Premier Value Add Timber Beam
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PREMIER VALUE ADD TIMBER BEAM Stephen Cusano James Mead Drew Dillon 312.675.4334 312.676.1871 734.223.2315 [email protected] [email protected] [email protected] OFFERING SUMMARY SVN Chicago Commercial is pleased to present this opportunity to acquire 555 West Jackson; a well located 30,000 square foot timber loft office building within Chicago’s booming West Loop submarket. 555 West Jackson (“The Property”) is a seven-story brick and timber office building with 16 surface parking stalls. Currently configured as eight separate condominiums, all units are being offered together in a rare condominium assemblage. The Property is approximately 100 years old and was redeveloped into condominium in 2005. Each unit is separately metered and spans an entire floor with the central core elevator opening directly into individual premises. The Property has one passenger elevator which services floors one through seven. The Property will be delivered entirely vacant, except the seventh-floor unit which desires a short-term leaseback. Located midblock on Jackson Boulevard between Clinton Street and Jefferson Street in Chicago’s booming West Loop submarket, the Property is located ½ block from Union Station, two blocks to Clinton CTA Blue ‘L’ line and three blocks to the Post Office redevelopment and Willis Tower. This rare offering provides prospective buyers the opportunity to acquire highly sought-after brick and timber structure in a transformative area of the West Loop with tremendous upside to be gained from lease up at market rates. The Property is also suitable for an owner/user to occupy some or all of the property with potential signage opportunities. The West Loop, part of the downtown Chicago trade area, has seen unprecedented development over the past several years with incredible demand for office, retail, and multi-family properties. This recent increase in demand is in large part due to the influx of corporate headquarters into the neighborhood accomplishing a “live – work – play” atmosphere and making the West Loop one of the hottest submarkets in Chicago 2 and in the country. BMO TOWER REDEVELOPMENT OFFERING INFORMATION IMPORTANT OFFERING LINKS Click Here For Property Website & Doc Vault Access 3 Offering Overview... Page 5 TABLE OF CONTENTS Building Information... Page 6 Floor Plan... Page 7 Interior Photos... Page 8 Property Survey... Page 10 Zoning Information... Page 11 Transit Oriented Development... Page 12 Aerial Maps... Page 13 Location Description... Page 15 Nearby Developments... Page 16 Development Watch Map... Page 17 Development Watch Descriptions... Page 18 4 Property Summary Property Highlights • Excellent West Loop location Asking Price: Subject to Offer • Located steps from Union Station Building Size: ~28,700 SF 1st -7th Floor: ~4,100 SF • Highly desirable brick and timber loft building *Lower Level: ~1,500 SF • Surrounded by notable re-developments including Post Office, Union Station Tower, Current Zoning: DX-7 Willis Tower (Catalog) • Includes 16 surface parking stalls ImageImage LandsatLandsat // CopernicusCopernicus Image Landsat / Copernicus Parking: 16 Spaces • Ideal owner user opportunity with potential for full building identity and occupancy Sub-Market: West Loop • Located within the T.O.D. boundaries and eligible for reduced parking requirements Ward/Alderman: 42/Reilly • DX-7 zoning allows for a variety of uses including Office, Multi-family & Hospitality *Additional to the building size above 5 BUILDING INFORMATION Building & Structure Information • Year Built - 1920 • Year Renovated - 2005 • Foundation - Concrete HVAC Information • Construction Type - Brick & Timber • A/C - Individual per tenant • Exterior Façade - Brick/Stone • Number of Units - 8 • Roof - Modified bitumen • Heating - Boiler • Windows - Aluminum • Flooring - Hardwood/Carpet Additional Information • Ceiling - Open timber beam and dropped acoustic tile • Fire Safety - Fully sprinklered, detectors hard wired, lights, & • Ceiling Height – 10’-12’ fire extinguishers • Elevator - One (1) Passenger • Plumbing - Copper • Parking Stalls - 16 • Electric - 1,600 and 800 amp service • Utilities - Electric & gas separately metered per tenant 6 TYPICAL FLOOR PLAN 7 BUILDING LOBBY 8 INTERIOR PHOTOS 9 PROPERTY SURVEY 10 ZONING INFORMATION Property Zoning Summary According to the City of Chicago, 555 W Jackson has an existing DX-7 zoning designation, which indicates the following: Zoning District Title: The zoning district classifies this property as a “Downtown Mixed-Use District” with “Downtown high-rises - offices or apartments - with ground-floor stores. Prevalent on the edges of Loop: east of Dearborn Ave, in River North, the South Loop, and the West Loop.” 11 TRANSIT ORIENTED DEVELOPMENT Transit Oriented Development Summary Transit Oriented Development or T.O.D. for short is a City of Chicago initiative to promote density around public transportation, specifically CTA “L” Stations. 555 W Jackson falls within the designated T.O.D. boundaries of the Clinton Street “L” Station. This means the subject property may be eligible for a reduced parking requirement. 12 D’AMATO’S BAKERY GRAND GRAND TERRY’S GRAND SALERNO’S TOFFEE LA SCAROLA SUSHI PICCOLO RICHARD’S SOGNO MILWAUKEEBAR UNION BUTTERFLY MART BENNETT ANTHONY DAY SCHOOL HUBBARD HUBBARD HUBBARD NOBLE OGDEN AUTOMOTIVE CENTER HALSTED PAGODA KINZIE RED JEFFERSON KINZIE KINZIE KINZIE MAY FULTON MORGAN RIVER ELIZABETH ABERDEEN ARBOUR CARPENTER PET CARE PARK PLUS ADM MILLING UNION ASRAI OGDEN GARDEN CARROLL DES PLAINES CARROLL HAIR CUTTERY RACINE CITY BLUE MOUSE WAYMAN WAYMAN PLATE FULTON MARKET PUNCH BOWL KITCHEN SOCIAL FULTON PIZZERIA TIME OUT FIT HOUSE DEL MERCATO COLD STORAGE BLIND BARBER AESOP FM HAIR STUDIO MARKET CHICAGO FULTON FULTON KUMA’S FULTON REVEL NEXT JOE’S MILWAUKEE GIBSON’S CEMITAS THE BOUTIQUE FULTON MARKET IMPORTS TRAMMEL ROISTER PUEBLA ITALIA BITES CASPER CROW PEORIA WORLD GUS’S ADA JUPITER OFFICE ANIMALS THE PACKING OUTPOST PUBLICAN LAFLIN JUSTINE AVIARY WEWORK FRIED CHICKEN FAMOUS LESLIE HINDMAN PARTY CHICAGO BAR LIMITLESS AUCTIONEERS TAKITO BIG CITY CROSS FIT GALLEY GALLEY GROUP HALL FOOD HARVEST JUICERY MOMOTARO LAKE LAKE CABRA MONEY GUN LYON & NORTHWESTERN SHAKE BAD AXE IMMEDIATE CARE BLVD MAKO HEALY HARPS THROWING SHACK SMYTH & AREA MAPTHE THE LOYALIST PARKER BONCI ESCO BAR CITY NOBU LONE GYU-KAKU WINERY KINTON AU CHEVAL AU ART + ART SCIENCE ALHAMBRA ALHAMBRA PALACE ROSSO FORNO PIZZERIA ANTHROPOLOGIE PRINCI WOLF HUNTER BAD WEST LOOP WEST CLUB ATHLETIC HOTEL RAMEN ROOM THE FRONT MAUDE’S LA JOSIE LA UNION PARK RANDOLPH RANDOLPH TANOSHI JP RANDOLPH FREE NIA COREPOWER WEST LOOP YOGA PEOPLE VET GRAZIANO SUSHI DOKKU BILLY REID BILLY UMAMI BURGER NELLECOTE CHICAGO WORLD HQ SEPIA FORMENTO’S ADA LA SARDINE FRENCH OGDEN MAY POLITAN ROW MARKET LOOMIS FOOD HALL GREEN RACINE PEORIA GREEN STREET WILLARD MORGAN SMOKED MEATS HALSTED ELIZABETH VCA ANIMAL ABERDEEN THE PRESS SANGAMON CARE CENTER CARPENTER ROOM WASHINGTON WASHINGTON WASHINGTON BAR YUME OGILVIE EL CHE EL TRANSPORTATION CENTER OMASAKE BASE SALON PAGE ONE PILATES CANAL THROOP CYCLE X THE MONTEVERDE CLINTON GROUNDSWELLMADISON G2 JEFFERSON MADISON JOHNNY’S ICE HOUSE RESTAURANT DES PLAINES CROSSROADS & GRILL BAR PINOT’S PINOT’S PALETTE HERO BAR COFFEE VIAGGIO VIAGGIO RESTAURANT AMERICAN GREAT BAGEL TAVERN NOHEA CAFE SALON MADISON MADISON HM DAY MADISON THE GARDNER SPA RAIL SCHOOL CIAO CAFE SUSHI THIRD NAF NAF GRILL SMILES TAVERN SKYLINE STELIO’S HAROLD’S SNIPPET’S MINI CUTS JC LICHT BILLY GOAT GOAT BILLY BUTTERFLY BUTTERFLY CHICKEN FITNESS MERIT SHACK TRUE VALUE SCHOOL OF MUSIC CROSSTOWN BLACKWOOD BBQ POOCH HOTEL JAZZY JAZZY FLOWERS SUPERCUTS MONROE MONROE PAW NATURALS MONROE FIFTH THIRD CHICAGO ON YOUR BLACKIES CHILDREN’S MARK BANK THEATER TRAINING MARY IDOF SKINNER PARK SKINNER WEST BARTELME HERITAGE GREEN STREET SQUARE ROOTS ELEMENTARY LOCAL PARK KITCHEN GREEN SOUL MORGAN DUGAN’S STREET HASTED CITY CHURCH PARK STREET DELI CAFE SANTORINI ADAMS ADAMS ADAMS PILATES PRO WORKS UNION ATHENA ARKADIA STATION CHICAGO POLICE WEST LOOP TRAINING DIVISION WHITNEY M YOUNG CANAL MAGNET HIGH SCHOOL MR GREEK CLINTON M2 GYROS JEFFERSON CAFE JACKSON JACKSON DES PLAINES TACO BURRITO MELI JACKSON HUBBARD KING STREET CAFE LOU LOU LAFLIN ARTROPOLIS GREEN LOOMIS RACINE DANCE PEORIA THROOP BAKERY 9 MUSES MORGAN HALSTED SHERWIN ABERDEEN WILLIAMS SANGAMON TITLE MITCHELL’S BOXING PRIMOS GROUND UP PIZZA WISE OWL COFFEE DRINKERY VAN BUREN VAN BUREN VAN BUREN STUDIO 5 OXYGEN SPA OXYGEN 13 IMMEDIATE AREA AERIAL WILLIS TOWER CATALOG REDEVELOPMENT POST OFFICE REDEVELOPMENT OGILVIE UNION BMO HARRIS STATION TOWER STATION REDEVELOPMENT 14 ImageImage LandsatLandsat // CopernicusCopernicus Image Landsat / Copernicus NEIGHBORHOOD SNAPSHOT AVERAGE INCOME AREA DESCRIPTION MEDIAN AGE PER HOUSEHOLD 33 $135,000 ESTIMATED ESTIMATED DAYTIME POPULATION POPULATION 94,000 52,000 The West Loop/Fulton Market is Chicago’s former warehouse district and is among the most rapidly developing neighborhoods in the country and recently ranked by TimeOut as one of PERCENTAGE OF NEIGHBORHO0D the top 20 coolest neighborhoods in the world. Originally a mix of factories, meat markets, POPULATION WITH HOTEL ROOMS and wholesale produce outlets, the neighborhood has seen a major demographic shift over BACHELOR’S DEGREE the last decade. The historic brick and timber loft buildings that define the neighborhood 845+ 80% have largely been converted to other uses, including a mix of luxury condos, creative offices, art galleries, critically acclaimed restaurants, hotels, and retail