Offering Memorandum | Single-Tenant Investment
Owner-Operator Sale/Leaseback
TIPPECANOE PLACE 620 W. Washington Street | South Bend, Indiana
TIPPECANOE PLACE 2 Tippecanoe Place S i n g l e - Tenant Investment 620 W. Washington Street | South Bend, Indiana
TABLE OF CONTENTS
EXECUTIVE SUMMARY
Offering Summary 3
Property Summary 4
PROPERTY DETAILS
Property History 5
Property Photos 6
Property Location 13
Floor Plans & Site Plan 14
Tenant Information 17
DEMOGRAPHIC & AREA PROFILE
Area Demographics 18
Area Profile 19
OTHER INFORMATION
Confidential Memorandum and Disclaimer 20
NOAH DAVEY, CCIM CHRISTIAN DAVEY, CCIM/SIOR Senior Broker, Principal Senior Broker, Principal 574.485.1530 574.485.1534 [email protected] [email protected]
© 2017 Newmark Grubb Cressy Commercial. Reproduction or sharing of this information, in whole or in part, is permitted only with the written consent of Newmark Grubb Cressy & Everett. Some of the data in this report has been gathered from third party sources and has not been independently verified. Newmark Grubb Cressy Commercial makes no warranties or representations as to the completeness or accuracy thereof. TIPPECANOE PLACE 3
OFFERING SUMMARY
Newmark Grubb Cressy Commercial, as the exclusive advisor to the Owner, is pleased to present the opportunity to acquire Tippecanoe Place, the historic Studebaker Mansion, located at 620 W. Washington Street in South Bend, Indiana.
Built by Clem Studebaker from 1886-1889, the OFFERING SNAPSHOT Tippecanoe Place mansion has a rich and colorful history. The 24,223 square-foot Romanesque style mansion currently houses one of South Bend’s ADDRESS Tippecanoe Place www.tippe.com finest restaurants. The property features four 620 W. Washington Street floors, 40 rooms and 20 fireplaces, and the South Bend, Indiana sprawling 2.67 acre grounds compliment the
stately interior. There are 2 additional lots across Y R A M M U S E V I T U C E X E YEAR BUILT 1886 Washington Street totaling 0.67 additional acres that can be used for parking for larger events. The ZONING MU-Mixed Use interior of the home emphasizes high quality wood and stone work throughout with expert carving RENTABLE AREA 24,223 Square Feet skills. The versatile, unparalleled character of the property creates a one-of-a-kind event and dining LOT SIZE 3.34 Acres experience.
PERCENTAGE The property has been impeccably maintained and LEASED/OCCUPIED 100% tactfully preserved.
NOI $106,000 The property is located near the University of Notre Dame and within walking distance to the
ANNUAL TAXES $26,836.69 ($1.11 PSF) heart of Downtown South Bend’s Central Business District, which has been undergoing a revitalization of approximately $300 million in OFFERING TYPE Single-Tenant Investment Owner-Occupied Sale/Leaseback public and private projects.
OFFERING PRICE $1,325,000
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PROPERTY SUMMARY
ADDRESS: 620 W. Washington Street South Bend, Indiana
CONSTRUCTION TYPE: Stone structure and slate/tile roof
UTILITIES: Electric, natural gas, municipal sewer and water
PARCEL NUMBERS: 71-08-11-231-010.000-026; 71-08-11-231-011.000-026; 71-08-11-276-002.000-026
LEGAL DESCRIPTION: BOL L and 44 and Lot 45 except 147.84’ West side; Lots 7 and 8 Cobbs Sub BOL Y R A M M U S E V I T U C E X E 21-25 and 55 Ft W Side Lot 24 Bol Portage Township, St. Joseph County, Indiana
ASSESSED VALUE: Land $144,500 Improvements $614,500 Total $759,000 ($31.33 PSF) The property is listed as Property Class 430 (Restaurant/Commercial)
TOWNSHIP: Portage
ZONING: MU-Mixed Use
OWNERSHIP ENTITY: Tippecanoe Place Holdings, LLC
BUILDING RENTABLE AREA: 24,223 Square Feet
LAND: 3.34 Total Acres *
*2.67 acres on site & 0.67 additional acres across Washington Street for overflow parking
YEAR BUILT: 1886
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PROPERTY HISTORY
S L I A T E D Y T R E P O R P
Henry Cobb, a famous Chicago-based architect, designed this Richardsonian Romanesque style mansion for Clement Studebaker. It has 40 rooms (including a ball room, library and billiard room) and 20 fireplaces. It now houses one of South Bend’s finest restaurants and event venues—Tippecanoe Place.
Clement Studebaker hired Henry Cobb in 1885 to design and plan an impressive family home, which, when completed
was over 24,000 square feet. Clement took residence in the mansion in 1888 and enjoyed living in Tipp ecanoe until his death in 1901. His widow continued to live in the mansion, passing it on to their son, George in 1916, who subsequently lost the building during the great depression. The building was purchased in 1941 by E.M. Morris who donated it to the City of South Bend. It then served as a school for handicapped children, and during World War II it served as the Red Cross Headquarters. After the war, it continued as a school for handicapped children.
In the early 1970s the mansion served as an administration building for South Bend Schools. In the mid-1970s it was presented to the local preservation organization, Southhold Restoration. After restoration efforts, Southhold sold the property to Continental Restaurant Systems, a division of Ralston Purina, which in 1979/1980 converted the building into its current state: The Tippecanoe Place Restaurant, one of South Bend’s most elegant dining establishments. The versatile unparalleled character of the property creates a one of a kind event and dining experience. The sprawling grounds compliment the stately interior while also allowing for unique outdoor dining and special events. The building is the only building in St. Joseph County on the National Historic Registry as a National Historic Landmark.
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PROPERTY PHOTOS
S L I A T E D Y T R E P O R P
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PROPERTY PHOTOS
S L I A T E D Y T R E P O R P
S L I A T E D Y T R E P O R P
S L I A T E D
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PROPERTY PHOTOS
S L I A T E D Y T R E P O R P
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PROPERTY PHOTOS
S L I A T E D Y T R E P O R P
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PROPERTY PHOTOS
S L I A T E D Y T R E P O R P
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PROPERTY PHOTOS
S L I A T E D Y T R E P O R P
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PROPERTY PHOTOS
S L I A T E D Y T R E P O R P
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PROPERTY LOCATION
S L I A T E D Y T R E P O R P
The property is located in the heart of South Bend’s Near West Side, in the West Washington neighborhood that surrounds South Bend’s museum campus and highlights the community’s innovation and heritage. The property is surrounded by historic and newer single-family residential developments and commercial businesses. It is well located in an emerging mixed-use area with good access to major transportation infrastructure, minutes to the new Saint Joseph High School, South Bend Clinic, Memorial Hospital, University of Notre Dame and downtown South Bend.
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FLOOR PLANS
L I A T E D Y T R E P O R P
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FLOOR PLANS
S L I A T E D Y T R E P O R P
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SITE PLAN
S L I A T E D Y T R E P O R P
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TENANT INFORMATION
S L I A T E D Y T R E P O R P
Tippecanoe Place is a unique fine dining experience set in one of South Bend’s most notable structures, the historic Studebaker Mansion. The building is over 130 years old and currently hosts weddings, banquets, special events, breakfasts, lunches, dinners and brunches. The timeless finishes and stately grounds heighten all outdoor and indoor weddings, celebrations, banquets, fine dining experiences or cocktails.
Over the past century, many special recipes have come and gone. The exceptional entrées on Tippecanoe’s menu have withstood the test of time and are presented to provide you with the opportunity to taste some truly traditional favorites. Additionally, the Studebaker Lounge and Patio Bar provide an elegant environment that complement the Tippecanoe Place Restaurant. Enjoy a variety of your favorite brews, wines and specialty hand crafted classic cocktails, all in a beautiful, and collective atmosphere. It's an unspoken experience worth sharing with your family and friends.
Web address: http://www.tippe.com Informational Video: https://youtu.be/IpOi5E9WJzE
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AREA DEMOGRAPHICS
A E R A & C I H P A R G O M E D
2017 DEMOGRAPHICS 3 MILE 5 MILE 10 MILE
E L I F O R P POPULATION 89,644 167,658 262,336
MEDIAN AGE 30.1 34.3 37.2
NUMBER OF HOUSEHOLDS 31,606 65,916 102,557
AVERAGE HOUSEHOLD INCOME $46,429 $51,534 $61,968
AVERAGE HOME VALUE $101,305 $119,781 $151,610
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AREA PROFILE
A E R A & C I H P A R G O M E D South Bend is a city located in the county seat of St. Joseph County, Indiana, on the St. Joseph River near its southernmost bend, from which it derives its name. As of the 2010 census, the city had a total of 101,168 residents; its Metropolitan Statistical Area (MSA) had a population of 318,586 and Combined Statistical Area (CSA) of 721,296. It is the fourth-largest city in Indiana, serving as the economic and cultural hub of Northern Indiana. The highly ranked University of Notre Dame is located just to the north in unincorporated Notre Dame, Indiana and is an integral contributor to the region's economy.
The area was originally settled in the early 19th century by fur traders and was established as a city in 1865. The St. Joseph River shaped South Bend's economy through the mid-20th century. River access assisted heavy industrial development such as that of the Studebaker Corporation, the Oliver Chilled Plow Company and other large corporations. In 1923, industrialist and entrepreneur Vincent H. Bendix selected South Bend as the site of his new manufacturing plant for automotive parts. He chose South Bend primarily because it was on a rail line midway between Chicago and Detroit, the two automotive manufacturing centers of the United States at the time. Eventually, the Bendix corporation built a vast manufacturing complex on its South Bend acreage served by the major railro ads, including a huge shipping and receiving building where railroad cars could enter at one end, unload, and depart at the opposite end.
The population of South Bend declined after 1960, when it had a peak population of 132,445. This was chiefly due to
migration to suburban areas as well as the demise of Studebaker and other heavy industry. Today, the largest E L I F O R P industries in South Bend are health care, education, small business and tourism. Remaining large corporations include Crowe Horwath, Honeywell and AM General.
Recently, the city population has started to grow for the first time in nearly fifty years. The old Studebaker plant and surrounding area, now called Ignition Park, is being redeveloped as a technology center to attract new industry.
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CONFIDENTIAL MEMORANDUM AND DISCLAIMER
Newmark Grubb Cressy Commercial. (“Agent”) has been engaged as the exclusive agent for the sale of the building located at 620 W. Washington Street in South Bend, Indiana (the “Property”), by the owner of the Property (“Seller”).
The Property is being offered for sale in an “as-is, where-is” condition and Seller and Agent make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highly confidential information and are being furnished solely for the purpose of review by prospective purchasers of the interest described herein. Neither the enclosed materials nor any information contained herein is to be used for any other purpose or made available to any other person without the express written consent of the Seller. Each recipient, as a prerequisite to receiving the enclosed, should be registered with Newmark Grubb Cressy Commercial as a “Registered Potential Investor” or as “Buyer’s Agent” for an identified “Registered Potential Investor.” The use of this Offering Memorandum and the information provided herein is subject to the terms, provisions and limitations of the confidentiality agreement furnished by Agent prior to delivery of this Offering Memorandum.
The enclosed materials are being provided solely to facilitate the prospective investor’s own due diligence for which it shall be fully
and solely responsible. The material contained herein is based on information and sources deemed to be reliable, N O but I T A no M R O F N I R E H T O representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein of any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Agent nor the Seller shall have any liability whatsoever for the accuracy or completeness of the information contained herein or any other written or oral communication or information transmitted or made available or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections and conclusions without reliance upon the material contained herein.
Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserves the right, at their sole and absolute discretion, to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This offering is made subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of Seller.
Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by Seller and any conditions to Seller’s obligations there under have been satisfied or waived.
By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated in the strictest confidence and shall be returned to Agent or Seller promptly upon request; and (b) the recipient shall not contact employees or tenants of the Property directly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of Seller or Agent or as otherwise provided in the Confidentiality and/or Registration Agreement executed and delivered by the recipient(s) to Newmark Grubb Cressy Commercial.
Offering Memorandum | Single-Tenant Investment Owner-Occupied Sale/Leaseback