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Kingsbury Center Holliday Fenoglio Fowler, L.P. ("HFF") an Illinois licensed real estate broker. hfflp.com KINGSBURY CENTER AN IRREPLACEABLE 53,079 SQUARE FOOT URBAN RETAIL CENTER LOCATED IN THE DYNAMIC AND RAPIDLY GROWING NORTH & CLYBOURN CORRIDOR OF CHICAGO THE OFFERING KINGSBURY CENTER KINGSBURY CENTER THE OFFERING HFF has been retained on an exclusive basis to offer qualified investors the opportunity to acquire Kingsbury Center (the “Property” or the “Offering”) – a 53,079 square foot urban retail offering situated in Chicago’s dynamic North & Clybourn Retail Corridor. The Property is 100% leased to a roster of national tenants including buybuy Baby (S&P: BBB+), PetSmart, Road Runner Sports, and Jimmy John’s which feature 5.7 years of average weighted lease term. In a rare occurrence, Kingsbury Center presents investors the opportunity to acquire a core retail center with secure, in-place cash flows paired with significant future value creation potential through redeveloping an underutilized site in a dynamic, mixed use location. PROPERTY SUMMARY 1415-1435 North Kingsbury Street ADDRESS Chicago, IL 60642 GLA 53,079 SF OCCUPANCY 100.0% YEAR BUILT 2012 PARKING SPACES 85 TENANT SUMMARY TENANT GLA GLA % BUYBUY BABY 26,500 49.9% PETSMART 18,524 34.9% ROAD RUNNER SPORTS 6,308 11.9% JIMMY JOHN’S 1,747 3.3% TOTAL 53,079 100.0% 2 3 THE OFFERING THE OFFERING KINGSBURY CENTER KINGSBURY CENTER Clybourn Galleria CTA BrownCTA Line Purple Line LINCOLN PARK DOMINANT RETAIL DESTINATION AFFLUENT NORTHSIDE CHICAGO LOCATION AVERAGE SINGLE FAMILY Clybourn Galleria Kingsbury Center is strategically located at the epicenter of the vibrant The Property benefits from its close proximity to several of Chicago’s HOME PRICE = $1 MILLION+ North and Clybourn Retail Corridor, one of the City’s busiest and most most affluent Northside neighborhoods including Lincoln Park, Old dynamic shopping districts. This mixed-use, transit-oriented location Town, Gold Coast, Lakeview, and Bucktown/Wicker Park. North & features over 7,000 residential units, 1.1 million square feet of office Clybourn’s scale and diversity of retail offerings (over 3 million square Lincoln Park Centre space, and nearly 3 million square feet of retail space. The location is feet) is unmatched in urban Chicago, creating a wide consumer draw North & Sheffield Commons serviced by the CTA’s North & Clybourn “L” station, a dedicated bike from Chicago’s desirable Northside neighborhoods. Directly adjacent to lane, and CTA bus service. Dominant destination retailers that anchor Kingsbury Center is Chicago’s Lincoln Park neighborhood which is one this submarket include Apple, Whole Foods’ Chicago Flagship Store, of the City’s most desirable residential neighborhoods. Lincoln Park has Dick’s Sporting Goods, , Mariano’s, REI, West Elm, Design Within Reach, average household incomes of $126,658 and median owner-occupied CTA Red Line Anthropologie, and Arclight Cinema. housing values of $522,345. North / Clyborn Clybourn Avenue North Avenue Kingsbury Street DEMOGRAPHICS OVERVIEW Shops at Kingsbury Square 86,292 SF Chicago Flagship The Shops on Fremont Blackhawk on Halsted Whole Foods Location AVERAGE HOUSEHOLD LINCOLN PARK INCOMES OF $148,119 AVERAGE HOUSEHOLD WITHIN 0.5 MILE RADIUS INCOMES OF OF KINGSBURY CENTER $126,658 KINGSBURY CENTER 563,284 SF Mixed Use Development NORTH & CLYBOURN DENSE POPULATION OF OVER 11% POPULATION Halsted Street Halsted TRAFFIC COUNTS OF 474,931 WITHIN 3 MILES 36,812 VEHICLES PER DAY GROWTH SINCE 2000 880 students, 65 staff 70%+ RESIDENTS HAVE OVER 95% WHITE COLLAR OBTAINED BACHELOR'S OR SERVICE EMPLOYMENT DEGREE OR HIGHER WITHIN 1 MILE RADIUS 4 5 KINGSBURY CENTER THE OFFERING THE OFFERING KINGSBURY CENTER CORE RETAIL OFFERING KINGSBURY CENTER IS A RARE, CORE RETAIL OFFERING PROVIDING EXCELLENT INVESTOR STABILITY WITH LONG-TERM APPRECIATION POTENTIAL. THE STRENGTH OF THE UNDERLYING REAL ESTATE IS SUPPORTED BY THE FOLLOWING: 100% 5.7 YEARS OF AVERAGE IN-PLACE NATIONAL AVERAGE WEIGHTED RENTS ARE 33% BELOW TENANCY LEASE TERM RECENTLY SIGNED LEASES 50% OF INCOME FROM 85 SPACE SURFACE INVESTMENT-GRADE ANCHOR PARKING LOT PROVIDING RARE BUYBUY BABY VEHICULAR CONVENIENCE IN (S&P: BBB+) AN URBAN ENVIRONMENT GENERATIONAL URBAN SITE WITH SITE SUMMARY FUTURE DEVELOPMENT POTENTIAL SITE AREA 2.32 Acres (101,060 SF) CURRENT ZONING C3, Commercial The Offering represents an increasingly rare opportunity for investors to purchase a combination of high quality, nationally anchored cash flows supported MAXIMUM FLOOR AREA RATIO 5.0 by a large urban site that could accommodate future densification through MAXIMUM BUILDING HEIGHT Eighty (80) Feet redevelopment. As the surrounding trade area continues its rapid expansion CURRENT SITE UTILIZATION 0.53 FAR / 5.0 FAR and population influx, a future investor will have a unique opportunity to own a site that has accretive entitlements. 6 7 KINGSBURY CENTER THE OFFERING THE OFFERING KINGSBURY CENTER RAPIDLY DENSIFYING TRADE AREA WITH HIGH BARRIERS TO ENTRY Proposed Belgravia Residential Development Kingsbury Center, and the surrounding Retail Corridor, is located in a high barrier to entry location that is 90 Condos, 250 Apartments, bounded on the north and east sides by high-end residential, while the western and southern borders are 60K SF Retail 270K SF Office Development SIGNIFICANT located at the cusp of two rapidly developing areas: Goose Island & The North Branch Industrial Corridor. Sterling Bay 1642 Besly Shapack Partners INSTITUTIONAL A man-made island created by Chicago’s first mayor in 1857, Goose Island was a major Development Goose Island: 2017 N Mendell 2065 N. Southport OWNERSHIP 99.000 SF industrial hub through the 1970’s. Recent redevelopment efforts will improve infrastructure, connectivity, 60K SF Office Development Loft Office Conversion and increase public space. Major projects have already begun bringing daytime employment to the North & Clybourn Corridor including Amazon’s new lease on Goose Island, over 1 million square feet of creative ® Sterling Bay DRW and tech office planned from R2 Companies, and a $320 million+ public/private initiative, known as UI Finkl Steel Mixed-Use CTA BrownCTA Line Purple Line Sterling Bay 1685 N Throop Site Development Redevelopment TRANSFORMATIVE Labs, focused on digital manufacturing and design. 4.1 Acre Development 1720 N. Elston 18 Acre Site Currently LINCOLN PARK Site Formerly Occupied Development on the Market for ZONING CHANGES North Branch Industrial Corridor: 760 acres of land extending along the Chicago River from Kinzie by Morton Salt Future Redevelopment AVERAGE SINGLE FAMILY CRM Group HOME PRICE = $1 MILLION+ Street, north to Fullerton Avenue. The City’s Department of Planning and Development has recently Proposed 400+ approved plans to allow for new mixed-use development in a location that previously permitted only Multi-housing Units Global HQ & industrial and manufacturing uses. One of the largest owners in this corridor, Sterling Bay is currently in Innovation Center R2 Companies 98 Micro Unit the planning stages for a multi-phase development that is expected to be in excess of $1 Billion. Apartments 1315 N. Branch HIGH TECH 170K SF Creative EMPLOYMENT Office Development GROWTH Big Deahl R2 Companies/Goldman Sachs 200K SF 362,433 SF Retail, 1 Acre Riverfront Mixed Use Development 199 MF Units, 52,000 SF Redevelopment 28,331 SF Medical Office Distribution Center Delivered October 2015 MULTI-MODAL TRANSPORTATION SUBMARKET 101K SF Creative Loft TECH AND Office Building MANAGEMENT JOBS KINGSBURY 261% CENTER SINCE 2002 100K Creative Loft Office Building 8 9 RETAIL DEBT AMY SANDS CLINTON MITCHELL JONATHAN NORTON DANIEL NAUGHTON TIM JOYCE CHRISTOPHER KNIGHT Senior Director Senior Director Associate Analyst Managing Director Director [email protected] [email protected] [email protected] [email protected] [email protected] [email protected] 312.980.3613 312.980.3619 312.300.7291 312.980.3610 312.528.3652 312.980.3603 181 W. Madison Street | Suite 3900 | Chicago, IL 60602 | Telephone: 312.528.3650 | hfflp.com ATLANTA | AUSTIN | BOSTON | CAROLINAS | CHICAGO | DENVER | DALLAS | FLORHAM PARK (NJ) | HOUSTON INDIANAPOLIS | LOS ANGELES | MIAMI | NEW YORK | ORANGE COUNTY (CA) | ORLANDO | PHILADELPHIA PHOENIX | PITTSBURGH | PORTLAND (OR) | SAN DIEGO | SAN FRANCISCO | TAMPA | WASHINGTON, DC | LONDON ©2017 HFF has been engaged by the owner of the property [properties] to market it [them] for sale. Information concerning the property [properties] described herein has been obtained from sources other than HFF, and neither Owner nor HFF, nor their respective equity holders, officers, employees and agents makes any representations or warranties, express or implied, as to the accuracy or completeness of such information. Any and all reference to age, square footage, income, expenses and any other property specific information are approximate. Any opinions, assumptions, or estimates contained herein are projections only and used for illustrative purposes and may be based on assumptions or due diligence criteria different from that used by a purchaser, and HFF, its partners, officers, employees and agents disclaim any liability that may be based upon or related to the information contained herein. Prospective purchasers should conduct their own independent investigation and rely on those results. The information contained herein is subject to change. .
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