVEMENT

GARAGE 34.18’ 34.18’ 6-STORY BRICK BUILDING 6-STORY

123.43’ 16’ ALLEY

4 // OFFERING MEMORANDUM

W. VAN BUREN STREET Executive Overview // 328 S. RACINE AVENUE // CHICAGO, IL

5 // OFFERING MEMORANDUM Executive Overview // 328 S. RACINE AVENUE // CHICAGO, IL

6 // OFFERING MEMORANDUM Executive Overview // 328 S. RACINE AVENUE // CHICAGO, IL

7 // OFFERING MEMORANDUM The Market // 328 S. RACINE AVENUE // CHICAGO, IL

West Loop / Fulton Market West Loop / Fulton Market is a neighborhood in Chicago, with a population of 20,431. West Loop / Fulton Market is in Cook County and is one of the best places to live in Illinois. Living in West Loop / Fulton Market offers residents a dense urban feel and most residents rent their homes. In West Loop / Fulton Market there are a lot of bars, restaurants, coffee shops, and parks. Many young professionals live in West Loop and residents tend to be liberal.

BEST PLACES IN ILLINOIS ACCESS & TRANSPORTATION

Most Diverse Neighborhoods West Loop / Fulton Market has excellent public #2 of 92 transportation with 5 bus routes and 3 CTA Green / Pink Line stations (Clinton, Morgan, and Ashland). 1 92

Best Neighborhoods for Young Professionals Randolph and Madison Streets provide easy access #2 of 92 to Downtown Chicago and I-90/94.

1 92 West Loop / Fulton Market is the 3rd most walkable

Best Neighborhoods to Live neighborhood in Chicago with a Walk Score of 96.

 O’Hare International Airport  #3 of 92 34 min drive REPORT CARD 1 92 Midway International Airport Public Schools Crime & Safety INCOME & HOUSING Median Household 36 min drive OWN - 42% Housing Nightlife $113,348 The Loop 8 min drive Good for Families Diversity Median Home Value

RENT VS. OWN Jobs Weather AREA FEEL  A+OVERALL GRADE $407, 500 Dense Urban Cost of Living Health & Fitness Median Rent Outdoor Activities Commute RENT - 58% $2,006 Sources: Village of Tinley Park & Niche.com. Niche ranks thousands of places to live based on key statistics from the U.S. Census and expert insights.

8 // OFFERING MEMORANDUM The Market // 328 S. RACINE AVENUE // CHICAGO, IL

Chicago Economic Overview

3RD LARGEST MSA IN THE U.S.

The Chicago MSA is home to approximately 9.5 million residents, making it the third most populous region in the country, encompass- ing 16 counties across three states: Illinois, 1 NEW YORK 3 chicaGO Indiana, and Wisconsin. The city of Chicago 6 PHILADELPHIA is the economic and cultural capital of the 10 SAN JOSE Midwest, featuring a vibrant downtown dis- RANK & POPULATION trict that is filled with world class businesses, BY U.S. CITY RANK CITY 2019 POPULATION restaurants, retail, residences, and enter- 1 New York 8,601,186 2 tainment. The strong economic base, skilled 2 Los Angeles 4,057,841 labor pool and diverse background make this 5 PHOENIX 3 Chicago 2,679,044 24-hour metropolis one of the most import- 8 SAN DIEGO 4 2,359,480 9 DALLAS ant and influential in the world. 5 Phoenix 1,711,356 6 Philadelphia 1,576,596 4 HOUSTON 7 San Antonio 1,565,929 7 SAN ANTONIO 8 San Diego 1,453,775 POPULATION DENSITY CHANGE IN U.S. METRO AREAS (2010-2016) 9 Dallas 1,379,735 10 San Jose 1,033,519

Seattle Source: world population review 2% Chicago New York D.C. Charlotte  More Dense

0%  Less Dense GROWING URBAN CORE

Nashville Chicago's urban core and surrounding The report suggests that the city’s popula- Tampa neighborhoods has become noticeably tion is shifting and refocusing with an influx -2% Raleigh Dallas more dense. In the last several years, of younger, more affluent residents moving Houston Okalhoma City according to a report by The New York into areas like the Loop, West Loop, and -4% Times, between 2010 and 2016, Chicago’s Wicker Park. San Antionio Austin Change In Density density has increased by 1.2%. Change In Population 0% +5% +10% +15% +20%

9 // OFFERING MEMORANDUM The Market // 328 S. RACINE AVENUE // CHICAGO, IL

#1 FOR CORPORATE RELOCATION & INVESTMENT

Chicago remains the #1 ranked metro area for Corporate Relocation and Investment in the US in Site Selection Magazine, a title it has held for six consecutive years and Chicago lead all major cities in the Americas except for New York for Foreign Direct Investment (FDI) Strategy according to fDi Magazine. Since Q1 2018, Canada-based BMO Financial Group, Italy-based Ferrara Candy, Germany-based navigation com- pany HERE, and UK based digital agency AmazeRealise have all announced plans to establish headquarters in Chicago. Additionally, more than 30 corporations have moved their operations from surrounding suburbs since 2015, to the Chicago metro area. Most recently, McDonald's moved their global headquarters from Oak Brook to a new $250M building in the West Loop.

START UP AND TECH HUB

Chicago is home to tech industry giants and is a hotbed for privately held startups in the Midwest. Chicago has one of the largest venture capital ecosystems in the US and was ranked the #1 US city for venture capital returns in 2019 by PitchBook, a leading source for venture capital and private equity data research. In 2018, Chicago saw $1.86 billion in venture capital investments. Facebook expanded their opera- tions in Chicago, leasing 263,000 SF downtown and Google signed a lease for over 200,000 SF at 210 N. Carpenter Street in the West Loop, just down the street from Salesforce Tower rendering their Midwest HQ at 1K Fulton. Salesforce, a global leader in CRM, announced a they will occupy 500,000 SF in the new 60-story Salesforce Tower Chicago, in a move that will significantly expand Salesforce's regional HQ and add 1,000 new tech jobs over the next five years. Salesforce employees will start moving into the Salesforce Tower Chicago upon completion which is slated for 2023.

"Reflecting a melding of corporate and entrepreneurial cultures, Chicago has more than 100 startup incubators and accelerators

and more than 300 corporate R&D centers." McDonald's Global HQ

Site Selection Magazine

10 // OFFERING MEMORANDUM The Market // 328 S. RACINE AVENUE // CHICAGO, IL

GLOBAL CITY Global Cities Index American Cites of the Future Top 10 Global Cities 2019 Top 10 Overall American Cities of the Future 2019/20 Chicago ranks 8th for the second year in a row on the A.T. Kearney 2019 Global Cities Index, CITY RANK CITY RANK which examines cities’ performance based metrics spanning five dimensions: business activ- New York 1 New York 1 ity, human capital, information exchange, cultural experience, and political engagement. London 2 2 Chicago ranks 6th on fDi's American Cities of the Future 2019/20 report, which benchmarks Paris 3 Toronto 3 cities based on five categories: Economic Potential, Business Friendliness, Human Capital Tokyo 4 Montreal 4 and Lifestyle, Cost Effectiveness and Connectivity. Chicago had the biggest movement in Hong Kong 5 Houston 5 this year’s top 10, rising nine places to 6th. In 2018, Chicago attracted 49 FDI projects, its Singapore 6 Chicago 6 highest such figures since FDI Markets records began in 2003. Most FDI investments were Los Angeles 7 Boston 7 in sales, marketing and support, business services and headquarters activities (together Chicago 8 Los Angeles 8 accounting for more than three-quarters of Chicago’s inward FDI). Beijing 9 Palo Alto 9 Washington DC 10 Seattle 10

The Global Cities Index examines the current performance of 130 218 locations were analyzed for the study under five categories: cities based on 27 metrics spanning five dimensions: business activity, Economic Potential, Business Friendliness, Human Capital and Lifestyle, "The Windy City, the Second City, the Dark human capital, information exchange, cultural experience, and political Cost Effectiveness and Connectivity, which were weighted by importance engagement. The Index provides insights into the global reach, to the FDI decision-making process in order to compile both subcategory performance, and level of development of the world’s largest cities. rankings and the overall ‘American Cities of the Future 2019/20’ ranking. City – call it what you will, Chicago is Source: A.T. Kearney Global Cities 2019. Source: fDi Magazine. Research and data by fDi Intelligence division of the Financial Times, 2019. the economic and cultural capital of the Midwest."

Wired Magazine

WORLD CLASS EDUCATION

The Chicago MSA is home to several world class higher education universities that provide the area with a constant supply of top job talent and disposable income. On average there are 145,000 annual graduates from 138 degree-granting colleges and universities.

Top universities in the area include Northwestern University, The University of Chicago, Illinois Institute of Technology, Loyola University Chicago, De Paul University, Columbia College Chicago and, University of Illinois at Chicago.

11 // OFFERING MEMORANDUM The Market // 328 S. RACINE AVENUE // CHICAGO, IL

Fortune 500 Companies With Headquarters In the Chicago MSA STRONG, DIVERSE ECONOMY COMPANY RANK REVENUES ($M) Location Boots Alliance 19 $ 136,866 Deerfield Chicago MSA has the 3rd largest Gross Domestic 40 $ 76,559 Chicago Product in the US, after New York City and Los Archer Daniels Midland 54 $ 64,656 Chicago Angeles, at $737.3 billion. Chicago also ranks 8th Chicago is home to over Caterpillar 62 $ 53,800 Deerfield in the world in terms of cities with the highest Gross 72 $ 44,675 Northfield 400 major corporate Product. Additionally, Chicago is the most diversified United Holdings 76 $ 43,259 Chicago economy in the US, with no single industry employ- 95 $ 34,438 Chicago headquarters, including AbbVie 99 $ 33,266 Chicago ing more than 14% of the workforce. Chicago’s pri- 104 $ 31,904 Abbott Park mary industries include Financial Services, Business & 34 Fortune 500 companies US Foods Holdings 116 $ 25,939 Rosemont Professional Services, Manufacturing, Health Services, 117 $ 25,868 Deerfield and Transportation and Warehousing. 122 $ 24,977 Chicago McDonald's 156 $ 21,077 Chicago As one of the largest financial centers in North CDW 178 $ 18,032 Vernon Hills America, the Chicago MSA is home to more Jones Lang LaSalle 179 $ 17,983 Chicago than 400 major corporate headquarters, includ- 185 $ 17,450 Lake Forest ing , Boeing, United Illinois Tool Workers 229 $ 14,109 Glenview Services 231 $ 13,989 Riverwoods Continental Holdings, McDonald’s, Discover LKQ 257 $ 12,506 Chicago Financial and Abbott Laboratories, among oth- W. W. Grainger 278 $ 11,486 Lake Forest ers. The city is also home to the largest futures 282 $ 11,362 Deerfield exchanges in the US, the CME Group. Navisatr International 284 $ 11,251 Lisle 334 $ 9,538 Chicago 359 $ 9,444 Downers Grove COST OF DOING BUSINESS BY METRO AREA Solutions 403 $ 7,887 Chicago Ulta Beauty 418 $ 7,398 Bolingbrook 104.5 104.5 104.7

Old Republic International 427 $ 7,214 Chicago 100.8 99.8 98.3 97.6 Arthur J. Gallagher 429 $ 7,195 Rolling Meadows 95.1 Dover 433 $ 7,136 Downers Grove Packaging Corp. or America 437 $ 6,964 Lake Forest 440 $ 6,895 Chicago R. R. Donnelley & Sons 471 $ 6,276 Chicago 475 $ 6,209 Westchester Fortune Brands Home & Security 494 $ 5,765 Deerfield

Source: Fortune Magazine, June 2020 Atlanta Houston Chicago Philadelphia Los Angeles Boston San Francisco Ne Yor

12 // OFFERING MEMORANDUM The Market // 328 S. RACINE AVENUE // CHICAGO, IL

INTERNATIONAL TRAVEL DESTINATION

Chicago’s tourism totals have consistently been on the rise in recent years, growth in 2018 was more substantial than normal. A record 57.6 million people visited Chicago in 2018, nearly a 4.3% increase over 2017's record of 55.2 million. The largest percentage of growth was domestic travel with a 4.4% increase over 2017. International visitor numbers also In the US increased 2.9% over 2017.

The record setting numbers were due, in part, to several initiatives that boosted leisure Most Best travel as well as word-of-mouth and high-profile kudos. Condé Nast Traveler readers voted Diversifed Best Connected Chicago the number 1 big city in the US two years in a row, Bon Appétit magazine named Economy Downtown Airport Chicago “restaurant city of the year” in 2017, and the Financial Times called Chicago “the among US big cities most architecturally aware city on earth.” Part of the boost also came from the city's aggres- Most Best sive pursuit of big-tourist draws including the NFL Draft, the James Beard Foundation Foreign Direct Best Restaurant Awards and the Laver Cup. The city also bolstered tourism-friendly offerings with attractions Investment Big City City (FDI) 2017 like the Riverwalk and, more recently, Art on the Mart. Business travel also contributed to the bump, with an 3.5% in 2018. 59 new major conventions have committed to meet in Chicago in future years.

DUAL-HUB AIRPORT SYSTEM

O’Hare International Airport and Midway International Airport, the 57.6 million 4.4% Increase only “dual-hub” airport system in North America, handled over 195 million passengers in 2019. Both airports have direct rail access TOTAL VISITORS IN 2018 IN VISITORS 2007-2018 to Downtown Chicago and modernization projects are happening at both O’Hare and Midway. Most notably O’Hare’s $8.5 billion plan to expand over the next decade which includes a new airfield, terminal, gates, and passenger perks. Midway’s improvements are budgeted “Dual-hub” airport system with O'Hare at $400 million and include restaurants, upgraded passenger screen- International Airport and Midway ing, and updated parking infrastructure.

International Airport combining for more O'Hare is the busiest airport in the world for flight operations and is among the few airports worldwide that rank in the top 20 for both than 195 million annual passengers. passenger volume and cargo tonnage - two leading indicators of an airport's connectivity and economic strength.

13 // OFFERING MEMORANDUM The Market // 328 S. RACINE AVENUE // CHICAGO, IL

DEMOGRAPHIC SUMMARY 2000-2010 Census, 2020 Estimates with 2025 Projections DEMOGRAPHICS

.25 mile .5 mile 1 mile .25 Mile 2020 Estimated Population 2,613 13,603 40,000 Estimated Population: 2,613 2025 Projected Population 2,965 15,781 43,489 Daytime Population: 8,981 2010 Population (U.S. Census) 1,735 12,048 35,205 Estimated Households: 1,265 2000 Population (U.S. Census) 954 8,031 26,826 Average Household Income: $146,934

Population % Projected Growth 2017-2022 13.5% 16.0% 8.7% % Historical Growth 2000-2017 173.9% 69.4% 49.1% .5 Mile Estimated Population: 13,603 2020 Median Age 31.6 34.1 33.2 Daytime Population: 25,774 2020 Estimated Households 1,265 7,070 20,801 Estimated Households: 7,070 2025 Projected Households 1,451 8,376 22,961 Average Household Income: $158,382 2010 Total Households (U.S. Census) 827 6,195 17,757 2000 Total Households (U.S. Census) 431 3,614 12,442 1 Mile Households % HH Projected Growth 2017-2022 14.7% 18.5% 10.4% Estimated Population: 40,000 % HH Historical Growth 2000-2017 193.5% 95.6% 67.2% Daytime Population: 107,823 Estimated Households: 20,801 2020 Average Household Income $146,934 $158,382 $135,585 Average Household Income: $135,585 2020 Median Household Income $109,839 $120,595 $101,842

Income 2020 Per Capita Income $75,174 $82,028 $71,618

2020 Total Businesses 177 1,026 4,413 2020 Total Employees 9,018 27,078 138,225

Business 2020 Estimated Daytime Population 8,981 25,775 107,823

2020 Adult Population (Ages 25+) 1,841 10,136 29,630 2020 Elementary (Grade Level 0 to 8) 2.3% 1.7% 1.7% 2020 Some High School (Grade Level 9 to 11) 2.9% 2.3% 3.6% 2020 High School Diploma 5.5% 5.3% 7.0% 2020 Some College/No Degree 5.1% 6.9% 7.9% 2020 Associate Degree 2.2% 1.6% 2.8% 2020 Bachelor Degree 38.3% 39.3% 38.0% Education (Age 25+) 2020 Graduate Degree 43.1% 41.9% 38.0% % Any College 88.7% 89.7% 86.6%

2020 White Population 56.3% 63.3% 53.3% 2020 Black/African American Population 17.8% 11.4% 19.9% 2020 Asian Population 20.2% 20.0% 20.7% 2020 American Indian/Alaska Native Population 0.2% 0.2% 0.2% 2020 Pacific Islander Population 0.0% 0.1% 0.1% 2020 Other Race 2.5% 2.0% 2.4% Race & Ethnicity 2020 Population of Two or More Races 3.1% 3.1% 3.3% 2020 Hispanic Population 59.3% 66.2% 59.4%

Source: Esri, Esri and Infogroup, U.S. Census

14 // OFFERING MEMORANDUM Confidentiality Disclosure // 328 S. RACINE AVENUE // CHICAGO, IL

Confidentiality Disclosure Baum Realty Group, LLC (“Baum”) has been retained as the exclusive broker by the Owner of Record (“the Owner”) of 328 S. Racine Avenue 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 Baum 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 fur- ther, the Offering Memorandum is limited to the matters set forth therein. All budgets or projections have been developed by Baum and Owner, and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and Baum and therefore are subject to variation. Each of Baum and Owner makes no representation as to the accuracy 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, Baum 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 Baum and Owner.

15 // OFFERING MEMORANDUM OFFERING MEMORANDUM West Loop Development Opportunity  328 S. Racine Avenue // Chicago, IL 60607

THE JAX by LG Development 166 Unit Luxury Apartment Development

W. Jackson Boulevard

328 S. Racine Avenue CA6 by Belgravia 72 Unit Condo W. Van Buren Street Development

S. Racine Avenue

Eisenhower Expy

290 Racine 622,690 Riders/year

EXCLUSIVELY OFFERED BY:

ARI TOPPER, CFA TYLER DECHTER BAUM REALTY GROUP, LLC Managing Director / Broker Associate / Broker 1030 W. Chicago Avenue, Suite 200 312.275.3113 312.275.3132 Chicago, IL 60642 [email protected] [email protected] www.baumrealty.com