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Www .Colliers.Com 11.3 ACRE RESIDENTIAL/RETAIL REDEVELOPMENT OPPORTUNITY WHEELING , ILLINOIS N CHICAGO CBD 294 RR ARIE AVENUE CHICAGO EXECUTIVE AIRPORT . M MILWAUKEE TE S AULT & S OAD R AUL . P ENRY T CH , S M AQUATIC CENTER NEW VILLAGE HALL REC CENTER D INNEAPOLIS UNDEE WICKES FURNITURE M R OAD METRA STATION PARKWAY METRA PARKING NORTHGATE 1601 Overlook Drive Glenview, Illinois CONFIDENTIAL OFFERING MEMORANDUM www.colliers.com AUGUST 2008 EXCLUSIVE ADVISORS: Alain G. LeCoque Jack H. Rosenberg, SIOR Fred L. Regnery Executive Vice President Principal Vice President Phone: 312-612-5941 Phone: 847-698-8208 Phone: 847-698-8238 Fax: 312-612-5991 Fax: 847-698-8408 Fax: 847-698-8438 [email protected] [email protected] [email protected] COLLIERS BENNETT & KAHNWEILER INC. 6250 N. River Road, Suite 11-100 • Rosemont, Illinois 60018 351 WEST DUN D EE ROA D Wh e e l i n g • il l i n o i s DISCLAIMER STATEMENT This Offering Memorandum, which contains brief, select information pertaining to the business and affairs of the Property, has been prepared by Colliers Bennett & Kahnweiler. This Offering Memorandum does not purport to be all-inclusive or to contain all of the information a prospective purchaser may desire. Neither Owner nor Colliers Bennett & Kahnweiler, nor any of their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness of this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. By acknowledging your receipt of this Offering Memorandum, you agree: 1) the Offering Memorandum and its contents are confidential; 2) you will hold and treat it in the strictest of confidence; and 3) you will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of Owner. Photocopying or other duplication is strictly prohibited. The Property and improvements described in this Offering Memorandum are being sold on an “As Is, Where Is” basis without representations or warranties. Owner and Colliers Bennett & Kahnweiler expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered. If you do not wish to pursue negotiations leading to this acquisition, or if in the future you discontinue such negotiations, then you agree to return this Offering Memorandum to Colliers Bennett & Kahnweiler. This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum was prepared. • i i • CONFIDENTIAL OFFERING ME M ORANDU M TABLE OF CON T EN T S I. EX E CUT I V E SUMMARY •INTRODUCT I ON •PRO P ERTY HI G H L I G H TS •MARKET I NG PROCESS /BID INSTRUCT I ONS II. LOCAT I ON & AR E A Des CR I PT I ON •LOCAT I ON MA P S •AER I AL PH OTOGRA ph S III. ME TROPO li TAN CH I CAGO OV E RV ie W IV. PROP E RTY OV E RV ie W V. ZON I NG VI. DE MOGRAPH I C S VII. TRAFF I C COUNT S VIII. DE MO li T I ON QUOT E IX. RE A L ES TAT E TAX INFORMAT I ON X. Adde N D A (INFORMAT I ON PROV ided ON CD) •SURVEY •ENV I RON M ENTAL RE P ORT •VI LLAGE OF W H EEL I NG CO mp RE H ENS I VE PLAN (DATED JULY 28,2003) • i i i • 351 WEST DUN D EE ROA D Wh e e l i n g • il l i n o i s OFFERING SUMMARY olliers Bennett & Kahnweiler is pleased to present an extraordinary opportunity to purchase 351 CWest Dundee Road in Wheeling, Illinois. The building and approximately 11.31 acre site represent an excellent opportunity for a redevelopment. The site is ideally located adjacent to the southeast corner of Dundee Road and Northgate Parkway, and just a couple miles away from the Chicago Executive Airport located at Palatine Road and Wolf Road. The Village of Wheeling supports the redevelopment of this property and rezoned it as MXT (Transit Oriented Mixed-Use District) in 2005. N CHICAGO CBD 294 RR ARIE AVENUE CHICAGO EXECUTIVE AIRPORT . M MILWAUKEE TE S AULT & S OAD R AUL . P ENRY T CH , S M AQUATIC CENTER NEW VILLAGE HALL REC CENTER D INNEAPOLIS UNDEE WICKES FURNITURE M R OAD METRA STATION PARKWAY METRA PARKING NORTHGATE The 351 West Dundee Road asset is one of the most valuable under-utilized properties in the Chicago Metropolitan Area. This property functioned as a retail store and corporate headquarters for Wickes; its highest and best use is residential or mixed-use residential and retail. This property will be one of the most highly sought-after redevelopment opportunities available in the Chicago Metropolitan Area. • 1 • CONFIDENTIAL OFFERING ME M ORANDU M PRO P ERTY HIG H LIG H TS GEOGRA ph IC SETTING The setting on Dundee Road in Wheeling has many advantages. There are more than 267,000 people living in 98,613 households within five miles of the property. The average household income is $107,819 and the median all owner-occupied housing value is $351,902 for the five mile radius. The property is within a few minutes drive of various shopping centers: Randhurst (Mt. Prospect), Golf Mill (Niles), Hawthorne Center (Vernon Hills) and Northbrook Court (Northbrook). 351 West Dundee Road is a prime redevelopment site located in a prosperous and flourishing area. ACCESS TO COMMUTER TRAIN LINE The Wheeling metra station serving the North Central Metra Commuter Rail Line is located on the western border of the 351 West Dundee property. The trip to Downtown Chicago’s Union Station is 45 minutes. One of the prime parking areas for the Metra is located on the west side of Northgate Parkway directly across from the site. The proximity to this commuter train stop will be a key selling point for the project. LOCATION The property is located at the southeast corner of Dundee Road and Northgate Parkway. Dundee Road is a major arterial routes that extends for 20 to 30 miles. Dundee Road carries more than 34,000 cars per day past the site. The property’s location at this intersection is a great advantage to future retail development and to ensuring easy advertising and visibility for the marketing of any future residential development. INTERSTATE ACCESS Transportation and accessibility are some of the Village of Wheeling’s most important assets. Interstate 294 has an interchange at Dundee Road two miles from the property. Interstate 294 is the eastern boundary of the Village with nearby interchanges at Lake-Cook and Palatine Roads. I-294 allows easy access to O’Hare International Airport (7 miles), Chicago’s Loop (35 minutes), and to the rest of the Interstate System. Just two miles west of Wheeling via Lake-Cook and Dundee (Illinois 68), Illinois 53 leads to the Interstate System as well. INGRESS AND EGRESS There is an existing traffic light at the corner of Dundee Road and Northgate Parkway. This traffic light controls the flow of traffic to the site and the metra parking lot across from the property. This traffic signal is a great advantage to the future redevelopment of 351 West Dundee. ADJACENT TO PARK DISTRICT Covering 83 acres, Heritage Park is the largest park the Wheeling Park District maintains. Situated adjacent to the CRC and the Aquatic Center, the park has five baseball/softball fields (one with lights), tennis courts, soccer fields, play equipment, and a running/walking/bike path. There are 3 shelter, picnic tables, drinking fountains, and an ice skating rink set up during the winter months. The park can be accessed from Wolf Rd. or via the CRC. There are plans to redevelop this area. COMMUNITY SU pp ORT The Village of Wheeling has already rezoned the property MXT. The property is in a TIF District. • 2 • 351 WEST DUN D EE ROA D Wh e e l i n g • il l i n o i s Transportation-Metra The property sits adjacent to the Metra Train Station at 400 Town Street. The Metra North Central features 18 stops via inbound (Antioch to Chicago) and outbound (Chicago to Antioch) travel. 351 West Dundee provides a unique opportunity for residents to conduct their lives in a suburban setting without regular use of automobile transportation. The trip to Downtown Chicago’s Union Station is 45 minutes using this transportation system. One of the prime parking areas for the Metra is located on the west side of Northgate Parkway directly across from the site. Street Frontage Dundee Road - 356.13’ Northgate Parkway - 1,136.02’ The amount of street frontage available provides for maximum exposure for major retail users and allows the greatest flexibility in the development of alternatives. Demolition Quote D.M.D. Services Demolition Contractors estimates that razing the building will cost $494,450. • 3 • CONFIDENTIAL OFFERING ME M ORANDU M MARKETING PROCESS /BID INSTRUCTIONS Offer Format The subject property is being sold on an “as-is” basis, without structural economic or environmental representation or warranties.
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