EXECUTIVE SUMMARY Holliday Fenoglio Fowler, L.P
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EXECUTIVE SUMMARY Holliday Fenoglio Fowler, L.P. (“HFF”) is an Illinois licensed real estate broker KEY PROPERTY STATISTICS Holliday Fenoglio Fowler, L.P. (“HFF”) is pleased to present the unique investment opportunity to obtain a fee simple interest in 1007 Church Street (the “Property” or “1007 Church”), a 155,652 RSF Helmut Jahn designed Class A office building located BUILDING ADDRESS 1007 Church Street in downtown Evanston within the prestigious North Shore. The 79.0% leased property features a diverse tenant roster with a RENTABLE AREA 155,652 RSF balanced rollover. The Property’s location within the Evanston CBD, just one block from the highly-trafficked Davis Street Metra and CTA stations, the adjacent 45 space surface parking lot and the 306 space parking garage located at 1720 Oak Street LAND SITE 1.84 Acres (included in the offering) provide a competitive advantage that no office building in the market can match. This unrivaled access allows businesses the ability to tap into the various labor pools of the Chicago CBD, the surrounding suburban markets and the ZONING D3 Downtown Core Development District North Shore. In addition, the extraordinary number of retail offerings in the immediate area, including 80 restaurants, contribute PERCENT OFFICE LEASED 79.0% to the Property’s superior amenity base. An investor will benefit from the tremendous recent leasing success at 1007 Church and the rising rental rate environment in Evanston to quickly maximize value upon stabilization. With a targeted cosmetic capital plan STORIES 8 and a comp set that is 95% leased, a clear path to stabilization exists. Further, the adjacent parking lot represents an outstanding development opportunity for a future investor who can capitalize on the site’s highly desirable D3 (Downtown Core Development AVERAGE FLOOR PLATE 20,000 RSF District) zoning classification. COMPLETED/RENOVATED 1984 / 2010 ARCHITECT Helmut Jahn Development Site 45 surface spaces; plus 306 covered garage spaces PARKING 351 total spaces (2.25 spaces / 1,000 RSF ratio) 2 Investment Highlights WALKABLE URBAN ENVIRONMENT EVANSTON ACCOLADES The Year 2015 was a prominent year for Evanston Over 80 restaurants, 10 coffee shops, 10 banks, 5 which won a variety of accolades including books stores, a Whole Foods, Century 12 Movie being ranked in the “Top 10 Best Downtowns” Theater, and a plethora of other retail offerings by Livability.com; NorthShore University are in the immediate vicinity of the Property, 96 HealthSystem Evanston Hospital being named affirming 1007’s Walkscore of 96. one of the “100 Great Hospitals in America” by Beckers Hospital Review; among many others. DIVERSIFIED TENANCY WITH ANCHOR TENANT RECENT LEASING SUCCESS WITH UPSIDE 1007 Church is anchored by Accuity (a subsidiary 51.0% 79.0% 95.2% | $36.66 PSF of RELX Group; NYSE: RELX and RENX) which leases 35,841 RSF (23.2% of the Property) 2014 2016 Comp Set through 2026, and the quality and diversity of the Property’s remaining tenant base will insulate an 16.1% Above 1007 Market Rents investor from future market fluctuations. MULTIFAMILY BOOM NORTHWESTERN UNIVERSITY 2,323 Luxury Units U.S. News and World Report ranked Northwestern Developed Since 2000 University #12 nationally in 2016, and its Kellogg School of Management consistently ranks within (260 luxury units currently the Top 5 Business Schools. under construction) 3 Evanston: The Extension of the Chicago CBD Evanston Accolades Ideally located just 13.5 miles north of the Chicago CBD, Evanston has recently emerged as the new urban center just outside Chicago. Bordering Chicago on the shores of Lake Michigan, Evanston is the city where Chicago and the North Shore meet. This 24/7 Wall St. ranked Evanston #5 means Evanston is accessible to decision makers who live in the North Shore and can access the Property from Sheridan Road or in “America’s Best Cities to Live In” in 2014 Ridge Avenue within minutes of leaving their driveways. This also means that Evanston is accessible to millennial labor from the CBD via the CTA Purple Line or Metra, which both stop at the Davis Station less than a block away from 1007 Church. Evanston’s reputation also goes beyond just its relative location. It is also known for its walkable urbanity, phenomenal restaurants and Ranked “Top 10 Best Downtowns” retail stores; access to public transportation; pro-business attitude; strong commitment towards public parks and recreation; by Livability.com in 2015 cultural offerings such as museums, theaters and galleries; and for being home to world-renowned Northwestern University. For these reasons, Evanston is the destination for millennials and baby boomers alike who want to live in the best of both the urban and suburban worlds. Although Listed #19 out of 100 in “2015 Best Towns in America” by Niche.com many residents commute to the Chicago CBD or surrounding Lake Michigan suburbs for work, approximately Evanston Township High School Church Street Plaza 45% of the employed residents ranked 15th top school in Illinois and 456th in the country by US News Uncle Dan’s live within Evanston. Evanston Terra & Vine Peeled Juice Bar Elgin Road is truly the urban suburban Red Robin Burger Works CTA PURPLE LINE Optima In 2015, NorthShore University destination that is the extension Horizons HealthSystem Evanston Hospital named Purple Line of Chicago’s downtown area Davis Station “100 Great Hospitals in America” by Beckers Hospital Review and CBD as evidenced by the CTA PURPLE LINE METRA LINE Property’s Walk Score of 96. METRA LINE Development For the second year in a row, Evanston Site Maple Avenue was the only U.S. city to receive Public Union Pacific Technology Institute’s special designation North Line Station as a Tech Savvy award winner Church Street Oak Avenue vis Street Da 4 Lake Michigan West Evanston Transformation Shops at Sherman Plaza Akin to Chicago’s West Loop 1007 Church further benefits from its location on the western side of Evanston’s CBD not only because of its proximity to the Davis Street Station but also because of its direct Church Street Plaza access to Ridge Avenue one block west of the Property. Ridge Avenue is one of the major Uncle Dan’s Terra & Vine north-south arteries of the city, intersecting Peeled Juice Bar Purple Line Red Robin Davis Station Burger Works all major east-west corridors in Evanston, eventually connecting to Lake Shore Drive and the Chicago CBD. This ease of access to Ridge Avenue truly differentiates 1007 Church from its competition which is often subject to vehicular traffic in the CBD. In addition, because of the Union Pacific North Line Station new restaurants and retailers that have opened in the immediate area such as Smylie Brothers That Little Mexican Cafe Brewing Co., Boltwood, Freshii, Table to Stix Kefi Greek Tavern and the many other upcoming establishments, 1007 Church is in the path of progress as a new “Restaurant Row” has surrounded it. Development Site 5 RESTAURANTS HOUSING . 27 Live Clarke's Freshii Naf Naf Grill Smylie Brothers Brewery . Evanston Place 3 800 Degrees Neapolitan Pizzeria Cold Stone Creamery Gigio's Pizzeria Noodles & Company Snow Dragon Shavery & Yogurt 3 Park Evanston $ Andy's Frozen Custard Cosi Golden Olympic Old Dixie Café Soulwich $ The Reserve at Evanston / Bangers & Lace Cozy Noodles Jimmy John's Olive Mountain Starbucks / 1717 1 Bar Louie Delbe's Corner Café Kafein Other Brother Coffee House Subway 1 E2 4 Bat 17 Dream About Tea Kansaku Panera Bread Table to Stix Ramen 4 BJB Evanston 2 Bennison's Bakery Dunkin' Donuts Kefi Greek Tavern Papa John's Taco Bell 2 Maple Grove Apartments ( Bistro Bordeaux Edzo's Burger Shop Koi Asian Cuisine and Lounge Patisserie Coralie Tapas Barcelona ( 1571 Maple , Blaze Pizza Einstein Bagels Kung Fu Tea Peeled Juice Bar Thai Sookdee , Church Street Station Boltwood Epic Burger La Macchina Café Peet's Coffe & Tea That Little Mexican Café Optima Tower Buffalo Joe's eTown Bistro Lao Sze Chuan Pete Miller's The Funky Monk Optima Views Burger King Evanston Chicken Shack Las Palmas Mexican Restaurant & Bar Phoenix Inn The Stained Glass Bistro Optima Horizons Celtic Knot Farmhouse Le Peep Potbelly Tommy Nevin's Pub Sherman Plaza Cheesie's Pub and Grub Five Guys Burger Lou Malnati's Prairie Moon Trattoria Demi Sienna Court I & II Chef's Station Flat Top Grill Lyfe Kitchen Red Robin's Burger Works Unicorn Café Grand Bend at Green Bay Chili's Grill & Bar Forever Yogurt Mt. Everest Sashimi Sashimi World of Beer Winthrop Club Chipotle Found Kitchen and Social House Mumbai Indian Grill Siam Splendor Zoba Noodle Bar North Shore Residences RETAIL PUBLIC HOTELS . 711 Bookends and Beginnings First Bank & Trust Market Fresh Books . City of Evanston Police Department . Hilton Garden Inn Chicago North Shore 3 ACE Hardware Bramer Animal Hospital First Northern Credit Union North Face 3 Evanston Farmers Market 3 Hilton Orrington/Evanston $ Amaranth Books Bright Horizon Flowers Flowers Oak Cleaners $ Evanston Fire Department $ The Merion / American Apparel Century 12 Evanston/Cinearts 6 & XD francesca's Pure Barre / Evanston Public Library / The Homestead 1 Asha Chase Bank Gadgetworks Repair Center RadioShack 1 Fountain Square 1 Hyatt House Chicago/Evanston 4 Asinamali Citibank Gap Salon Lotus 4 Illinois Technology Enterprise Center 4 Margarita European Inn 2 AT&T CVS Pharmacy GNC Sleepy's 2 US Post Office ( ATM (Fifth Third Bank) Davis St Shoe & Luggage Repair Grateful Yoga Spotless Cleaners , Audio Consultants Edible Arrangements H&R Block Uncle Dan's The Great Outdoor Store Barnes & Noble Enterprise CarShare Illinois Currency Exchange Urban Outfitters Beck's Bookstore Enterprise Rent a Car Jay's Barber Shop Western Union Blick Art Materials Evanston 1st Liquors LA Fitness Williams Shoes BMO Harris Bank First Bank & Trust Levi's Store Evanston World Market 6 3 29 73 68 EMERSON ST 15 5 27 Heart of Downtown Evanston / 46 48 Retail and Restaurants 1007 Church Street boasts a Walk Score of 2 1 6 SHERI 96 which highlights the urban environment DA surrounding the Property.