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1000 W. Washington Boulevard | Chicago, IL 60607 Confi dential Offering Memorandum 1000 W. Washington Boulevard | Chicago, IL 60607 OFFERED BY: Danny Spitz Greg Dietz Michael Sieber Managing Director Managing Director Associate 312.275.3139 312.275.3125 312.275.3127 [email protected] [email protected] [email protected] BAUM REALTY GROUP, LLC ∙ 1030 W. CHICAGO AVENUE, SUITE 200 ∙ CHICAGO, IL 60642 ∙ 312.666.3000 ∙ WWW.BAUMREALTY.COM 1000 W. Washington Boulevard ∙ Chicago, IL Table of Contents SECTION I. EXECUTIVE SUMMARY ·Offering Summary · Investment Highlights ·Investment Summary SECTION II. THE PROPERTY ·Property Description ·Tenant Information ·Property Photographs ·Floorplan SECTION III. FINANCIAL ANALYSIS · Operating Proforma – In-Place ·In-Place Rent Roll SECTION IV. THE MARKET ·West Loop Market Overview ·Explosive Growth · History of the West Loop · Chicago Overview · Market Aerial Broad View ·Market Aerial Map ·Parcel Aerial Map SECTION V. DEMOGRAPHICS ·Demographic Ring Map ·Demographic Statistics CONFIDENTIALLY DISCLOSURE 2 | CONFIDENTIAL OFFERING MEMORANDUM SECTION I. Executive Summary CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL Executive Summary The rarely available West Loop retail assemblage is bounded by three streets; Washington Boulevard, Morgan Street and Carpenter Street. The property is located 2 blocks from the Morgan Street CTA ‘L’ station and situated one block between Randolph and Madison Streets, which are home to the West Loop’s dining and nightlife. 1000 W. Washington Lofts is a six-story, 180-unit loft condominium building that features timber loft ceilings, hardwood fl oors and private balconies. The West Loop has undergone a tremendous transformation in the last ten years, transitioning from its industrial and manufacturing past to a vibrant 24-hour destination. The West Loop brings together creative loft offi ce space, luxury residential developments, Michelin-starred restaurants and boutique hotels. This property represents an opportunity to acquire a stabilized retail asset with a mix of credit and local tenants in the most sought after real estate market in Chicago. The property offers investors the opportunity to realize substantial future retail rent growth as the neighborhood continues to mature, residential density increases and strong and improving daytime populations gives way to enhanced overall demographics. DEMOGRAPHIC SUMMARY Radius 0.25 Mile .05 Mile 1 Mile Estimated Population (2014) 2,359 10,816 42,592 Adj. Daytime Demographics Age 16 Years or Over 6,729 35,599 214,972 Estimated Households (2014) 1,342 6,241 23,442 Offering Summary Estimated Average Household Income (2014) $166,822 $137,626 $116,618 Baum Realty Group, LLC is pleased to exclusively offer the opportunity to acquire a value-add retail property in the heart of Chicago’s West Loop neighborhood. 1000 W. Washington Boulevard is currently 21% leased to Subway and La Sardine. There is a total of 18,065 square feet of vacancy with 14,565 square feet of contiguous space across three (3) suites. The property is located on Washington Boulevard and consists of six retail suites totaling 22,819 rentable square feet. The property became a vertical subdivision in 1996 from the residential condominiums above. 4 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL Executive Summary Investment Highlights VALUE-ADD RETAIL IN ROBUST WEST LOOP • Retail in the center of the robust West Loop submarket • 22,819 square feet of prime urban retail space » 14,565 square feet of contiguous space that can be divided into multiple suites » Signifi cant tenant signage • Frontage on three streets (Morgan, Washington, Carpenter) • Signifi cant infrastructure already in place for restaurants, including two former restaurant spaces with black iron venting • Former Flat Top Grill space, fi rst time available in 19 years - 3,500 SF corner space with black iron • 10 parking spaces in adjacent garage included - great opportunity for an owner / user IRREPLACEABLE LOCATION IN MOST SOUGHT AFTER SUBMARKET IN CHICAGO • Located one block from Randolph Street (Restaurant Row) & Madison Street • Irreplaceable location with high barriers to entry • “Main and Main” location of the West Loop submarket • Adjacent to Harpo Studios – approximately 750,000 SF Mixed Use Development - to begin construction in 2016 • 2 blocks from the new Morgan Street CTA ‘L’ station FASTEST GROWING CHICAGO NEIGHBORHOOD WITH STRONG DEMOGRAPHICS • 3 blocks from the 500,000 SF 1KFulton Offi ce / Retail Development » New 357,000 SF Google offi ce • Already strong demographics continue to strengthen with new offi ce and residential development in the West Loop. Estimated to have more than 3,000 new daytime employees within ¼ mile by 2017 / 2018 • Estimated population of 42,592 people, daytime population of 214,972 and 23,442 households with an average household income of $116,618 within a one mile radius 5 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL Executive Summary Investment Summary Asking Price: $7,250,000 Price Per Gross Square Foot: $302 Price Per Net Rentable Square Foot: $318 Gross Area: 24,029 square feet Rentable Area: 22,819 square feet Leased: 21% ASSUMABLE LOAN Balance (As of 4/1/2016): $3,345,995 Term: 10 Year - Matures April 1, 2022 Interest Rate: 4.6% Monthly P & I: $24,565 Lender: Genworth Life Co.* * Lender willing to add additional loan proceeds ** Loan assumption is optional 6 | CONFIDENTIAL OFFERING MEMORANDUM SECTION II. The Property CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Property Property Description Address: 1000 W. Washington Boulevard, Chicago, Illinois 60607 Gross Area: 24,029 SF Rentable Area: 22,819 SF Description: Six tenant commercial vertical subdivision below 1000 W. Washington Lofts Year Built: 1920 (converted to condominiums in 1996) Tenants / Suites: Vacant 3,500 SF La Sardine 3,454 SF Vacant (Divisible) 14,565 SF Subway 1,300 SF Total 22,819 SF Parking: 10 parking spaces located in the residential garage below the retail spaces Zoning: PD 572 – Planned Development PIN: 17-08-438-004-0000 Taxes:* $88,136 ($3.86 PSF) * Based off 2015 assessments 8 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Property Tenant Information LA SARDINE www.lasardine.com La Sardine is one of Chicago’s fi nest French restaurants, a popular lunch spot for nearby offi ce workers and a favorite dinner restaurant for diners across the city. The space is open and airy, offering updated versions of classic French bistro standards with plenty of seafood, soups, meats and vegetables available. La Sardine has been located at 1000 W. Washington since 1998. The restaurant enjoys a loyal following of dedicated patrons that seems to grow each year. SUBWAY www.subway.com Today, the SUBWAY® brand is the world’s largest submarine sandwich chain with more than 40,000 locations in 102 countries. They have become a leading choice for people seeking quick, nutritious meals that the whole family can enjoy. 9 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Property Property Photographs 10 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL The Property Floor Plan Hallway Entrance 3,454 SF Vacant MORGAN ST. N. N. CARPENTER ST. N. (Divisible) 14,565 SF Vacant 3,500 SF Residential 1,300 SF Lobby Stairs Stairs Entrance Entrance Entrance Entrance W. WASHINGTON BLVD. 11 | CONFIDENTIAL OFFERING MEMORANDUM SECTION III. Financial Analysis CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL Financial Analysis In-Place Proforma Forward 12 months - 6/1/2016 - 5/31/2017 Tenant SF Rent / SF Annual Rent VACANT 3,500 $ 0.00 $ 0 La Sardine 3,454 $ 30.49 $ 105,315 VACANT (Divisable) 14,565 $ 0.00 $ 0 Subway 1,300 $ 30.19 $ 39,250 Total 22,819 $ 6.34 $ 144,565 Miscellaneous Income Gross Percentage Rent on Sales (La Sardine - 2% of Sales) $ 18,300 Parking Income - Flat Top - 2 spaces $ 0 Gross Rental Income $ 7.14 $ 162,865 Reimbursable Expenses Management Fees $ 0.06 $ 1,357 Real Estate Taxes* $ 0.80 $ 18,362 CAM** $ 0.35 $ 8,069 Insurance $ 0.25 $ 5,732 Total Reimbursements $ 1.47 $ 33,520 Potential Gross Revenue $ 8.61 $ 196,384 Effective Gross Revenue $ 8.61 $ 196,384 Expenses Management Fees 4.00% $ 6,515 Real Estate Taxes* $ 3.86 $ 88,136 CAM** $ 1.70 $ 38,731 Insurance $ 1.21 $ 27,512 Total Operating Expenses $ 7.05 $ 160,894 In-Place Net Operating Income $ 1.56 $ 35,491 * Taxes are based on 2015 assessments ** CAM (including CAM, Utilities, Repair & Maintenance, Association Dues) 13 | CONFIDENTIAL OFFERING MEMORANDUM 1000 W. Washington Boulevard ∙ Chicago, IL Financial Analysis Rent Roll % Expiration Square Prorata Initial Rent Monthly Annual Annual Tenant Start Date Date Footage Share % Lease Term Lease Type Remaining Lease Options Security Deposit Guarantor Start Date End Date PSF Rent Rent Change VACANT N/A N/A 3,500 15.34% N/A N/A N/A N/A N/A N/A N/A $0.00 $0 $0 N/A La Sardine 3/1/2012 2/28/2017 3,454 15.14% 60 months NNN / Annual One (1), Five (5) Year Term $6,008 Jean Claude 3/1/2012 2/28/2013 $27.45 $7,901 $94,817 N/A Percentage Rent Poilevey 120 day notice required 3/1/2013 2/28/2014 $28.14 $8,099 $97,188 2.5% 1% of Gross Sales President, La 3/1/2014 2/28/2015 $28.84 $8,301 $99,617 2.5% Months 1-24 Sardine 3/1/2015 2/28/2016 $29.56 $8,509 $102,108 2.5% 2% of Gross Sales 3/1/2016 2/28/2017 $30.30 $8,722 $104,661 2.5% Months 25-60 Option #1 - 5-Year Term - 120 day notice required 3/1/2017 2/28/2018 $31.06 $8,940 $107,277 2.5% 3/1/2018 2/28/2019 $31.84 $9,163 $109,959 2.5% 3/1/2019 2/28/2020 $32.63 $9,392 $112,708 2.5% 3/1/2020 2/28/2021 $33.45 $9,627 $115,526 2.5% * Lease specifi es annual rent increases in the same proportion as the Consumer Price Index - Rent Roll assumes 2.5% annual increases.
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