Executive Summary
Total Page:16
File Type:pdf, Size:1020Kb
EXECUTIVE SUMMARY INVESTMENT HIGHLIGHTS EXECUTIVE SUMMARY Undeveloped DX-7 zoned land site HFF has been retained on an exclusive basis to present an investment opportunity in a land site located at 675 North Wells Street. with strong development momentum in immediate area The 24,048 square-foot site occupies a key position at the epicenter of River North, the preeminent mixed-use, 24/7 urban Central Wells Street location serving as neighborhood of downtown Chicago. 675 North Wells offers an investor a rare opportunity to acquire one of the few remaining both the epicenter of River North and key corridor connecting the Loop to undeveloped land parcels in River North. near north neighborhoods Preeminent River North location Dynamic Wells Street Location Preeminent Downtown Neighborhood adjacent to the Loop, Michigan Avenue/ SITE SUMMARY Located at the geographic center of River North, 675 North Wells is located in the heart of the Streeterville, and Gold Coast/Near Site Area 24,048 SF North representing one of the densest Wells Street serves as a key artery connecting dynamic River North neighborhood, Chicago’s Current Zoning DX-7 urban environments in the country the Loop to the affluent Old Town neighborhood. most vibrant, mixed-use community. River North Tax Parcel ID 17-09-217-017-0000 2 Highly walkable and transit-oriented Wells Street has emerged as the epicenter of has transformed from a warehouse district to the development site next to multiple CTA River North combining unparalleled accessibility, cultural and entertainment hub of Chicago, filled “el” lines, dedicated bike lanes, and renowned art galleries, acclaimed restaurants, with art galleries, boutiques, elite apartments, proximate to key I-90/94 access ramp and a vibrant night life. 675 North Wells new hotel developments, and creative office 24/7 neighborhood populated by trendy presents a rare opportunity to acquire one of the space. Boasting Chicago’s highest concentration bars, acclaimed restaurants, renowned few remaining vacant land parcels in River North of restaurants, the area caters to the 24/7 entertainment, leading retailers, boutique hotels, and creative office and be instrumental in sculpting the future of the lifestyle of today’s young urban professionals and space occupied by numerous emerging Wells Street corridor. is also a popular destination for the millions of tech companies visitors to the city. Dynamic downtown market featuring YoY effective apartment rent growth of 5.6% and exceptional demographic profile EXECUTIVE SUMMARY RACINE D AMEN AV SHEFFIELD AV E SOUTHPOR E ADDISON ST AV ADDISON ST E ADDISON ST T AV L E A KE SH ASHLAND HALSTED ST L N I NC O R O O TH L RE N C LARK B D AV ROADW AV RIVE E E ST AY D RACINE AMEN AV AV E E BELMONT AVE BELMONT AVE BELMONT AVE SOUTHPOR SHEFFIELD NO RT SHERIDAN RD T H BROAD AV AV E E C ASHLAND LARK LAKE SHORE DR WA ST Y 19 L HALSTED ST IN AV C OL E N RACINE AV D E AMEN AV AV E E DIVERSEY PKWY DIVERSEY PKWY DIVERSEY PKWY LA K E SH STOCKTON DR SOUTHPOR OR CANNON ASHLAND L E IN C D OL RI N V AV E T CL E DR AV A AV RK E E S HALSTED ST T LAKEVIEW RACINE SHEFFIELD CL YB AV OU AV E R E N AV A V E E FULLERTON AVE FULLERTON AVE FULLERTON AVE L INCOLN PA CL 19 RK E L A LS IN RK W T C STOCKTON DR O OL N S N T A V AV E E WEBSTER AVE WEBSTER AVE WEBSTER AVE WEBSTER AVE ASHLAND SEDGWICK ST CL RACINE D YB AMEN KE O N U L N A R N AKE SHORE E VE DY A AV AV VE E E E X Leading Proximate Economic Drivers Walk to Work LocationPRESSW CENTER OF HIGH-TECH JOB GROWTH HALSTED ST ARMITAGE AVE A ARMITAGE AVE D Y R ARMITAGE AVE I VE SHEFFIELD LARRABEE ST River North has long been favored by tech 675 North Wells features a Walk Score of 98 and CL COURTLAND ST A RK S ST ELSTON TOCKT COURTLAND ST AV companies for its upscale environment, creative Transit Score of 100. The site is located just north E ON AV DR E WELLS ST building stock and close connectivity to greater of the Loop, placing Chicago’s CBD and numerous WILLOW ST SEDGWICK ST D AMEN C LY B 90 OU R Chicago via public transportation. Since 2011, world-renowned corporationsAV and iconic office N A 19 V E E NORTH BLVD NORTH AVE NORTH AVE NORTH AVE LA SALLE ST 94 D River North has experienced some of the buildings within walking distance. The Chicago EARBORN ST LARRABEE ST ASHLAND MI E LW LSTON A U HALSTED ST K E E AV AV ST AV CHIC K AT CLARK ST strongest rent growth - $22 per square foot to $34 Loop office market consistsE of over 130 million WELLS ST E INGS E E PKWY L AKE B U A G O RRY I V E R S HOR SEDGWICK ST per square foot at the end of 2014, an increase square feet of office space housing over 570,000 ST C E DRIV LY B OU KENNEDY EXPRESS R D N E AMEN A V of 31% in average asking rents. Numerous blue- workers daily. The site is also in the heart of GOOSE ISLAND E AV DIVISION ST E DIVISION ST L AKE MICHIGAN DIVISION ST DIVISION ST DIVISION ST chip tenants are located in office buildings in the the rapidly expanding River North office market K I LARRABEE ST LA NG MI A CEDAR ST R LW WA S RA R BU ORLEANS ST ORLEAN A A U K Y R E 600 WEST BELLEVUE PL E E Y ST AV NORTH BRANCH E HALSTED ST ST S 19 E neighborhood supplementing the strong tech and attracting tech firms, start-ups, and established NO T OAK ST S SS ASHLAND R S RIVERTH CAMPUS S BRA T E LSTON N WALTON PL CH AUGUSTA BLVD ST AV start-up presence in the submarket. firms drawn to the 24/7 atmosphere of the AV DELAWARE PL E E R CHESTNUT ST US D AMEN H ST 90 LAKE MI PEARSON ST neighborhood. LW A SHOR AV U RIVER WEST K E E E CHICAGO AVE A V CHICAGO AVE E 94 E MICHIGAN CHICAGO AVE ST CHICAGO AVE DRIV AT SUPERIOR ST SUPERIOR ST E E ST Epicenter of the Chicago Tech FA 3 I HURON ST RBANKS CT KE HURON ST AV N NE E ERIE ST D ERIE ST WELLS ST Y ST CLAIR RUSH ST E HALSTED ST Community Covered Land Investment WA XPRE ONTARIO ST FRANKLIN ST ONTARIO ST ONTARIO ST BASH E SS AV OHIO ST 19 WA KI OHIO ST NGSBU RIVER NORTH M EN Y AV MI CCLURG CT GD LW Located within walking distance of Merchandise The site currently generates attractive cash flows E GRAND AVE O A GRAND AVE U K RY E GRAND AVE GRAND AVE E ST GRAND AVE A ILLINOIS ST GRAND AVE V Mart and 600 West, the site is positioned at via a surface parking lot and two (2) outdoor E ILLINOIS ST HUBBARD ST TER ST TH WA NO R WATER ST KINZIE ST KINZIE ST CLINTON ST ASHLAND the heart of Chicago’s rapidly expanding tech advertising billboards. The 120 space surface 90 LAKE SHORE DRIV CANAL ST GREEN ST D E AMEN V CHICH IICC AAGGOO RIVERR IVER A AV N WAAACCKERCKCCKEK RRD DRIVDRRIRIVEVE E 94 DE community. The prominence of Merchandise parking lot and billboardsAV are operated by thirdG MERCHANDISE MART O E E LAKE ST LAKE ST LAKE ST FULTON MARKET DESPLAINES ST Mart and 600 West Chicago as key regional parties under lease agreements.LAKE ST RANDOLPH ST RANDOLPHRAAANNDOOLLPH ST RANDOLPH ST KENNEDY EXPRESS WASHINGTON ST tech hubs have greatly impacted the surrounding WASHINGTON ST C WEST LOOP H I 19 MADISON ST MADISON ST C LASALLE ST HALSTED ST MADISON ST CLARK ST A WA G D neighborhood – 71 of the top 100 tech firms WA MONROE ST MONROE ST EARBORN ST JEFFERSON ST ST Y O CKER DRIV AT MORGAN ST ASHLAND RACINE E E ST CLINTON ST LOOP AV ADAMS ST in Chicago are within a 1.5 mile radius of the ADAMS ST R GDEN ADAMS ST E AV O I AV CANAL ST E V JACKSTON BLVD E JACKSTON BLVD JACKSTON BLVD E LAKE SHORE DRIV JACKSTON BLVD Merchandise Mart. River North is the hub for R VAN BUREN ST VAN BUREN ST VAN BUREN ST WELL ST CONGRESS PKWY emerging tech neighborhood spokes including the 290 DWIGHT D. EISENHOWER EXPRESSWAY E E HARRISON ST AV HARRISON ST HARRISON ST L OOMIS ST West Loop, Fulton Market, River West, and Goose DESPLAINES ST GDEN O BALBO AVE WOOD ST COLUMBUS DRIV ASHLAND POLK ST MICHIGAN JEFFERSON ST D AMEN Island. HALSTED ST WA ST CLARK ST CLINTON ST BASH AT AV AV AV E ST E E E AV E CANAL ST E TAYLOR ST WELL ST TAYLOR ST 19 TAYLOR ST RACINE 90 AV E ROOSEVELT RD EXECUTIVE SUMMARY ROOSEVELT RD ROOSEVELT RD 94 ROOSEVELT RD CHIC L OOMIS ST A HALSTED ST CLARK ST G O R I V E LA MICHIGAN KE WA ST SHORE AT BASH E ST DAN ASHLAND D AV DRIV AMEN AV E R RY E VE E A AN EXPRESS AV AV E E ISLAND CANAL ST BLUE WA Y 18TH ST 18TH ST 18TH ST 18TH ST 18TH ST RACINE HALSTED ST T L OOMIS ST ALPOR N 19 CA AV E 21ST ST E AV 21ST ST R CHE AR CERMAK RD CERMAK RD CERMAK RD 90 CERMAK RD WA ST MICHIGAN AT BASH D ASHLAND AMEN E ST 94 AV AV E AV ISLAND RD E AV E CANAL ST BLUE E E AV R HE L C OOMIS ST AR LA KE SHORE 26TH ST 26TH ST 55 26TH ST D RIVE AY HALSTED ST 90 MAR MICHIGAN TIN LUTHER KING DR WA LOWE STEVENSON EXPRESSW BASH 94 AV AV ASHLAND AV ST E ACCESS RD E AT E E C A E L L AV OOMIS E ST TP R KE R CHE A AV D M AR DAN AMEN S E T RY AV AN EXPRESS E 19 31ST ST 31ST ST 31ST ST 31ST ST WA INDIANA Y AV E E AV HALSTED ST ER ASHLAND LOWE RCH A MICHIGAN AV WOOD ST ST E AT AV E ST E AV E 35TH ST 35TH ST 35TH ST 35TH ST 35TH ST 35TH ST AON CENTER NAVY PIER N GRANT PARK WILLIS TOWER TRUMP TOWER ANN & ROBERT H.