Colliers International Chicago Land Advisory Group

Transcription

1 Colliers International Chicago Land Advisory Group Acres Multiple Use Potential Elgin Township, Kane County, Illinois

2 Table of Contents EXCLUSIVE AGENT, DESIGNATED AGENT, COLLIERS INTERNATIONAL DICLAIMER EXECUTIVE SUMMARY The Offering 6 Chicago Area Map..7 Aerial Photographs.8 AREA OVERVIEW Community North Randall Road Daytime Populations and Traffic Counts Demographic Snapshot THE PROPERTY Overview DEVELOPMENT OPPORTUNITY Zoning and Use TERMS OF SALE Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 2

3 >Exclusive Agency, Designated Agents, Colliers International Disclaimer Colliers International Chicago Land Advisory Group Acres Multiple Use Potential Elgin Township, Kane County, Illinois

4 Exclusive Agency, Designated Agent, Colliers International Disclaimer Exclusive Agency Colliers International is the exclusive agent of the seller of the Property. Designated Agent Gregory J. Pacelli, SIOR and W. Mark Dolemba are Seller's Agent's designated agents for the Property who solely represent the interests of the Seller of the Property. Gregory J. Pacelli, SIOR Principal Chicago DIRECT W. Mark Dolemba Senior Vice President Chicago DIRECT Colliers International Disclaimer This document has been prepared by Colliers International for advertising and general information only. Colliers International makes no guarantees, representations or warranties of any kind, expressed or implied, regarding the information including, but not limited to, warranties of content, accuracy and reliability. Any interested party should undertake their own inquiries as to the accuracy of the information. Colliers International excludes unequivocally all inferred or implied terms, conditions and warranties arising out of this document and excludes all liability for loss and damages arising there from. This publication is the copyrighted property of Colliers International and/or its licensor(s) All rights reserved Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 4

5 >Executive Summary Colliers International Chicago Land Advisory Group Acres Multiple Use Potential Elgin Township, Kane County, Illinois

6 Executive Summary The Offering As exclusive agent representing The Financial Corporation of Illinois, as seller, Colliers International is pleased to offer Acres Multiple Use Potential Elgin Township, Kane County, Illinois property ( Property ) for sale. The Property is a highly desirable, suburban infill site offering a development opportunity for a multitude of uses. Adjacent to Sherman Health hospital and the Metra Station at Big Timber Road, the Property is located in Elgin Township, Kane County at the SWC of the Randall Road and Big Timber Road signalized intersection, one mile south of the I-90 and Randall Road full four way interchange. Size: Offering Price: Possible Uses: /- Acres $4.75 PSF $ 14,773,374 Residential Single Family Attached and Detached Senior Living/Active Adult Multi-Family Retail Industrial Office/Research Hospitality Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 6

7 Executive Summary Chicago Area Map Chicago Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 7

8 Executive Summary Site Aerial ^ North Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 8

9 Executive Summary Local Aerial ^ North Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 9

10 Executive Summary Regional Aerial ^ North Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 10

11 >Area Overview Colliers International Chicago Land Advisory Group Acres Multiple Use Potential Elgin Township, Kane County, Illinois

12 Area Overview Community Incorporated in 1854, Elgin Illinois is a city with a fascinating past, an engaging present and an exciting future. Situated along the banks of the Fox River, Elgin has inviting neighborhoods, interesting businesses and caring organizations. Elgin is a warm and friendly community that embraces newcomers and long-time residents alike. Home to nearly 106,000 people, Elgin is proud of its diversity and culture. You ll find exactly what you need to build a fulfilling and balanced life for you, your family or your business. Elgin is one of the fastest growing communities in Kane County and provides a choice for residents interested in city or suburban living. As it continues to revitalize its downtown, more people are finding Elgin offers lifestyle choices few other suburbs provide. And with a housing stock that is as diverse as the City itself, residents are sure to find a place to call home. From its four historic districts with majestic Victorian mansions to its many neighborhoods with comfortable single family homes or townhomes, Elgin offers something for everyone. From Elgin s Website Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 12

13 Area Overview Community For a city of any size, Elgin offers an amazing array of diverse events and activities with convenient (and free!) parking. From the Centre of Elgin, The Hemmens Cultural Arts Center and Elgin Symphony Orchestra, Elgin offers world-class amenities with award-winning programs. Whether you walk or bike around the Fox River or visit one of its golf courses, everyone is sure to find something to do in Elgin. From Elgin s Website Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 13

14 Area Overview Community Voted one of the top 10 U.S. cities for economic development in both 2003 and 2005, Elgin is one of America s most dynamic centers for business growth with nearly 2,000 new jobs created annually and nearly six million sq. ft. of new commercial space since Elgin is changing, expanding and prospering in vital ways. Elgin is now one of America s most dynamic centers for business growth with interest coming from international companies including Siemens Energy & Automation, Geka, and NTN. As part of booming Kane County, Elgin is among 25 cities and villages and 15 townships that are home to nearly 500,000 people within a 524-square mile radius. For business owners, Elgin's pro-business city government embraces the philosophy that our economic future and prosperity rely on progressive, mutually beneficial partnerships. In Elgin, business owners will enjoy favorable Kane County tax rates, a trained workforce, rapid population growth, an abundance of available properties and an excellent location. Elgin is only a half-hour drive from Chicago's O'Hare International Airport. It has three highway interchanges adjacent to I-90, the Northwest Tollway's Golden Corridor lined with corporate headquarters and high-tech companies. You'll find that Elgin is a city in the suburbs with an international flavor, home to corporations from around the world. From Elgin s Website Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 14

15 Area Overview North Randall Road Daytime Population and Traffic Counts Daytime Work Population Over 10,000 Including Major Employers Work Company Population Employees Sanfilippo / Fischer Nut 1,000 Chase Card Services 3,000 Northwest Corporate Park 3,000 High Traffic Counts Routes / Roads Traffic Count I-90 and Randall Interchange 43,600 Randall and Rt. 20 Interchange 44,700 Randall at Bowes Rd. 24,900 Randall at Big Timber Rd. 41,000 From Elgin s Website Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 15

16 Area Overview Demographic Snapshot Population 1 Mile 3 Mile 5 Mile 2010 Total Population: 1,867 43, ,292 Pop Growth : 0.70% 6.70% 6.70% Per Capita Income: $36,320 $31,717 $28,294 Average Age: Households 2010 Total Households: ,534 49,480 HH Growth : 0.20% 5.60% 6.10% Median Household Inc: $80,372 $75,508 $72,526 Avg Household Size: Avg HH Vehicles: Avg Travel Time - Wrk: 26 min 28 min 29 min Housing Median Housing Value: $253,142 $259,287 $227,862 Median Year Built: From Costar Comps Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 16

17 >The Property Colliers International Chicago Land Advisory Group Acres Multiple Use Potential Elgin Township, Kane County, Illinois

18 The Property Overview < North Access Distance (Miles) Sherman Health Hospital:.25 Metra Station.70 I-90: 1 Downtown Elgin: 4 Route 59: 9 I-290/53: 17 O Hare Airport 30 Downtown Chicago 48 Marketing Window Excellent Randall Road Frontage: 1,445 (+/-) Big Timber Road Frontage: 1,973 (+/-) Average Daily Traffic: Randall Road Frontage: 43,200 Big Timber Road Frontage: 16, Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 18

19 >Development Opportunity Colliers International Chicago Land Advisory Group Acres Multiple Use Potential Elgin Township, Kane County, Illinois

20 Development Opportunity Zoning and Use The property is currently zoned and used for agricultural purposes. It is contiguous to the city of Elgin, which has identified Office, Research and Industrial uses for the Properties on its 2005 Land Use Plan. In addition to this, the property is also identified on the plan as one of 16 properties designated for Commercial/Mixed Use within their Far West Planning Area. The property s proximity to Sherman Health hospital, the Big Timber Road Metra Station, Downtown Elgin, employment corridors along I-90 as well as northern Kane County/southern McHenry County positions it for a prominent commercial - mixed use development within Elgin s north Randall Road corridor for the following uses: Industrial Office/Research Retail Multi-family Residential Senior Living Hospitality From Elgin s Website Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 20

21 >Terms of Sale Agreement Colliers International Chicago Land Advisory Group Acres Multiple Use Potential Elgin Township, Kane County, Illinois

22 Terms of Sale Agreement The following are the terms of sale agreement ( Agreement ) upon which The Financial Corporation of Illinois ( Seller ), by and through its agent, Colliers Bennett & Kahnweiler, LLC dba Colliers International ( Seller s Agent ) is offering Acres Multiple Use Potential Elgin Township, Kane County, Illinois ( Property ) to the party executing this document ( Prospective Purchasers ). If interested in receiving the complete offering memorandum and access to confidential property information ( Property Information ) for the preparation of a purchase offer, please review, execute and return a copy of this Agreement to the Seller s Agent. 1. Sellers Agent 2. Sellers Agent Disclosure 3. Prospective Purchasers Recitals 4. Solicitation of Interest 5. Property Information 6. Confidentiality 7. Property Inspection 8. Disclaimer of Warranties: As is Where is with All Faults Conveyance/Inspection 9. Additional Information 10. Seller s Reservations 11. Discretion as to Acceptable Purchasers 12. Evaluation and Award 13. Delivery of Prospective Purchasers of Agreement 14. Prospective Purchaser s Acceptance of Agreement 1. Sellers Agent Seller s Agent has the exclusive right to sell the Property. The salespersons/brokers of Seller s Agent who are authorized to represent the Seller as its designated agents and otherwise act on Seller s behalf in connection with the Property are: Greg Pacelli, SIOR - Principal Greg.Pacelli@Colliers.com Mark Dolemba - Senior Vice President Mark.Dolemba@Colliers.com 2. Sellers Agent Disclosure As required by Section of the Illinois Real Estate Brokers and Salesman License Act, 225 ILCS 455/38.35, Seller s Agent is providing Prospective Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 22

23 Terms of Sale Agreement Purchasers with Sellers Agent s Real Estate Agency Disclosure as follows: Prospective Purchaser acknowledges that Prospective Purchaser has been informed by this written disclosure, that: a. Colliers International as exclusive sales agent and working through its salespeople Greg Pacelli, Mark Dolemba and Peter Block are acting on behalf of the Seller of the Property and b. information given to the Seller s Agent by the Prospective Purchaser may be disclosed to the Seller. 3. Prospective Purchasers Recitals a. Prospective Purchaser agrees that it shall use the Property Information furnished to it by Seller s Agent for the sole purpose of evaluating the possible purchase of the Property by it as a Principal, exclusively for its own account. b. Prospective Purchaser acknowledges and agrees that no commission shall be due and payable by Seller and or Seller s Agent to Prospective Purchaser and or any other principal associated with Prospective Purchaser s potential purchase of the Property. c. Prospective Purchaser further acknowledges and represents that no real estate broker or salesman represents Prospective Purchaser other than (Please designate NONE in signature block below if Prospective Purchaser is not represented by a real estate broker or salesman): Name: Title: Company Name: Real Estate License#: Address: Phone: d. Prospective Purchaser agrees that it shall indemnify, defend, and hold Seller and Seller s Agent, their respective parent, subsidiaries, affiliates, officers, directors, managers, employees and agents (collectively, Seller and Seller Agent Parties ) harmless from any cause of action, liability, claims, Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 23

24 Terms of Sale Agreement damages, loss, settlements, judgments, demands, obligations and expenses including reasonable attorneys fees and costs (collectively, Liabilities ) arising out of, resulting from or in connection with (i) the purchase of the Property, or (ii) Prospective Purchaser s misrepresentations or breach of warranty or breach of contract. e. Prospective Purchaser acknowledges that the terms of sale and availability of the Property are subject to: (i) change of price or terms; (ii) withdrawal from the market without notice; and (iii) prior sale. 4. Solicitation of Interest The Seller expressly reserves the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property and expressly reserves the right, at its sole discretion, to terminate discussions with Prospective Purchaser and any entity at any time Property Information or submitting an offer to purchase the Property. 5. Property Information Property Information is available for the preparation of qualified purchase offers. Access to the Property Information may be obtained by executing and returning this Agreement to the Seller s Agent. If Prospective Purchaser has any questions, please contact Seller s Agent. Seller s Agent will make every reasonable effort to provide all Property Information to Prospective Purchasers for the preparation and submission of purchase offers. However, Prospective Purchasers must not rely on the completeness or accuracy of the Property Information provided or other promotional materials and must base its purchase offer on independent investigations and inspections of the Property. Prospective Purchaser expressly acknowledges and agrees that Seller s Agent is not a legal or financial advisor and agrees to hold Seller s Agent harmless for any misrepresentations contained in the Property Information. 6. Confidentiality In consideration of Seller s Agent furnishing Property Information to Prospective Purchaser, Prospective Purchaser hereby represents, acknowledges and agrees to the following: a. Prospective Purchaser agrees that you will neither make any of the Property Information available, nor disclose nor distribute, either orally or in writing, any of the contents of the Property Information, to any person other than your counsel, consultants(s), analyst(s), equity partner(s), real estate salesperson/broker (s), or potential lender(s) (collectively Excluded Persons ). Each of the Excluded Persons shall be bound by the terms of this Agreement as your agents. b. Prospective Purchaser and the Excluded Persons agree to not disclose to any person that discussions or negotiations are taking place concerning a possible purchase of the Property by Prospective Purchaser, or any of the terms, conditions or other facts with respect to any such possible purchase, or the status thereof, without the prior written consent of Seller s Agent. The term "person" as used in this agreement shall be interpreted broadly and shall include, without limitation, any corporation, company, partnership or individual other than the Excluded Persons Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 24

25 Terms of Sale Agreement c. Prospective Purchaser agrees that it will not contact any person other than Seller s Agent regarding the Property, either in connection with its interest in the Property or in connection with its review of the Property Information nor enter onto the Property without written authorization in advance by Seller s Agent. Any and all questions related to the Property and or the Property Information must be directed solely to Seller s Agent. d. Prospective Purchaser agrees that neither Seller nor Seller s Agent shall have any liability to Prospective Purchaser and/or Excluded Persons resulting from the delivery or use of the Property Information, or reliance thereon by Prospective Purchaser or Excluded Persons. e. Prospective Purchaser and the Excluded Persons agree to defend, indemnify and hold Seller and Seller s Agent harmless from and against any and all Liabilities therefore sustained or incurred by Seller and Seller s Agent Parties for unauthorized distribution or disclosure of the Property Information by Prospective Purchaser and Excluded Persons. Seller may elect at any time to terminate Prospective Purchaser s access to the Property Information, and Prospective Purchaser and Excluded Persons agree that Prospective Purchaser and Excluded Persons will, following any request by Seller, or if Prospective Purchaser does not wish to purchase the Property, promptly deliver to us all Property Information and any other material (and agree to delete any analyses contained in a database or spreadsheet type format) containing information from the Property Information and that Prospective Purchaser will not retain copies of such written material. 7. Property Inspection The Property is private property. Property Inspections are by appointment only. For security and safety purposes, it is imperative that all property inspections be arranged through Seller s Agent. Sellers s Agent will provide written authorization to Prospective Purchaser to enter onto and inspect the Property only upon receipt of this Agreement executed by Prospective Purchasers and its certificate of insurance. 8. Disclaimer of Warranties: As is Where is with All Faults Conveyance/Inspection a. The Property is being offered on an as-is, where-is basis and the Prospective Purchaser will be expected to perform a thorough independent evaluation of Property. The Seller and Seller s Agent have not and will not make any representations as to the physical condition of the Property. Prospective Purchaser warrants and acknowledges to and agrees that the Prospective Purchaser would purchase the Property in an as-is, whereis condition with all faults and specifically and expressly without any warranties, representations or guarantees, either express or implied, of any kind, nature or type whatsoever from or on behalf of the Seller. Prospective Purchaser acknowledges that it has not relied, and is not relying, upon any information, documents, sales brochure or other literature, maps or sketches, projections, proforma statements, representations, guarantees or warranties (whether express or implied, or oral or written, or material or immaterial) that may have been given by or made by Seller s Agent or on behalf of Seller. Prospective Purchaser further acknowledges that it has made an independent review of the Property information and has submitted its offer upon said independent review. Prospective purchaser further acknowledges it has made a full and complete inspection of the Property or has had a full and complete opportunity to do so, but has not done so at its own election. b. Prospective Purchaser hereby acknowledges that it shall not be entitled to, and should not, rely on Seller or Seller s Agent to (i) the quality, nature, adequacy or physical condition of the Property, (ii) the quality, nature, adequacy or physical condition of soils or the existence of water at Property, Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 25

26 Terms of Sale Agreement the nature and extent of any right-of-way, lease possession, lien, encumbrance, license, reservation, conditions or otherwise, the existence of soil instability, past soil repairs, soil additions or conditions of soil fill, susceptibility to landslides, sufficiency of undershoring, sufficiency of drainage, whether the Property is located wholly or partially in a floor plain or a flood hazard boundary or similar area, the existence or nonexistence of hazardous waste or other toxic materials or any kind, or any other matter affecting the stability or integrity of the land or any buildings or improvements situated on all or part of the Property; (iii) the existence, quality, nature, adequacy or physical condition of any utilities serving the Property; (iv) the development potential of the Property, its habitability, merchantability or fitness, suitability or adequacy of Property for any particular purpose; (v) the zoning or other legal status of the Property; (vi) the Property or its operations compliance with any applicable codes, laws, regulations, statutes, ordinances, covenants, conditions or restrictions of any governmental or quasi-governmental entity or of any other person or entity; (vii) the quality of any labor or materials relating in any way to the Property; (viii) the condition of title to the Property or the nature, status and extent of any right of way, lease, right of redemption, possession, lien, encumbrance, license, reservations, covenant, condition, or restriction, or any other matter affecting title to the Property. Prospective Purchaser acknowledges that it will make an independent review of the Property s physical characteristics and will enter into a purchase agreement upon said independent review or has had a full and complete opportunity to do so, but has not done so at its own election. c. After execution of the purchase agreement, Prospective Purchaser and/or their agents shall have the right to enter to conduct such feasibility studies, as Prospective Purchaser shall deem necessary to determine, in its sole and exclusive discretion, the suitability of the Property, the cost of which inspection shall be borne exclusively by Prospective Purchaser. Prospective Purchaser hereby agrees to defend, indemnify and hold Seller, Seller s Agent Parties and each institution that holds title to the Property, harmless from any and all Liabilities incurred as a result of, in connection with or arising out of such entrance of Prospective Purchaser and Prospective Purchasers agents upon the Property. d. Prospective Purchaser acknowledges that Seller and Seller s Agent Parties has made any representation or warranty as to the completeness, accuracy or suitability of the Property Information for any purpose whatsoever, and any representation or warranty in connection therewith is hereby expressly excluded. e. Seller or Seller s Agent Parties shall not be responsible to Prospective Purchaser or any other party or person for any negligent misrepresentation or failure to investigate the Property on the part of Seller and Seller s Agent Parties or any third party. 9. Additional Information Prospective purchasers may contact Seller s Agent with questions concerning the Property, Property Information and its offering information. All questions will be researched in the appropriate manner and in some cases utilizing Seller s third party consultants. Answers to all questions will then be distributed to for the benefit of all Prospective Purchasers. Please convey your questions via to: mark.dolemba@colliers.com Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 26

27 Terms of Sale Agreement 10. Seller s Reservations Seller reserves the right to decline any and all offers, and in its sole discretion, withdraw Property from the market. Seller may require verification of funds. available to close the transaction prior to acceptance of an offer. The terms and conditions for the sale of the Property are subject to such modification as may be required by the law of the State of Illinois or as the Seller deems necessary. 11. Discretion as to Acceptable Purchasers In making its decision, the Seller will consider various aspects of the Prospective Purchaser s capabilities. The evaluation will include, but not be limited to: The proposed purchase price The proposed due diligence and closing schedule The financial ability of Prospective Purchaser to close transaction contemplated in its offer Performance capacity of Prospective Purchaser as shown by corporate brochures, annual reports or other information sources Previous relevant real estate acquisition and/or development project history Any other items helpful in qualifying the Prospective Purchaser Any other reasonable material as required by the Seller Offers that provide the most desirable economics and terms while demonstrating the most likely certainty of closing in the shortest time frame will be given more favorable consideration. Seller shall make all of these considerations in their sole and absolute discretion. 12. Evaluation and Award The Seller will immediately review any and all offers submitted, and respond formally within ten (10) business days of Seller s receipt. Seller in its sole and absolute discretion may select a Prospective Purchaser, in accordance with the Agreement. Seller reserves the right to a) negotiate further with any individual Prospective Purchaser s at Seller s sole discretion, b) accept or reject any offers, c) in the case of multiple, competitive offers, solicit best and final offer. Seller s Agent will notify the successful Prospective Purchaser. Prospective Purchaser must remit the earnest money deposit upon acceptance of its offer. 13. Delivery of Prospective Purchasers of Agreement This Agreement may executed and transmitted digitally or be delivered by a person via third party delivery service (U.S. Mail, UPS, and FedEx), or facsimile transmission. The copy of the delivered or transmitted executed agreement shall be considered an original, and shall be binding and forcible against such person. Please digitally accept and transmit this agreement or execute and deliver it to: Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 27

28 Terms of Sale Agreement FAX : MAIL: Mark Dolemba Colliers International 6250 North River Road Suite Rosemont, Illinois Prospective Purchaser s Acceptance of Agreement This Agreement shall be governed and construed in accordance with the laws of the State of Illinois. The person(s) executing this Agreement are authorized to do so; and by so doing, bind themselves and their respective principals and agents to all the provisions of this Agreement. Prospective Purchaser Name: Title: Company Name: Real Estate License#: Address: Phone: Signature: Acres Multiple Use Potential Elgin Township, Kane County, Illinois COLLIERS INTERNATIONAL 28

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30 For additional information please contact : Gregory J. Pacelli, SIOR Principal Chicago DIRECT greg.pacelli@colliers.com Industrial Hospitality Multifamily W. Mark Dolemba Senior Vice President Chicago DIRECT mark.dolemba@colliers.com Office Retail Single Family Specializing in land for all uses throughout the Chicago metropolitan area, regionally and nationally Colliers International Chicago Land Advisory Group Acres Multiple Use Potential Elgin Township, Kane County, Illinois