West Town Development Site 550 N

CONFIDENTIAL OFFERING MEMORANDUM West Town Development Site 550 N. Ogden Avenue // Chicago, IL 60642

EXCLUSIVELY OFFERED BY:

ARI TOPPER, CFA TYLER DECHTER BAUM REALTY GROUP, LLC Managing Director / Broker Associate / Broker 1030 W. Chicago Avenue, Suite 200 312.275.3113 312.275.3132 Chicago, IL 60642 [email protected] [email protected] www.baumrealty.com Ten-x Auction Details // 550 N. OGDEN AVENUE // CHICAGO, IL

AUCTION DETAILS

The sale of WEST TOWN DEVELOPMENT SITE located at 550 N. OGDEN AVENUE in the city of Chicago, Illinois, will take place through a secure online open bid web portal on the Ten-X.com web platform ("The Auction"). The auction is scheduled to begin January 27, 2020 with the closing time for all bidding to fall between 1:00 PM and 5:00 PM (Eastern Standard Time) on January 29, 2020. THIS SCHEDULE IS SUBJECT TO FURTHER REVISION BY THE SELLER AND/OR TEN-X.COM IN THEIR SOLE AND ABSOLUTE DISCRETION. ALL PROSPECTIVE BIDDERS ARE ENCOURAGED TO FREQUENTLY CHECK THE SPECIFIC PROPERTY LANDING PAGE ON THE TEN-X.COM WEBSITE FOR ANY CHANGES.

GETTING STARTED BECOME AN APPROVED BIDDER

STEP 1 Create a free profile at https://www.ten-x.com/commerical/signup/ STEP 1 Click on "Register To Bid"

STEP 2 Once you have confirmed your email,return to www.Ten-X.com homepage, use STEP 2 Answer qualification form the search box at the top and search "WEST TOWN DEVELOPMENT SITE". STEP 3 Submit the following to the Ten-X.com registration team via fax or email: Î STEP 3 Find a specific asset webpage by selecting the photo or asset address within Proof of Funds Î the search list, here you are able to view the property details, photos, and due Bidding / Purchasing entity documentation that provides legal authority to sign diligence materials. a contract on behalf of the entity. (Including a Certificate of Good Standing along with a copy of the Corporate Resolution).

STEP 4 Submit fully refundable participation deposit.

ACCESSING DUE DILIGENCE MATERIALS CONTACT INFORMATION

For all details and Auction Terms and Conditions, visit www.Ten-X.com. STEP 1 On the asset webpage, scroll down to "Document Vault". For Auction related questions, please contact: STEP 2 If you "Agree" with the terms of the digital Confidentiality Agreement, simply CHERI MASCITELLI, MBA click accept to be granted access to the Document Vault. Buyer Account Executive 305.537.9318 | 786.562.1187 STEP 3 Review Due Diligence items for the property. Contact listing brokers with any questions.

STEP 4 There will be no due diligence contingency period allowed for the winning bidder.

2 CONFIDENTIAL OFFERING MEMORANDUM Offering Summary // 550 N. OGDEN AVENUE // CHICAGO, IL Offering Summary

Baum Realty Group, LLC has been exclusively retained to market for sale 550 N. Ogden Avenue, Chicago, IL.

PROPERTY HIGHLIGHTS Î ±5,155 SF land site with 120+ feet of frontage on Ogden Avenue and 75+ feet of frontage on Ohio Street

Î Located in West Town, west of River West, River North and just north of Fulton Market, one of the country’s fastest growing neighborhoods which is home to Google’s Midwest HQ, McDonald’s Global HQ, and many more

Î ±0.3 miles from the CTA Blue Line Chicago 'L' station (1.2M Annual Riders)

Î Over 54,000 residents earning more than $146,000 within 1 mile

Î NFR letter to be delivered at closing

PROPERTY INFORMATION

EXISTING SITE

Land Size: ±5,155 SF (±0.12 AC)

Zoning: B2-3 – Neighborhood Mixed-Use District

Taxes: $3,029,41 (2018)

PIN: 17-08-126-012-0000

AUCTION INFORMATION

AUCTION DATES: 1/27/2020- 1/29/2020

STARTING BID / RESERVE: $500,000

3 CONFIDENTIAL OFFERING MEMORANDUM Investment Summary // 550 N. OGDEN AVENUE // CHICAGO, IL

Investment Summary

STARTING BID / RESERVE: $500,000

Financials and additional information for the property are available upon receipt of a signed confidentiality agreement.

Auction Details available on page 2

4 CONFIDENTIAL OFFERING MEMORANDUM Investment Summary // 550 N. OGDEN AVENUE // CHICAGO, IL

SURVEY

5 CONFIDENTIAL OFFERING MEMORANDUM Investment Summary // 550 N. OGDEN AVENUE // CHICAGO, IL

6 CONFIDENTIAL OFFERING MEMORANDUM Investment Summary // 550 N. OGDEN AVENUE // CHICAGO, IL

7 CONFIDENTIAL OFFERING MEMORANDUM The Market // 550 N. OGDEN AVENUE // CHICAGO, IL West Town Overview

West Town is a neighborhood in Chicago, Illinois with a population of 30,298. Living in West Town offers residents an urban suburban mix feel, and most residents rent their homes. In West Town there are a lot of bars, restaurants, coffee shops, and parks. Over the past century, West Town has seen waves of immigrants from all over the world. These global influences have shaped the neighborhood into the funky, creative enclave it is today. This is where you can find an Old-World pierogi joint, a nature-inspired brewery, and a contem- porary omakase spot. 1

IMAGES 1 Beatnik Restaurant 3 All Together Now Cafe and Market 3 4 2 Fry the Coop Restaurant 3 Chcago Truborn Gallery

8 CONFIDENTIAL OFFERING MEMORANDUM The Market // 550 N. OGDEN AVENUE // CHICAGO, IL Fulton Market Overview

The Fulton-Randolph Market District often shortened to, Fulton Market, is a district on the Near West Side of Chicago. It was formerly a meatpacking, warehouse and industrial district, but has gentrified with corporate headquarters, tech industry, hotels, bars, restaurants, and retail. Randolph Street and Lake Street are the main East-West streets, and Halsted Street is the major North-South artery. The district's name commemorates American inventor Robert Fulton and it is located just across the expressway from the Fulton River District to the east. In the 2010s it attracted both corporate and regional headquarters for many corporations including McDonald's, Google, Dyson, Herman Miller, and Mondelez among others. 1

IMAGES 1 Fulton Market District Gatewau 3 McDonald's Headquarters 2 Google Midwest Headquarters – (Former Harpo Studio Campus) – 3 1K Fulton 1058 W. Washington Boulevard

9 CONFIDENTIAL OFFERING MEMORANDUM The Market // 550 N. OGDEN AVENUE // CHICAGO, IL Chicago Economic Overview

3RD LARGEST MSA IN THE U.S.

The Chicago MSA is home to approximately 9.5 million residents, making it the third most populous region in the country, encompass- ing 16 counties across three states: Illinois, 1 NEW YORK 3 cHicAGo Indiana, and Wisconsin. The city of Chicago 6 PHILADELPHIA is the economic and cultural capital of the 10 SAN JOSE Midwest, featuring a vibrant downtown dis- RANK & POPULATION trict that is filled with world class businesses, BY U.S. CITY RANK CITY 2019 POPULATION restaurants, retail, residences, and enter- 1 New York 8,601,186 2 LOS ANGELES tainment. The strong economic base, skilled 2 Los Angeles 4,057,841 labor pool and diverse background make this 5 PHOENIX 3 Chicago 2,679,044 24-hour metropolis one of the most import- 8 SAN DIEGO 4 Houston 2,359,480 9 DALLAS ant and influential in the world. 5 Phoenix 1,711,356 6 Philadelphia 1,576,596 4 HOUSTON 7 San Antonio 1,565,929 7 SAN ANTONIO 8 San Diego 1,453,775 POPULATION DENSITY CHANGE IN U.S. METRO AREAS (2010-2016) 9 Dallas 1,379,735 10 San Jose 1,033,519

Seattle Source: world population review 2% Chicago New York D.C. Charlotte  More Dense

0%  Less Dense GROWING URBAN CORE

Nashville Chicago's urban core and surrounding The report suggests that the city’s popula- Tampa neighborhoods has become noticeably tion is shifting and refocusing with an influx -2% Raleigh Dallas more dense. In the last several years, of younger, more affluent residents moving Houston Okalhoma City according to a report by The New York into areas like the Loop, West Loop, and -4% Times, between 2010 and 2016, Chicago’s Wicker Park. San Antionio Austin Change In Density density has increased by 1.2%. Change In Population 0% +5% +10% +15% +20%

10 CONFIDENTIAL OFFERING MEMORANDUM The Market // 550 N. OGDEN AVENUE // CHICAGO, IL

#1 FOR CORPORATE RELOCATION & INVESTMENT

Chicago remains the #1 ranked metro area for Corporate Relocation and Investment in the US in Site Selection Magazine, a title it has held for six consecutive years and Chicago lead all major cities in the Americas except for New York for Foreign Direct Investment (FDI) Strategy according to fDi Magazine. Since Q1 2018, Canada-based BMO Financial Group, Italy-based Ferrara Candy, Germany-based navigation company HERE, and UK based digital agency AmazeRealise have all announced plans to establish headquarters in Chicago. Additionally, more than 30 corporations have moved their operations from surrounding suburbs since 2015, to the Chicago metro area. Most recently, McDonald's moved their global headquarters from Oak Brook to a new $250M building in the West Loop.

START UP AND TECH HUB

Chicago is home to tech industry giants and is a hotbed for privately held startups in the Midwest. Chicago has one of the largest venture capital ecosystems in the US and was ranked the #1 US city for venture capital returns in 2019 by PitchBook, a leading source for venture capital and private equity data research. In 2018, Chicago saw $1.86 billion in venture capital investments. Facebook expanded their operations in Chicago, leasing 263,000 SF downtown and Google signed a lease for over 200,000 SF at 210 N. Carpenter Street in the West Loop, just down the street from Salesforce Tower rendering their Midwest HQ at 1K Fulton. Salesforce, a global leader in CRM, announced a they will occupy 500,000 SF in the new 60-story Salesforce Tower Chicago, in a move that will significantly expand Salesforce's regional HQ and add 1,000 new tech jobs over the next five years. Salesforce employees will start moving into the Salesforce Tower Chicago upon completion which is slated for 2023.

"Reflecting a melding of corporate and entrepreneurial cultures, Chicago has more than 100 startup incubators and accelerators

and more than 300 corporate R&D centers." McDonald's Global HQ

Site Selection Magazine

11 CONFIDENTIAL OFFERING MEMORANDUM The Market // 550 N. OGDEN AVENUE // CHICAGO, IL

GLOBAL CITY Global Cities Index American Cites of the Future Top 10 Global Cities 2019 Top 10 Overall American Cities of the Future 2019/20 Chicago ranks 8th for the second year in a row on the A.T. Kearney 2019 Global Cities Index, CITY RANK CITY RANK which examines cities’ performance based metrics spanning five dimensions: business activ- New York 1 New York 1 ity, human capital, information exchange, cultural experience, and political engagement. London 2 San Francisco 2 Chicago ranks 6th on fDi's American Cities of the Future 2019/20 report, which benchmarks Paris 3 Toronto 3 cities based on five categories: Economic Potential, Business Friendliness, Human Capital Tokyo 4 Montreal 4 and Lifestyle, Cost Effectiveness and Connectivity. Chicago had the biggest movement in Hong Kong 5 Houston 5 this year’s top 10, rising nine places to 6th. In 2018, Chicago attracted 49 FDI projects, its Singapore 6 Chicago 6 highest such figures since FDI Markets records began in 2003. Most FDI investments were Los Angeles 7 Boston 7 in sales, marketing and support, business services and headquarters activities (together Chicago 8 Los Angeles 8 accounting for more than three-quarters of Chicago’s inward FDI). Beijing 9 Palo Alto 9 Washington DC 10 Seattle 10

The Global Cities Index examines the current performance of 130 218 locations were analyzed for the study under five categories: cities based on 27 metrics spanning five dimensions: business activity, Economic Potential, Business Friendliness, Human Capital and Lifestyle, "The Windy City, the Second City, the Dark human capital, information exchange, cultural experience, and political Cost Effectiveness and Connectivity, which were weighted by importance engagement. The Index provides insights into the global reach, to the FDI decision-making process in order to compile both subcategory performance, and level of development of the world’s largest cities. rankings and the overall ‘American Cities of the Future 2019/20’ ranking. City – call it what you will, Chicago is Source: A.T. Kearney Global Cities 2019. Source: fDi Magazine. Research and data by fDi Intelligence division of the Financial Times, 2019. the economic and cultural capital of the Midwest."

Wired Magazine

WORLD CLASS EDUCATION

The Chicago MSA is home to several world class higher education universities that provide the area with a constant supply of top job talent and disposable income. On average there are 145,000 annual graduates from 138 degree-granting colleges and universities.

Top universities in the area include Northwestern University, The University of Chicago, Illinois Institute of Technology, Loyola University Chicago, De Paul University, Columbia College Chicago and, University of Illinois at Chicago.

12 CONFIDENTIAL OFFERING MEMORANDUM The Market // 550 N. OGDEN AVENUE // CHICAGO, IL

Fortune 500 Companies With Headquarters In the Chicago MSA STRONG, DIVERSE ECONOMY COMPANY RANK REVENUES ($M) Location Walgreens Boots Alliance 17 $ 131,537 Deerfield Chicago MSA has the 3rd largest Gross Domestic Boeing 28 $ 101,127 Chicago Product in the US, after New York City and Los State Farm Insurance 36 $ 81,732.2 Bloomington Angeles, at $737.3 billion. Chicago also ranks 8th Chicago is home to over Archer Daniels Midland 49 $ 64,341 Chicago in the world in terms of cities with the highest Gross Caterpillar 58 $ 54,722 Deerfield 400 major corporate Product. Additionally, Chicago is the most diversified United Continental Holdings 78 $ 41,303 Chicago economy in the US, with no single industry employ- Allstate 82 $ 39,815 Northbrook headquarters, including Exelon 93 $ 35,985 Chicago ing more than 14% of the workforce. Chicago’s pri- AbbVie 96 $ 32,753 North Chicago mary industries include Financial Services, Business & 36 Fortune 500 companies Abbott Laboratories 103 $ 30,578 Abbott Park Professional Services, Manufacturing, Health Services, Mondelez International 116 $ 25,938 Deerfield and Transportation and Warehousing. US Foods Holding 125 $ 24,175 Rosemont McDonald’s 149 $ 21,025.2 Chicago As one of the largest financial centers in North Jones Lang LaSalle 189 $ 16,318.4 Chicago America, the Chicago MSA is home to more CDW 191 $ 16,240.5 Lincolnshire than 400 major corporate headquarters, includ- Illinois Tool Works 214 $ 14,768 Glenview ing Walgreens Boots Alliance, Boeing, United Discover Financial Services 253 $ 12,848 Riverwoods LKQ 262 $ 11,876.7 Chicago Continental Holdings, McDonald’s, Discover Tenneco 267 $ 11,763 Lake Forest Financial and Abbott Laboratories, among oth- W.W. Grainger 282 $ 11,221 Lake Forest ers. The city is also home to the largest futures Baxter International 286 $ 11,127 Deerfield exchanges in the US, the CME Group. Univar 353 $ 8,632.5 Downers Grove Anixter International 364 $ 8,400.2 Glenview Conagra Brands 386 $ 7,938.3 Chicago COST OF DOING BUSINESS BY METRO AREA Dover 412 $ 7,395.8 Downers Grove Motorola Solutions 416 $ 7,343 Chicago 104.5 104.5 104.7

Packaging Corp. of America 432 $ 7,014.6 Lake Forest 100.8 99.8 98.3 97.6 Arthur J. Gallagher 435 $ 6,934 Rolling Meadows 95.1 R.R. Donnelley & Sons 445 $ 6,800.2 Chicago Ulta Beauty 449 $ 6,716.6 Bolingbrook Northern Trust 453 $ 6,658.9 Chicago Old Republic International 481 $ 6,021.8 Chicago Ingredion 486 $ 5,841 Westchester TreeHouse Foods 489 $ 5,812.1 Oak Brook

Source: Fortune Magazine, June 2019 Atlanta Houston Chicago Philadelphia Los Angeles Boston San Francisco Ne Yor

13 CONFIDENTIAL OFFERING MEMORANDUM The Market // 550 N. OGDEN AVENUE // CHICAGO, IL

INTERNATIONAL TRAVEL DESTINATION

Chicago’s tourism totals have consistently been on the rise in recent years, growth in 2018 was more substantial than normal. A record 57.6 million people visited Chicago in 2018, nearly a 4.3% increase over 2017's record of 55.2 million. The largest percentage of growth was domestic travel with a 4.4% increase over 2017. International visitor numbers also In the US increased 2.9% over 2017.

The record setting numbers were due, in part, to several initiatives that boosted leisure Most Best travel as well as word-of-mouth and high-profile kudos. Condé Nast Traveler readers voted Diversifed Best Connected Chicago the number 1 big city in the US two years in a row, Bon Appétit magazine named Economy Downtown Airport Chicago “restaurant city of the year” in 2017, and the Financial Times called Chicago “the among US big cities most architecturally aware city on earth.” Part of the boost also came from the city's aggres- Most Best sive pursuit of big-tourist draws including the NFL Draft, the James Beard Foundation Foreign Direct Best Restaurant Awards and the Laver Cup. The city also bolstered tourism-friendly offerings with attractions Investment Big City City (FDI) 2017 like the Riverwalk and, more recently, Art on the Mart. Business travel also contributed to the bump, with an 3.5% in 2018. 59 new major conventions have committed to meet in Chicago in future years.

DUAL-HUB AIRPORT SYSTEM

O’Hare International Airport and Midway International Airport, 57.6 million 4.4% Increase the only “dual-hub” airport system in North America, handled 105 million passengers in 2018. Both airports have direct rail access TOTAL VISITORS IN 2018 IN VISITORS 2007-2018 to Downtown Chicago and modernization projects are happening at both O’Hare and Midway. Most notably O’Hare’s $8.5 billion plan to expand over the next decade which includes a new airfield, terminal, gates, and passenger perks. Midway’s improvements are budgeted “Dual-hub” airport system with O'Hare at $400 million and include restaurants, upgraded passenger screen- International Airport and Midway ing, and updated parking infrastructure.

International Airport combining for more O'Hare is the busiest airport in the world for flight operations and is among the few airports worldwide that rank in the top 20 for both than 105 million annual passengers. passenger volume and cargo tonnage - two leading indicators of an airport's connectivity and economic strength.

14 CONFIDENTIAL OFFERING MEMORANDUM The Market // 550 N. OGDEN AVENUE // CHICAGO, IL

DEMOGRAPHIC SUMMARY 2000-2010 Census, 2019 Estimates with 2024 Projections DEMOGRAPHICS

.25 mile .5 mile 1 mile .25 Mile 2019 Estimated Population 3,967 11,822 54,322 Estimated Population: 3,967 2024 Projected Population 4,011 12,191 57,629 Daytime Population: 3,115 2010 Population (U.S. Census) 3,717 10,653 46,685 Estimated Households: 1,942 2000 Population (U.S. Census) 4,109 10,176 38,270 Average Household Income: $107,440

Population % Projected Growth 2019-2024 1.1% 3.1% 3.1% % Historical Growth 2000-2019 -3.5% 16.2% 41.9% .5 Mile Estimated Population: 11,822 2019 Median Age 34.1 35.2% 34.9% Daytime Population: 13,329 2019 Estimated Households 1,942 6,081 28,755 Estimated Households: 6,081 2024 Projected Households 1,968 6,287 30,740 Average Household Income: $128,309 2010 Total Households (U.S. Census) 1,794 5,408 24,193 2000 Total Households (U.S. Census) 1,715 4,632 16,201 1 Mile Households % HH Projected Growth 2019-2024 1.3% 3.4% 6.9% Estimated Population: 54,322 % HH Historical Growth 2000-2019 13.2% 31.3% 77.5% Daytime Population: 71,406 Estimated Households: 28,755 2019 Average Household Income $107,440 $128,309 $146,830 Average Household Income: $146,830 2019 Median Household Income $77,205 $89,533 $108,114

Income 2019 Per Capita Income $52,518 $65,393 $77,722

2019 Total Businesses 227 1,017 4,210 2019 Total Employees 1,620 9,791 57,333

Business 2019 Estimated Daytime Population 3,115 13,329 71,406

2019 Adult Population (Ages 25+) 2,963 9,064 43,284 2019 Elementary (Grade Level 0 to 8) 2.3% 3.5% 2.9% 2019 Some High School (Grade Level 9 to 11) 3.7% 3.7% 2.9% 2019 High School Diploma 11.6% 8.3% 6.1% 2019 Some College/No Degree 12.7% 11.2% 8.9% 2019 Associate Degree 3.9% 2.9% 2.4% 2019 Bachelor Degree 35.7% 41.4% 44.4% Education (Age 25+) 2019 Graduate Degree 28.0% 27.4% 31.5% % Any College 80.4% 82.9% 87.1%

2019 White Population 60.7% 67.3% 66.5% 2019 Black/African American Population 10.7% 7.8% 11.3% 2019 Asian Population 3.9% 6.2% 9.1% 2019 American Indian/Alaska Native Population 0.8% 0.6% 0.4% 2019 Pacific Islander Population 0.4% 0.2% 0.1% 2019 Other Race 20.1% 14.3% 9.6% Race & Ethnicity 2019 Population of Two or More Races 3.4% 3.5% 3.1% 2019 Hispanic Population 33.5% 38.9% 42.5%

Source: Esri, Esri and Infogroup, U.S. Census

15 CONFIDENTIAL OFFERING MEMORANDUM Confidentiality Disclosure // 550 N. OGDEN AVENUE // CHICAGO, IL Confidentiality Disclosure

Baum Realty Group, LLC (“Baum”) has been retained as the exclusive broker by the Owner of Record (“the Owner”) of 550 N. Ogden Avenue in Chicago, IL in connection with the sale of certain properties (“the Property”) as described in this Offering Memorandum.

This Offering Memorandum has been prepared by Baum for use by a limited number of parties, and does not purport to provide a necessarily accurate summary of the physical or economic aspects of the Property or any of the documents related thereto, nor does it purport to be all inclusive or to contain all of the information which prospective investors may need or desire further, the Offering Memorandum is limited to the matters set forth therein. All budgets or projections have been developed by Baum and Owner, and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Owner and Baum and therefore are subject to variation. Each of Baum and Owner makes no representation as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied on as a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Baum and its employees, and Owner, and its trustees, officers, and employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or omissions from the Offering Memorandum or any other written or oral communication transmitted or made available to the recipient. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property Owner as of the date of preparation of the Offering Memorandum.

Additional information and an opportunity to inspect the Property will be made available upon written request to interested and qualified prospective investors.

Owner expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers regarding the property, and/or terminate discussions with any entity at any time with or without notice. Owner shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the property unless and until such offer is approved by Owner and the Board of Trustees of Owner and a written agreement for the purchase of the Property has been fully executed, delivered and approved by Owner and its legal counsel, and any conditions to Owner’s obligations hereunder have been satisfied or waived.

This Offering Memorandum and the contents, except such information that is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting this Offering Memorandum, you acknowledge that you have executed, and have agreed to be bound by, the Confidentiality Agreement with Baum and Owner.

16 CONFIDENTIAL OFFERING MEMORANDUM CONFIDENTIAL OFFERING MEMORANDUM West Town Development Site 550 N. Ogden Avenue // Chicago, IL 60642

EXCLUSIVELY OFFERED BY: