NelsonHill. Creating Maximum Value in Real Estate

Transcription

1 elsonhill Creating Maximum Value in Real state

2 FOR SAL 1234 W. Randolph Street 1234 W. Randolph Street, is an existing 28,106 Sq. Ft. building on an 18,000 Sq. Ft. land site with 125 of frontage along Randolph Street. The property is currently improved with three (3) Class C warehouse buildings. Much like its surroundings, this property has been used for food production. It is zoned C1-3 Commercial and is within the City of Chicago s new downtown expansion area allowing for an increased FAR to promote higher density. XISTIG SIT CTA GR AD PIK LI TRAIS BUILDIG SIZ: 1220 W. RADOLPH ST + 13,248 SF BUILDIG SIZ: 1234 W. RADOLPH ST + 14,858 SF LAD SIZ + 18,000 SF ZOIG C TAXS $2.53 PSF (LAD) CITY WIRY RADOLPH STRT RSTAURAT ROW PI(S) CALL FOR OFFRS SPTMBR 7, 2016 DADLI SIT PROPOSD DVLOPMT ALHAMBRA BUILDIG SIZ LAD SIZ + 103,500 SF + 18,000 SF STORIS 6 ZOIG* OFFIC RTAIL DX ,500 SF + 18,000 SF LOU MALATI S 2 MAX FAR / BOUS FAR* 3.0 / 2.75 *Zoning and FAR restrictions are subject to City of Chicago approval and are not guaranteed. property overview elsonhill Creating Maximum Value in Real state

3 property overview 4. RACI AV ZOIG XPASIO SIT 1234 W. RADOLPH STRT LOCATIO Birdseye Property Aerial W. RADOLPH ST The subject property benefits from its location in the thriving West Loop neighborhood and visibility on Randolph Street, adjacent to City Winery Chicago. This neighborhood has seen a dramatic shift in the past five (5) years from food production warehouses to creative loft office, retail and high-end restaurant conversions. Redevelopment is the highest-and-best use for many properties in this submarket. Furthermore, the City of Chicago recently released a proposal promoting higher density redevelopment in this neighborhood. In addition to the number of new developments in the neighborhood including 1K Fulton, Morgan MFG, Fulton West, and various boutique hotels like SoHo House, obu and Hoxton Hotels, high density redevelopment is being considered by new development currently in planning such as the McDonald s Corporate Office development on the former Harpo Studios site. CITY OF CHICAGO ZOIG PROPOSAL SIT This Spring, 2016, the City of Chicago announced a new zoning expansion proposal to increase high density development in four designated areas surrounding the Central Business District (CBD). While each individual project will still need to seek a zoning variance, highrise redevelopment, increased FAR and height restrictions for these designated areas are being promoted by the City. CURRT ZOIG C1-3 PROPOSD ZOIG CURRT FAR DX-3 X W. RADOLPH ST PROPOSD FAR 3.0 IGHBORHOOD OPPORTUITY BOUS 2.75 Birdseye Streetview from W. Randolph St.

4 neighborhood analysis 7 WLCOM TO TH WST LOOP OVRVIW The Fulton Market District in Chicago s West Loop neighborhood was historically a meat-packing district and Chicago s first marketplace. The rich history and character of this neighborhood is embodied in the loft warehouse construction seen in many West Loop and Kinzie Corridor buildings. As the tech scene rises in Chicago and suburban corporations continue their downtown migration, the West Loop has become a prime location for redevelopment. 1K FULTO DURIG COSTRUCTIO IGHBORHOOD SHIFT TO CRATIV LOFT OFFIC The emerging West Loop, located immediately west of Chicago s Central Business District (CBD), boasts a number of world renowned restaurants along Randolph Street, mass transit with a new CTA JUSTI LAFLI LOOMIS FULTO WST RVL CARROLL FULTO SOHO HOUS FULTO MARKT 1K FULTO Station at Morgan and Lake (completed in 2012) and a collection of new office and residential developments. The neighborhood has seen explosive growth in real estate value and is quickly transforming from a meat-packing district into a desirable and walkable entertainment and tech-focused corridor. Projects like 1K Fulton, Fulton West, Morgan Manufacturing and the former Harpo Studios land site have UIO PARK RADOLPH SIT LAK LOU MALATI S CITY WIRY MCDOALD S CORPORAT RSTAURAT ROW FULTO MARKT GROWTH 14,200 piqued the interest of suburban corporations and are creating a snowball effect for future growth. 70% $106,902 67% WASHIGTO ADA LIZABTH RACI MAY ABRD CARPTR MORGA SAGAMO POPULATIO GROWTH SIC K FULTO PROFSSIOAL WORKFORC AVRAG AUAL HH ICOM RSIDTS HOLDIG A BACHLOR S DGR W DVLOPMT Given the increasing demand for loft office and residential conversions, MADISO developers have specialized in adaptive reuse redevelopment; a prime example being 1K Fulton, completed in 2014 by Sterling Bay Companies. 1K Fulton, formerly Fulton Cold Storage, now houses corporate giants Google SOHO HOUS and SRAM. A number of new projects are currently underway, including Fulton West, Revel vents, Blue Plate, Harpo Studios and more. To accommodate the influx of tech executives, a number of boutique hotels including the obu Hotel, Hoxton Hotel and Ace Hotel are sprouting up to meet the needs of corporate business travelers. OBU HOTL In addition, local high-end amenities like the SoHo House have been added to the neighborhood to provide executives with exclusive club access to a private roofdeck, coworking spaces, pool and fitness facilities.

5 AV D HISTORIC OVRLAY DISTRICT TRRY S TOFF TH OGD MART ATHOY ABRD TAP ZOIG XPASIO W KIZI ST SAM S MAT W WAYMA ST FULTO MKT KITCH CDT PIZZRIA DL MRCATO MCD JUPITR OUTPOST ASP W FULTO MKT ATK ITRATIOAL SAFOOD MACLLO RISTORAT 172 LYO & HALY SUBJCT PROPRTY GR BGIIGS SAWTOOTH UIO PARK COSUMRS SUPPLY CO. LIF BOOK MTHOD BICYCL 1200 W W LAK ST AMITY PACKIG LAK ST LOFTS 1015 W MUSICBOX FILMS FABRI SAUSAG SOUTH CTRAL BAK TT CHARCUTRI STUBHUB COLUMBUS MAT RACI ST GRAG HALL BURGR BAR FIRST AGL BAK AU CHVAL TAOSHII D CRO MADISO CLARS THIRD RAIL TAVR W RUDLL PL W ARCAD PL PRZ GR ST. SMOKD MATS HAROLD S CHICK MADISO STRT KITCH G2 M S SALO PORIA ST A&A AUTOMOTIV SAGAMO ST CROSSROADS BAR & GRILL HAYMARKT PUB The subject property is a combined 18,000 SF land site located on Randolph Street, or Restaurant Row and is surrounded by high end restaurants and famous chefs. RSTAURAT ROW Restaurant Row, along Randolph Street, has become a hub for world renowned restaurateurs. This transitioning neighborhood is home to the trendiest bars and restaurants in Chicago and a popular destination for foodies. W WASHIGTO BLVD CARPTR ST GRAT AMRICA BAGL TAKHOL DSIG 1134 W ABRD ST 1217 W FLOYD S BARBRSHOP MAY ST LIZABTH ST ADA ST LOOMIS ST BISHOP ST THROOP ST AV O GD TH GARDR SCHOOL OF CHICAGO TURIG LAF COMM. 945 W PLUMBR S LOCAL UIO LUX MAUD S LIQUOR BAR OBU BAR SIA W RADOLPH ST MOTSSORI SCHOOL WSTD MOMO PADDY TARO O FGA S QUALITY L COLOMB JOHY S ICHOUS BTT DAY SCHOOL JOH R. MORRAL BAR TAKITO CRISTIA 1229 W W WASHIGTO BLVD PARAGO STUDIOS COOMY PACKIG TUCKR PUP S PT RSORT RIZS PRODUC LATIO MAT 905 W ABRD AUTO PORIA PACKIG LSLI HIDMA AUCTIORS LA SIRA CLADSTIA FM HAIR PRODUCTS WCIU-TV W MADISO ST BRW & GROW ULTA BAUTY MRIT SCHOOL OF MUSIC HALSTD ST FOUR STAR 1234 W. RADOLPH ST TH MID V IO A 220 materials marketing GICO AV W CARROLL AV F U LTO W LAK ST S GRACI S CAF K U RLIABL PLATIG IL W AU PICKS KA GR ST BAGGIA AUTO 315 MAHZL MTALS LOOMIS ST W FULTO MKT LA SCAROLA M The Fulton Market District in Chicago s West Loop has a rich history in meat-packing as Chicago s original marketplace. The area is experiencing substantial growth in loft-office conversions, attracting corporate brands and multi-tenant developments such as: 1K Fulton, Morgan Manufacturing and Fulton West (under construction). W CARROLL AV W CARROLL AV KUZ GLOV COBRA LOUG MIDTOW TRASFR H.O.M W LAFLI ST JUSTI ST 1516 W RICKARD BIDRY HISTORIC DISTRICT OVRLAY ADM MILLIG PICCOLO SOGO FULTO MARKT WST LOOP AMITIS MAP IGUAA CAF PAGODA RD W KIZI ST W OHIO ST MMIT S IRISH PUB MORGA ST COOPR TCHICA ABRD ST MAY ST CASA DL SOL W ARBOUR PL MDACTA HALSTD ST BRT S CAR WASH W KIZI ST VICTORY RCORDS 1001 W W HUBBARD ST OBL ST ARMOUR ST SALRO S W GRAD AV PORIA ST OG PROPOSD ZOIG XPASIO TWO D AMATO S BAKRY SAGAMO ST 5.0 BAS FAR, 7.7 MAX FAR GRAT LAKS TATTOOS neighborhood analysis 9 UIO ST TWISTD SPOK PLAD GR ST CTA STATIO 450 DIVVY STATIO RACI ST ADA ST LSOHILL TRASACTIOS PORIA ST W OHIO ST MAP LGD

6 property management services 11 RADOLPH RSTAURAT ROW DVLOPMT OPPORTUITY COTACT MARK A. LSO, SIOR MICHAL D. LSO, SIOR