NelsonHill. Creating Maximum Value in Real Estate. FOR LEASE Turn-Key Restaurant Space in Fulton Market

Transcription

1 NelsonHill Creating Maximum Value in Real Estate FOR LEASE Turn-Key Restaurant Space in Fulton Market

2 property overview N. MORGAN STREET FOR LEASE: Turn-Key Restaurant Space in Fulton Market NelsonHill is pleased to offer a rare opportunity for a Turn-Key Restaurant space in Fulton Market. The offering is the former location of the Brass Monkey, and less than two years new, with existing infrastructure, improvements and fixtures being offered in-place. Located within the fully-leased 401 N. Morgan Street building, home of Morgan Manufacturing event space, on the highly visible and highly trafficked corner of two main access points into, and through, the Fulton Market: Kinzie & Morgan Streets. The premises offer more than 100 of window line facing South over the Fulton Market. Dedicated parking available, with an opportunity for additional valet parking from the new upcoming development within the block. ADDRESS PREMISES RENT KEY MONEY IMPROVEMENTS PARKING AMENITIES LICENSE 401 N MORGAN STREET CHICAGO, IL ,904 RSF GROUND FLOOR RETAIL 5,898 RSF BASEMENT BATHROOMS AND STORAGE NEGOTIABLE SUBJECT TO OFFER $2,500,000 OF NEW INVESTMENT, INCLUDING TURN-KEY KITCHEN, WALK-IN COOLERS AND FREEZERS, FULLY EQUIPPED BAR, DEDICATED HVAC, ALL NEW WINDOWS, CUSTOM SOUND SYSTEM, ETC. STREET, PARKING LOT, AND VALET ACCESS TO 8,000 SF ROOF DECK 32,000 SF OF SPECIAL EVENT SPACE CONTIGUOUS WITH THE RESTAURANT FULLY-LICENSE BUSINESS WITH INCIDENTAL LIQUOR 2 property overview

3 4 401 N. MORGAN STREET BUILDING FEATURES & AMENTIES Completed in 2014, 401 N. Morgan Street is a mixed-use retail, office and event space complex in the heart of the Fulton Market District. The building provides tenants with a dedicated parking lot, access to 8,000 SF roof deck with unencumbered downtown views and access to the 32,000 SF Morgan Manufacturing special event space contiguous with the restaurant. Join corporate office tenants Bucketfeet and Threadless in this creative loft multi-tenant complex. 401 N. MORGAN STREET SITE PLAN N SANGAMON ST OFFICE USE AVAILABLE FOR LEASE OFFICE USE 32,000 SF EVENT SPACE W HUBBARD ST W KINZIE ST PARKING LOT AVAILABLE + 4,000 RSF (1ST FLOOR) + 2,000 RSF (BASEMENT) N MORGAN ST

4 FIRST FLOOR PLAN CONCRETE SIDEWALK DN TURN-KEY RESTAURANT SPACE DN UP STAIR RESTAURANT 4,000 SF MAX SPACE FEATURES A fully-licensed business included (incidental liquor license) ELEV Ground Floor - 5,904 RSF Approx. 4,000 SF of main level restaurant / bar space Kitchen and coolers ENTRY VESTIBULE STAIR UP Lower Level - 5,898 RSF Approx. 2,000 SF of lounge, restrooms and back office Storage and walk-in coolers Over $2.5 million in build-out improvements and features ADA ACCESSIBLE ROUTE Furniture and fixtures included: Custom sound system All new windows installed BASEMENT FLOOR PLAN Spanish marble / tile decor Main diving and private room dining Dedicated high-efficiency HVAC Micros Software Top-of-line kitchen equipment installed Main entrances off Morgan St. to the West and parking lot entrance to the North UP M-ADA M-ADA M W W-ADA Opportunity to be provider for highly successful Morgan Manufacturing CLOSET CATERING STORAGE M event space ASKING RATE: NEGOTIABLE A/V CLOSET W BATHROOM LOBBY TURN-KEY: SUBJECT TO OFFER ELEV. STOR. A STOR. B STOR. C STOR. D JAN. CLOS. W-ADA ELEV FOYER HALL UNISEX ADA UP (E) STAIR STOR. E

5 neighborhood analysis 9 WELCOME TO FULTON MARKET OVERVIEW FULTON MARKET GROWTH 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. 14,200 70% $132,250 67% POPULATION GROWTH PROFESSIONAL AVERAGE ANNUAL RESIDENTS HOLDING A SINCE 2000 WORKFORCE HH INCOME BACHELOR S DEGREE THE PUBLICAN THE LITTLE GOAT FEDERALES FULTON WEST RENDERING NEIGHBORHOOD SHIFT TO CREATIVE LOFT OFFICE 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 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 piqued the interest of suburban corporations and are creating a snowball effect for future growth. 1K FULTON SOHO HOUSE NOBU HOTEL NEW DEVELOPMENT Given the increasing demand for loft office and residential conversions, 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 and SRAM. A number of new projects are currently underway, including Fulton West, Revel Events, Blue Plate, Harpo Studios and more. To accommodate the influx of tech executives, a number of boutique hotels including the Nobu Hotel, Hoxton Hotel and Ace Hotel are sprouting up to meet the needs of corporate business travelers. 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.

6 GREAT LAKES TATTOOS W GRAND AVE FULTON MARKET INNOVATION DISTRICT TWO D AMATO S BAKERY SALERNO S FULTON MARKET THE OGDEN MART ANTHONY W HUBBARD ST N HALSTED ST E N MORGAN ST W KINZIE ST MORGAN MFG 401 N. MORGAN STREET SAM S MEAT FULTON MKT KITCHEN CDT PIZZERIA DEL MERCATO MCD JUPITER OUTPOST ASPEN W FULTON MKT W LAKE ST ATK INTERNATIONAL SEAFOOD MACELLO RISTORANTE 172 N LYON & HEALY SUBJECT PROPERTY GREEN BEGINNINGS SAWTOOTH UNION PARK CONSUMERS SUPPLY CO. LIFE BOOK 1200 W METHOD BICYCLE JOHN R. MORREALE BAR TAKITO CRISTINA W LAKE ST AMITY PACKING LAKE ST LOFTS 1015 W TETE CHARCUTERIE SOUTH CENTRAL BANK MOMO PADDY TARO O FEGAN S STUBHUB MAUDE S LIQUOR BAR NOBU BAR SIENA COLUMBUS MEAT GRANGE HALL BURGER BAR W RANDOLPH ST FLOYD S BARBERSHOP MONTESSORI SCHOOL TAKHOL DESIGN HAROLD S CHICKEN 1134 W THE GARDNER SCHOOL OF CHICAGO FIRST EAGLE BANK MADISON CLEANERS THIRD RAIL TAVERN W RUNDELL PL W ARCADE PL N GREEN ST G2 MEN S SALON N PEORIA ST MADISON STREET KITCHEN N SANGAMON ST A&A AUTOMOTIVE N CARPENTER ST CROSSROADS BAR & GRILL N ABERDEEN ST GREAT AMERICAN BAGEL LUXE W WASHINGTON BLVD W WASHINGTON BLVD N MAY ST N ELIZABETH ST N THROOP ST N ADA ST N LOOMIS ST N BISHOP ST 1217 W WESTEND TANOSHII HAYMARKET PUB PEREZ GREEN ST. SMOKED MEATS PLUMBER S LOCAL UNION JOHNNY S ICEHOUSE AU CHEVAL DE CERO 945 W 1229 W LE COLOMBE GRACIE S CAFE TURNING LEAF COMM. QUALITY MUSICBOX FILMS FABRI SAUSAGE ULTA BEAUTY MERIT SCHOOL OF MUSIC 401 N. MORGAN STREET BENNETT DAY SCHOOL 401 N. Morgan is located among creative, loft offices, art galleries and coffee shops in Chicago s trendy Fulton Market District. With Restaurant Row and new residential developments nearby, this neighborhood promotes work, live and play, all in one. RESTAURANT 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. WCIU-TV W MADISON ST BREW & GROW W WAYMAN ST N HALSTED ST LESLIE HINDMAN AUCTIONEERS ECONOMY PACKING TUCKER PUP S PET RESORT RIZES PRODUCE PARAGON STUDIOS LATINO MEAT 905 W ABERDEEN AUTO PEORIA PACKING GENIECO LA SIRENA CLANDESTINA FM HAIR PRODUCTS D THE MID N HALSTED ST W CARROLL AVE VE ION A 220 N FOUR STAR AV E PICKENS KANE F U LTO N materials marketing KE 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). N UN RELIABLE PLATING IL W AU W KINZIE ST 315 N MAHZEL METALS N LOOMIS ST BAGGIA AUTO COBRA LOUNGE LA SCAROLA M EMMIT S IRISH PUB W CARROLL AVE W CARROLL AVE W FULTON MKT N PAGODA RED MIDTOWN TRANSFER H.O.M.E. KUNZ GLOVE N ABERDEEN ST AV E N DE N N LAFLIN ST 1500 W ADM MILLING 318 N RICKARD BINDERY 350 N 351 N N JUSTINE ST 1516 W COOPER TECHNICA FULTON MARKET INNOVATION DISTRICT HISTORIC DISTRICT OVERLAY H OG W ARBOUR PL FULTON MARKET WEST LOOP AMENITIES MAP IGUANA CAFE W HUBBARD ST CASA DEL SOL W KINZIE ST W OHIO ST PICCOLO SOGNO 450 N. MORGAN ABERDEEN TAP N MAY ST RESTAURANT ROW MEDACTA 1001 W TERRY S TOFFEE BERT S CAR WASH HISTORIC OVERLAY DISTRICT VICTORY RECORDS W GRAND AVE neighborhood analysis 11 N UNION ST TWISTED SPOKE PLANNED N GREEN ST CTA STATION N RACINE ST DIVVY STATION N ADA ST N NOBLE ST NELSONHILL TRANSACTIONS N PEORIA ST W OHIO ST MAP LEGEND

7 demographics 13 DEMOGRAPHICS 1,226 New Hotel Rooms Under Construction or Proposed OFFICE Over 4 Million SF of existing office space Over 3 Million SF of office space proposed or under construction 4 MILLION 3 MILLION DEMAND is Currently Exceeding Supply by 3:1 in the FUTON MARKET 63.2% OF THE POPULATION IS BETWEEN Over 3,200 Apartment Units Under Construction or Proposed REPRESENTS 100 APARTMENT UNITS

8 property management services 15 TURN-KEY RESTAURANT SPACE FOR LEASE MORGAN MFG FULTON MARKET LEASING INQUIRIES ZACH J. PRUITT