FOR SALE - MB Real Estate

FOR SALE:
River North Office / Retail Building
10,000 SF Building on 4,000 SF Site
58 WEST HURON STREET
CHICAGO, ILLINOIS 60654
PROPERTY HIGHLIGHTS:
• Excellent single tenant building and/or ground up development opportunity
• Located in Chicago’s vibrant River North neighborhood
• 10,000 SF office / retail building
• 4,000 SF total development site (100’ x 40’)
• Located 725 +/- feet from CTA “L” Red Line Chicago Stop
David Kimball
Vice President
P: 312.558.3858
[email protected]
• DX-5 Zoning / 2nd Ward – Alderman Brian Hopkins
• Bldg has a dramatic 50 foot high 300 SF atrium with 4 large skylights
• 0.3 miles from Michigan Avenue shopping
• ASKING PRICE: Subject to Offer
Jay Beadle
Senior Vice President
P: 312.558.3862
[email protected]
LOCATION
OVERVIEW
58 W Huron St
Gold
Coast
58 W Huron St
River
North
Streeterville
Fulton Market
West
Loop
Loop
N
PROPERTY
PHOTOS
PROPERTY
OVERVIEW
Overview
58 W Huron St is a 10,000 SF, 4 story loft building, on a 4,000 SF site located in
Chicago’s bustling River North neighborhood. The property has been owneroccupied by Stewart Talent Management and FACTOR|CHOSEN Model
Management for over 18 years and has been used for administrative offices.
Stewart / FACTOR|CHOSEN’s space needs have evolved and will be relocating to
a new office upon the sale of 58 W Huron St.
Opportunity
The building’s curb appeal and unique creative interior creates endless potential for
office, retail, residential, medical, hospitality, and/or mixed-use redevelopment.
•
Owner-user opportunity and/or adaptive reuse of building
•
Tear down and build ground up on the north portion of the site
(atrium and garage area) as an addition to the south building, adding
additional floors and RBA on new structure.
•
Ground up development on entire 4,000 SF site
River North Retail
Once a seedy industrial neighborhood, then a bohemian art district, River North is
now Chicago’s 24/7 neighborhood and at the center of Chicago nightlife, dining,
tourism, and shopping. River North’s identity continues to evolve and the
neighborhood is transforming into one of Chicago’s most luxurious. This
transformation is being fueled by Chicago’s most concentrated development of
luxury residential towers and hotels. With superior access to transportation,
increasing density and improving consumer demographics, all property in River
North has considerable retail upside.
There are several promising signs of the viability of 58 W Huron St as a luxury
retail destination. These include Lester Lampert Jewelry’s relocation to 7 E Huron
St from its long time location on Oak Street; exotic car dealer Mancuso
Motorsports now occupying the former art gallery across the street at 77 W Huron
St; the success of the nearby Godfrey and Felix Hotels; the ground-up development
of a 182-room hotel at 100 W Huron St (NEC Clark and Huron); and the
increasingly apparent demand from retailers to be located near a Whole Foods
Market (with 58 W Huron St located just 295 feet from the entrance to Whole
Foods). Moreover, 58 W Huron St is located a mere 1,600 feet from Michigan
Ave, an intersection which boasts blue chip retailers Apple Store, Zara, Express,
and Stewart Weitzman, and $500 psf NNN rental rates.
River North Office
River North’s office market continues to be Chicago’s strongest with record low
vacancy rate of 8% and unparalleled rent growth of nearly 50% over the last 5
years. The strength of the River North office market is largely due to the growth of
Chicago’s tech industry but also by a fundamental change in the demand for
creative / non-traditional space from traditional corporate users. River North’s
amenities and 24/7 community will continue to keep demand strong regardless of
market swings.
PROPERTY
OVERVIEW
Address:
58 W Huron St
Chicago, IL 60654
Property Type:
Loft Office / Retail Building
Price:
Subject to Offer
Building Size:
10,000 SF (approx)
Total Land Area:
4,000 SF (0.09 acres)
Site Dimensions:
100’ x 40’
Stories:
4 stories
Year Built:
1892
Zoning:
DX-5
FAR:
5.0
Ward:
2nd Ward (Alderman Brian Hopkins)
Tax ID Pin:
17-09-212-014-0000
Taxes:
2014: $53,471.60
2013: $52,415.72
2012: $48,288.97
2011: $48,287.17
Elevator:
1 passenger elevator
Ceiling Heights*:
Floor
South Bldg
Atrium
4th Floor:
7’8”
NA
13’0” – 14’4” NA
3rd Floor:
11’3” – 16’11” NA
2nd Floor:
1st Floor:
7’11” – 9’2”
38’4” – 49’6”
*finished drywall ceilings throughout
Building Construction:
Masonry foundation and mill construction. Load bearing brick and concrete perimeter
walls, primarily timbers framing with some steel beam supports. Wood floors with carpet
and/or vinyl tile or poured concrete.
Electric Power:
Multi-panel system with 400 amp service
Roof:
Pitched roof with composition covering
Parking:
There is a 4 car garage that was converted to a copy / production room but it could be
converted back to parking.
Public Transportation:
CTA “L” Red Line Chicago Stop:
CTA “L” Red Line Grand Stop:
CTA “L” Brown Line Chicago Stop:
#22 Clark Bus:
#66 Chicago and #36 State Bus:
#156 LaSalle Bus:
Divvy Bike Station:
($5.35 psf)
($5.24 psf)
($4.83 psf)
($4.83 psf)
North Bldg
10’4” – 16’4”
9’4” – 9’9”
11’0” – 11’4”
6’8” (converted garage)
725 +/- feet
1,215 +/- feet
1,350 +/- feet
200 +/- feet
600 +/- feet
700 +/- feet
400 +/- feet
4 minute walk
7 minute walk
6 minute walk
1 minute walk
3 minute walk
3 minute walk
2 minute walk
This information provided herein has been obtained from sources believed reliable. No representation is made as to the accuracy thereof and it is submitted subject to errors, omissions, changes, prior sale or lease, or withdrawal
without notice. Any projections, opinions, assumptions or estimates used are for example only and may not represent actual performance. Interested parties should conduct a careful, independent investigation of the property.
ZONING
MAP & ANALYSIS
Zoning Analysis
58 W Huron St is zoned DX-5, Downtown Mixed-Use
District. The DX, Downtown Mixed-Use district is
primarily intended to accommodate office, commercial,
public, institutional and residential development. The
district promotes vertical mixed-use (residential/
nonresidential) projects that contain active ground-floor
uses.
 No front or side setbacks are required in DX districts.
Rear setbacks are required only for floors containing
dwelling units. The minimum rear setback standard is
30 feet for floors containing dwelling units, except
that buildings in the DC-12, DX-12, DC-16 and DX16 are exempt from this rear setback standard.
 The maximum floor area ratio (FAR) for the DX-5
zoning is 5.0 to 1.0. Thus, the maximum building area
permitted to be constructed on the site as-of-right is
20,000 sq. ft.:
4,000 sq. ft. land area x 5.0 FAR = 20,000
sq. ft. max building area
 FAR Bonuses are allowed for affordable housing and
adopt-a-landmark bonuses only.
 There are no maximum building height limits in the “D”
districts but planned development (PD) review and approval
is required for any building that meets or exceeds the
following height thresholds:
130 feet (residential) and 150 feet (nonresidential)
 The minimum lot area per dwelling unit is 200 sq. ft. and for
efficiency units 135 sq. ft. (a maximum of 30% of the total
units can be efficiency units). Thus, the maximum number
of residential units permitted to be constructed on site is
22.16 units :
4,000 sq. ft. ÷ (200 x 0.7 + 135 x 0.3) = 22.16 units
The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.
PLAT OF
SURVEY
West Huron Street
FLOOR
PLANS
1st Floor
2nd Floor
Elevator
Courtyard
Elevator
Open
to
Below
Atrium
3rd Floor
4th Floor
Elevator
Open
to
Below
Courtyard
West Huron Street
Elevator
Open
to
Below
ASSESSOR’S
MAP
19’2”
29’6”
100’
40’
PROPERTY
PHOTOS
PROPERTY
PHOTOS (ATRIUM)
1st FLOOR PLAN
& PHOTOS
Copy
Room
17’10”
x
9’4”
Production
Room
17’10”
x
23’9”
Elevator
38’4” – 49’6” ceiling
Atrium
18’0”
x
16’9”
Office
13’8”
x
11’4”
38’4” – 49’6” ceiling
6’9” ceiling
Mechanical
Office
15’0”
x
10’0”
Mail Room
10’ x 11’
Supply
11’ x 8’
Office
10’2”
x
11’4”
7’7” ceiling
Bath
Office
18’1”
x
11’4”
8’11” ceiling
Reception
14’0”
x
26’2”
1st Floor
8’11” ceiling
2nd FLOOR PLAN
& PHOTOS
Office
21’0”
x
15’0”
Casting Room
14’0”
x
15’0”
Storage
Bath
Elevator
11’0” ceiling
Open
to
Below
11’0” ceiling
Office
10’0”
x
11’0”
Mechanical Room
/ Storage
15’8”
x
18’5”
11’0” ceiling
Bullpen
43’0”
x
18’10”
Bath
11’2” ceiling
Office
14’5”
x
19’2”
11’2” ceiling
2nd Floor
11’2” ceiling
3rd FLOOR PLAN
& PHOTOS
Office
14’0”
x
12’0”
Office
18’0”
x
25’4”
Elevator
Open
to
Below
13’2” ceiling
9’10” ceiling
Kitchen
9’10” x
11’5”
Office
14’10”
x
10’0”
13’10” ceiling
Conference
21’6”
x
19’3”
16’11” ceiling
Audio Booth
6’11” x 7’11”
Bath
Control
Room
6’11”
5’3”
Office
12’0”
x
9’0”
14’4” ceiling
Office
12’0”
x
9’9”
3rd Floor
Office
14’5”
x
19’2”
13’10” ceiling
4th FLOOR PLAN
& PHOTOS
Storage
Office
18’4”
x
37’0”
10’5” – 16’7” ceiling
Open
to
Below
Bath
Elevator
Office
9’4” x
11’2”
10’5” – 16’7” ceiling
11’4” ceiling
Storage
10’9”
x
18’10”
4th Floor
7’7” ceiling
PROPERTY
PHOTOS (ROOF)
PROPERTY
PHOTOS (REAR OF BUILDING)
6’6”
7’9”
19’2”
AREA
PHOTOS
North
Northeast
Northwest
East
Southwest
Southeast
AREA
PHOTOS
Whole Foods Market
NEC Dearborn & Huron
The Poetry Foundation
SWC Dearborn & Superior
Holy Name Cathedral
NEC State & Superior
Driehaus Asset Management
SWC Wabash & Erie
ikram / Frederick Lynn / Lester Lampert
15 / 9 / 7 E Huron St
Consulate General of Ukraine
10 E Huron St
AREA
TENANTS
All the companies/organizations listed below have street visibility and are located within two blocks of 58 W Huron St
(between Pearson St / Ontario St and Wabash Ave / Wells St):
Restaurants & Bars
• 25 Degrees
• Antidote Restaurant
• Bella Luna Café
• Bijan’s Bistro
• bistronomic
• Brehon Pub and Grill
• Cafe Iberico
• Castle Chicago
• Celtic Crossings Tavern
• Centennial Crafted Beer + Eatery
• Chicago Chop House
• Chilie's Grill & Bar
• Clark Street Ale House
• Dolce Italian
• Fogo de Chão, Inc.
• freestyle Food & Drink
• Friends Sushi & Ramen
• GT Prime
• I|O Urban Roofscape
• LYFE Kitchen
• Pi Gallery Bar
• Pizano's Pizza & Pasta
• Quartino
• Redhead Piano Bar
• Roy's
• Sanctuary
• Stout Barrel House
• Taco Joint
• The Kerryman
• Trophy Room
• Troquet
• True Foods
• Underground Wonder Bar
• Vertigo Sky Lounge
• Wildfire
• Woodhaven
• Yolk
• Zazza
• zed 451
Fashion, Furnishings, & Art
• Accessorize
• Alan Koppel Gallery
• Babette
• Curly Tale Art
• Designer Resale of Chicago
• Frederick Lynn Haberdasshere
• Gage Diamonds
• G-Art Case International
• Home Element, Inc.
• ikram
• Jesse Chicago
• Jonathan Adler
• Leggiadro
• Lester Lampert Jewelers
• Manifesto Gallery
• Mary Mary Gifts
• Mary Walter
• Material Possessions
• OSKA Chicago
• Quatrine Custom Furniture
• Rent the Runway
• Rosenthal Fine Art
Medical
• Access Living
• Athletico
• Chiro One Wellness Centers
• Denny Community Health
• Dental Implant Center
• Foot & Ankle Clinics of America
• Gold Coast Plastic Surgery
• My Massage
• Northwestern Medicine
Immediate Care
• ORA Dental Studio
• Pharmacy Headquarters
• River North Massage Therapy
• Same Day Surgery River North
• State Street Dental Specialists
• Vein Care Specialists
• Wiesman Institute
Retailers
• 7-Eleven
• AT&T Wireless
• Berman's Infiniti
• BP Gasoline
• Caspian Oriental Rugs
• Chicago Raw Food
• Copperfield's Market
• LaSalle Flower Shop
• Lifeway Christian Store
• Mancuso Motorsports
• Sally's Beauty Supply
• Superior Wine & Liquor
• T-Mobile
• Walgreens
• Whole Foods
Casual Dining
• Amorino
• Bow Truss Coffee
• Chick-fil-A
• Dunkin' Donuts
• McDonald's
• Mr. J's Dawg 'n Burger
• Pinkberry
• Portillo's Hot Dogs
• Red Robin
• Starbucks
• Subway
• Taco Burrito King
Banks
• AmeriCash Loans
• Byline Bank
• Chase Bank
• First Midwest Bank
• ING Direct Café
• MB Financial Bank
• PNC Bank
• U.S. Bank
• Western Union
Education
• Alliance Francaise
• Chez Kids Academy
• Frances Xavier Warde School
• Loyola University
• Moody Bible Institute
• The Feltre School
• Urban Child Academy
Fitness
• Bikram Yoga River North
• FlyWheel
• pure barre
• Studio Three Gym
• Yaga Now
• Yoga Six
Salons
• Alfredo's Barber Shop
• Ambra European Day Spa
• Belle Spa & Nail Salon
• Blowtique LLC
• Center Nails & Day Spa
• Chic Nail Bar
• drybar
• Illyira Hair Salon Inc
• Jack Alexander Salon & Spa 2
• Maesto Shave Barber Shop
• Pink Polish Nail Salon
• Pure Lotus Day Spa & Nails
• Roque Salon
• Salon o65
• Salon Salon LTD
• Seven East Nail Spa
• Spa O Nail Salon
• Sunny's Salon & Day Spa
• Supercuts
• The Waxing House Llc
• Tips & Toes Nail Spa
• Trio Salon
• Van Cleef Salon
• Yamato Luxury Spa
Institutions
• Catholic Charities
• Center for Cultural Interchange
• Chicago Regional Council of Carpenters
• Consulate General of China
• Consulate General of Ukraine
• Holy Name Cathedral
• Indonesian Trade Promotion Center
• Poetry Foundation
Professional Services
• A-AAA Trophy
• Alper Services LLC
• Chicago Apartment Finders
• Condon & Cook
• Crown Heights Realty
• Dennis Bartolomei
• Driehaus Capital Management
• FACTOR|CHOSEN Model Management
• FedEx Office
• Fuksa, Bucaro & Korshid LLC
• Greenheart Travel
• Grund & Leavitt, P.C.
• H&R Block
• Harbor Financial
• James J. Roche & Associates
• Mary Mary
• Quicksilver Associates
• Rascia & Himel, Ltd
• State Farm Insurance
• Stewart Talent Management
• STL Architects
• Tamar Productions
• Treacy Marketing Group
• Vrdolyak Law Group
Hotels (1,019 rooms)
• Cass Hotel - Holiday Inn - 175 rooms
• Godfrey Hotel - 221 rooms
• Dana Hotel - 216 rooms
• Felix Hotel - 225 rooms
• 100 W Huron St - 182 rooms (2017)
AREA OVERVIEW &
RETAIL MAP
800 N Clark
230 Apts.
2017
805 N LaSalle
295 Apts.
Opened 2015
Public Lot
43 Spaces
Drybar
Superior
Liquors
Pure Lotus Spa
Dental
Implant Cntr
Centennial
Crafted Beer
LaSalle Flowers
Public Lot
30 Spaces
Vrdolyak Law
58
W
100 W Huron
182 Room
Hotel 2017
Public
Lot
Salon Salon
27 Spaces
Crown Heights Realty
Pink Polish Salon
A-AAA Trophy
Designer Resale
Sanctuary
Chicago Chop Castle
House
Nightclub
Driehaus
Asset
Management
Quicksilver
Associates
Stout Barrel
House
61 W Erie
10 Condos
2017
167 W Erie St
442 Apartments
2017
Public Lot
62 Spaces
State St
Dental
Public Garage
227 Spaces
Carpenters
District Council
Public
Garage
185 Spaces
Kathy’s Cleaners
Feltre School
Roque Salon
ITPC Chicago
8 E Huron
80 Apts.
2017
Curly Tale Art
676 N LaSalle St
149 Apartments
2017
Trio Salon
Weisman
Institute
J. Alexander
Salon
My Massage
Tamar
Mary Mary
Ukrainian
Consulate
43 Apts.
Holy Name
Cathedral
Bella Luna Cafe
Van Cleef
GT PRIME
Woodhaven
Underground
Wonder bar
Opened 2015
Holly
Name
Cathedral
Private
Surface
Parking
Lot
Condon & Cook
Private
Garage
707 N Wells
Loyola
Private
Lot
Public Garage
224 Spaces
Clark St Ale House
Pi Gallery Bar
25 Degrees
165 W Superior St
298 Apartments
2016
Public
Surface
Parking
Lot
92
Spaces
Celtic
Crossing
Alper Services
Brehon Day
Pub
Care
Greenheart
ICC
Yamato Spa
Jesse Chicago /
Home Elements
Antidote Restaurant
Zazza
Pizza Co.
Belle-Spa
STL Arch
Alan Koppel
Urban Child
Academy
Pizano’s Pizza
833 N Clark
373 Apts.
2016
Public Garage
602 Spaces
N
AREA RESIDENTIAL DEVELOPMENTS (2016 – 2019)
OVERVIEW
1
2
NEXT Apartments
347 W Chestnut St
310 units
Apartments
28 stories
2016
Fifield
The Hudson
750 N Hudson Ave
240 units
Apartments
25 stories
2016
Onni Group
9
3Eleven
311 W Illinois St
245 units
Apartments
23 stories
2017
John Buck
10
400 W Huron St
25 units
Condos
15 stories
2017
Smithfield
3
833 N Clark St
373 units
Apartments
31 stories
2016
Ryan Companies
11
Flats No. 800
800 N Clark St
230 units
Apartments
15 stories
2017
Cedar Street
4
5
6
165 W Superior /
720 N LaSalle St
298 units
Apartments
35 stories
2016
Magellan
The Ronsley
678 N Kingsbury St
41 units
Condos
7 stories
2016
LG Development
167 W Erie /
637 N Wells St
442 units
Apartments
40 stories
2017
Magellan
7
640 N Wells St
251 units
Apartments
23 stories
2017
JDL
8
Niche 905
905 N Orleans St
202 units
Apartments
18 stories
2017
Ascend RE
12
13
14
15
16
8 E Huron St
676 N LaSalle Dr
61 W Erie St
300 W Huron St
800 N Wells St
80 units
Apartments
26 stories
2017
CA Ventures
149 units
Apartments
7 stories
2017
Cedar Street
10 units
Condos
12 stories
2017
LG Development
71 units
Condos
24 stories
2017
JFJ Development
55 units
Condos
23 stories
2017
Smithfield
Totals
Apartments
3,593
17
18
No. 9 Walton
220 E Illinois St
66 units
Condos
36 stories
2017
JDL
Sedgwick at Locust
873 N Sedgwick St
45 units
Condos
6 stories
2017
Belgravia
19
20
21
215 W Hubbard St
403 N Wabash Ave
460 W Chicago Ave
193 units
Apartments
22 stories
2018
Centrum Partners
45 units
Condos
17 stories
2017
Belgravia
200 units
Apartments
23 stories
2018
The Davis Group
22
Strata
847 N Larrabee St
50 units
Apartments
4 stories
2018
Domus Group
23
353 W Grand Ave
330 units
Apartments
32 stories
2019
Onni Group
Condos
358
Total Units
3,951
RESIDENTIAL DEVELOPMENT (2016 – 2019)
MAP
17
8
18
22
1
3
11
16
21
2
58 W Huron St
4
12
15
10
13
5
14
7
6
23
9
19
20
N
PUBLIC PARKING MAP
& DAILY TRAFFIC COUNTS (VPD)
*daily rates = early bird rate / “anytime” 12 hour weekday parking rate
**rates confirmed April 2016 but not guaranteed and subject to change
Loyola
Private
Parking
750 N Dearborn
224 spaces
$225 monthly
$11 / $35 daily
151 W Chicago
43 spaces
$230 monthly
$12 / $16 daily
747 N Wabash
200 spaces
$225 monthly
$13 / $35 daily
Holly Name
Cathedral
Private
Parking
734 N Clark St
30 spaces
no monthly
$14 / $25 daily
Private
Parking
58
W
681 N LaSalle
108 spaces
$265 monthly
$46 daily
645 N Wells St
92 spaces
$280 monthly
$17 / $24 daily
640 N LaSalle
115 spaces
$300 monthly
$22 daily
1 W Superior St
657 spaces
$350 / $215 monthly
$11 / $32 daily
20 E Huron St
227 spaces
$345 monthly
$13 / $30 daily
5 W Huron St
27 spaces
no monthly
$25 daily
671 N Clark
185 spaces
$280 monthly
$12 / $34 daily
641 N LaSalle St
62 spaces
no monthly
$14 daily
33 W Ontario
368 spaces
$230 monthly
$12 / $39 daily
10 E Ontario St
602 spaces
$266 monthly
$15 / $39 daily
N
VPD Source: City of Chicago Data Portal and CoStar Group, Inc.
AREA
DEMOGRAPHICS
Demographic Summary Report
AREA
DEMOGRAPHICS
Consumer Spending Report
CONFIDENTIALITY
& DISCLAIMER
Neither MB Real Estate Services Inc (“Broker)” nor Owner of the
property makes any representation or warranty as to the
completeness or accuracy of the material contained in this Offering
Memorandum.
The information contained within this Offering Memorandum is
proprietary and strictly confidential and by accepting the contents
herein, you agree (i) that you will hold and treat the Offering
Memorandum and its contents in the strictest confidence, (ii) that you
will not disclose any information contained within this Offering
Memorandum to any other entity without the prior written consent of
the Owner or Broker, (iii) that you will not use the Offering
Memorandum in any manner detrimental to the interest of the Owner
or Broker, and (iv) that you will immediately return any information
contained herein to Broker upon request.
This Offering Memorandum has been prepared to provide a
summary of information to prospective purchasers and to establish
only a preliminary interest in the subject property.
The
information contained herein is not a substitute for a thorough
due diligence investigation.
Broker has not made any
investigation, and makes no warranty or representation with
respect to the existing or potential income or expenses for the
subject properties, the presence or absence of contaminating
substances or existing environmental conditions, the compliance
with State and Federal regulations, the physical conditions of the
properties or the size and square footage of the properties or any
improvements.
The Owner and Broker reserve the right, at their sole discretion, to
reject any or all expressions of interest to purchase the property
and expressly reserves the right at their sole discretion to
terminate discussion with any entity at any time with or without
notice. The Owner shall have no legal commitment or obligations
to any entity reviewing this memorandum or prospective
purchaser that makes an offer on the subject property unless and
until that such offer for the property is approved by the Owner
pursuant to its approval process and the signature of an
authorized representative of the Owner is affixed to a real estate
purchase agreement prepared by the Owner.
CONTACTS:
David Kimball
Vice President
P: 312.558.3858
[email protected]
Jay Beadle
Senior Vice President
P: 312.558.3862
[email protected]
Chicago Office
181 West Madison Street
Suite 4700
Chicago, Illinois
P: 312.726.1700
F: 312.807.3883
www.mbres.com
New York Office
335 Madison Avenue
14th Floor
New York, New York
P: 212.350.2300
F: 212.350.2301
www.mbres.com
David Kimball
Vice President
P: 312.558.3858
[email protected]
Jay Beadle
Senior Vice President
P: 312.558.3862
[email protected]
181 W Madison St
Suite 4700
Chicago, Illinois 60602
www.mbre.com