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Michigan Avenue Retail Investment Opportunity

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Michigan Avenue Retail Investment Opportunity THE SHOPPES AT METROPOLITAN TOWER MICHIGAN AVENUE RETAIL INVESTMENT OPPORTUNITY 310 SOUTH MICHIGAN AVENUE CHICAGO, ILLINOIS PRIME URBAN RETAIL ON MICHIGAN AVENUE - CHICAGO’S PREMIER RETAIL DESTINATION On behalf of the Seller, JLL is pleased to present to qualified investors the opportunity to acquire The Shoppes at Metropolitan Tower, comprising approximately 36,386 square feet of premier street and lower level retail situated with prime visibility and access along the famed historic Michigan Avenue in the Chicago CBD. The asset offers the future owner outstanding cash flow and security of income as well as the potential for significant yield enhancement through the lease up of the remaining available space with premier frontage along South Michigan Avenue. THE OFFERING The Shoppes at Metropolitan Tower (the ”Property”) consist of street level and lower level retail in the Metropolitan Tower, a 30-story, 242-unit luxury condominium building situated on the southwest corner of South Michigan Avenue and East Jackson Boulevard along Michigan Avenue, one of the most renowned high-street retail districts in the world. Adjacent to the Art Institute and facing Grant Park with views of the Buckingham Fountain and Lake Michigan, this landmark building has served as a beacon on Chicago’s skyline for generations. This offering affords new ownership the rare opportunity to purchase a downtown Chicago trophy retail asset paired with upside opportunity in the lease up of the available Michigan Avenue space. The first floor retail is comprised of approximately 14,456 square feet, which is approximately 50.6 percent leased as of May 2015 by JPMorgan Chase (S&P rated A+), FedEx Office (S&P rated BBB) and Bow & Truss Café. Investment-grade tenants JPMorgan Chase and Fed Ex Office together contribute approximately 90 percent of the in-place revenues of the Property. The Property’s 7,143 square feet of available, premier South Michigan Avenue retail space with open floors, high ceiling (13- foot ground floor slab-to-slab height) and expansive windows THE SHOPPES AT very effectively positions the building for lease up. Ownership has generated tremendous tenant interest in the space, providing a METROPOLITAN TOWER multitude of immediate leasing options for new ownership. ASSET SUMMARY Property The Shoppes at Metropolitan Tower Address 310 South Michigan Avenue Chicago, Illinois 60604 Building Size 36,386 SF total; 14,456 SF street level Stabilized NOI $1,401,796 Property Type Two-story Urban Retail with Upside Built/Renovated 1924/2007 DEMOGRAPHICS (.25-mile) Population & Growth (00-10) 2,953 (+13.34% avg annual growth) Average Household Income $133,347 (+5.89% avg annual growth) INVESTMENT HIGHLIGHTS A+ $$ Irreplaceable Chicago Attractive lease Premier location with High rent growth Strong value-add Michigan Avenue retail fundamentals with national outstanding pedestrian traffic potential as the market potential/Flagship appeal with upside investment grade tenants across from Grant Park continues to shift south for retail tenants PROPERTY LOCATION Located in the heart of Chicago’s historic Michigan Avenue district, on what is known as the “Cultural Mile”, The Shoppes at Metropolitan Tower is exceptionally well-positioned amid a vast array of entertainment and tourism venues, world-class dining establishments, premiere office towers, universities and residential housing, all of which further substantiate this irreplaceable site. With a walkability ratio of 99, and a transit score of 100, the Property is in proximity to 24.5 million square feet of office space, DePaul University, Roosevelt University, the Metra station, the Art Institute, Chicago Symphony, Chicago’s Millennium Park, Grant Park and other tourism attractions. In addition, the area’s affluent population base has expanded significantly over the past decade, which has provided stimulus for renewed residential and retail development. This location offers outstanding rent growth potential as the retail market continues to migrate south along Michigan Avenue. The convergence of these destinations and activities, complimented by its proximity and views of Lake Michigan, make the Property’s location truly irreplaceable. N Madison St. 4.5 Million Visitors Per Year My Chicago Bye, Bye Chicago Monroe St. Wabash Avenue Wabash Michigan Avenue Adams St. PPD VPD / 12,000 19,379 Russian Tea Time 1.5 Million Visitors Per Year DYNAMIC LOCATION ALONG MICHIGAN AVENUE Average household income of $133,347 within 0.25 mile Michigan Avenue 168,652 daytime employees within a half mile Jackson Blvd. 19,000 PPD 27,442 office employees within two blocks THE SHOPPES AT METROPOLITAN TOWER Pedestrian traffic of 12,000 per day on Michigan Ave. and 19,000 per day on Jackson Blvd. 4.5 million visitors per year at Millennium Park PPD 12,000 Over 6,500 hotel rooms within the submarket Van Buren St. 58,000 students attending universities within the Loop THE SHOPPES AT METROPOLITAN TOWER THE SHOPPES AT METROPOLITAN TOWER Rebecca Wells Bruce Miller Peter Caruso Executive Vice President International Director Vice President [email protected] [email protected] [email protected] +1 312 848 2048 +1 312 228 2340 +1 312 228 2926 Financing: Shanna Athas Aaron Ross Keith Largay Vice President Analyst Managing Director [email protected] [email protected] [email protected] +1 312 228 3760 +1 317 810 7013 +1 312 228 3111.
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