offering memorandum

OFFERING PACKAGE
CHICAGO | ASSET RESOLUTIONS TEAM
Byline Bank
STRIP CENTERS – CHICAGO, IL
10350-56
10315-57
10340-50
PREPARED BY:
Anne R. Dempsey
Vice President
+1 847 698 8269
[email protected]
OFFERING PACKAGE
Byline Bank
Property Summary
Byline Bank owns 3 multi-tenant strip centers, 0.6 miles from Interstate 57, that provide a value add opportunity for investors. The
properties enjoy a prime location along Halsted Street in the Washington Heights neighborhood on the south side of Chicago, Illinois.
The properties have good access to the area’s major transportation links including the expressway system, bus and rail service and
are well situated on Halsted Street with traffic counts of 22,600 vehicles/day.
Property Profile - Property 1
Address
10315-10357 S. Halsted
Lot Size
1.10 Acres
Building Size
22,900 s.f.
% Leased
67.6% (7,411 s.f.)
Parking
46
Frontage
490’ on Halsted
Year Built
2004
Zoning
B3-1, Neighborhood Shopping
PIN Number
25-16-100-059-0000
Real Estate Taxes:
$90,626
STRENGTHS
• Value add opportunity for investors
• Excellent visibility along Halsted
• Close to major transportation –
Interstate 57, buses and trains
• Strong population demographics –
30,000+ people in 1 mile radius
• 4% population growth expected in area
by 2020
• Some strong credit tenants – Subway,
H&R Block, Allstate, and Boost Mobile
Property Profile - Property 2
Address
10340-10356 S. Halsted
Lot Size
0.51 Acres
Building Size
12,704 s.f.
% Leased
74% (3,303 s.f.)
Parking
16
Frontage
224’ on Halsted
Year Built
2005
Zoning
B3-1, Neighborhood Shopping
PIN Number
25-17-207-047-0000
Real Estate Taxes:
$77,974
Property Profile - Property 3
Address
10350-10356 S. Halsted
Lot Size
0.31 Acres
Building Size
6,935 s.f.
% Leased
38% (4,300 s.f.)
Parking
15
Frontage
177’ on Halsted (1 curb cut)
Year Built
2005
Zoning
B3-1, Neighborhood Shopping
PIN Number
25-17-207-046-0000
Real Estate Taxes:
$26,788
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). ©2014. All rights reserved.
CHICAGO | ASSET RESOLUTIONS TEAM
OFFERING PACKAGE
Byline Bank
Aerial
10350-56
10315-57
10340-50
OFFERING PACKAGE
Byline Bank
VALUE BASED ON INCOME
INCOME
10314-57 S. Halsted
10340-56 S. Halsted
10314-24 S. Halsted
$245,700
$172,626
$58,366
$-
$-
$-
$245,700
$172,626
$58,366
Real Estate Taxes
$90,626
$77,974
$26,788
CAM Expenses
$40,075
$22,867
$12,483
Total Expenses
$130,701
$100,841
$39,271
Net Operating Income
$114,999
$71,785
$19,095
Building SF
22,900
12,704
6,935
% Occupied
57%
65%
38%
Annual Rent
Recoverable Taxes and CAM
over Stops
Gross Rental Income
EXPENSES
TOTAL CENTER OCCUPANCY - 53.6%
• Sale Price — $2,400,000
• Cap Rate — 8.6%
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). ©2014. All rights reserved.
CHICAGO | ASSET RESOLUTIONS TEAM
OFFERING PACKAGE
Byline Bank
Rent Roll - Strip Centers
10315-10359 S. Halsted
Unit
10315
10317
10321
10323
10325
10327
10329
10331
10333
10335
10337
10339
10341
10343
10345
10347
10349
10351
10353
10355-59
Total
Tenant
ABC Cellular
Beauty Rama
Vacant
Chicago Workforce Partners
Vacant
John Byrd & Assoc
Vacant
Vacant
Vacant
All Dressed up
Allstate Insurance
Barber Shop
Vacant
Vacant
Vacant
Vacant
Vacant
Cash for Gold
Dynamic Cellular
Final Phaze Dance Studio*
SF
1,200
900
800
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
4,000
22,900
Rent/SF Lease Type
Gross
$ 19.00
Gross
$ 16.00
Gross
$
Gross
$ 36.00
N/A
$
Gross
$ 18.00
N/A
$
Gross
$
N/A
$
Gross
$ 18.90
Gross
$ 21.60
N/A
$ 21.60
Gross
$
Gross
$
N/A
$
Gross
$
Gross
$
Gross
$ 20.40
Gross
$ 18.00
N/A
$ 13.50
10340-10356 S. Halsted
Unit
10340
10342
10344-46
10350-52
10354
10356
808
Total
Tenant
Jazzy Experience Boutique
Michelle's Nails
Hi Mart Wigs
Vacant
Subway
Mobil Link
Vacant/Flex Unit
SF
1,000
1,000
2,916
2,000
1,500
1,500
2,204
12,120
Rent/SF Lease Type
Gross
$ 20.00
Gross
$ 21.60
Gross
$ 22.49
N/A
$
Gross
$ 22.03
Gross
$ 21.60
N/A
$
-
10314-10324 S. Halsted
Unit
10314
10316
10318
10320
10324
Total
Tenant
Beggar's Pizza
AAA
Vacant
Vacant
Vacant
SF
1,544
1,118
1,118
1,013
2,142
6,935
Rent/SF
$ 23.32
$ 20.00
$
$
$
-
Lease Type
Gross
Gross
N/A
N/A
N/A
Monthly
Income
$ 1,900.00
$ 1,200.00
$
$ 3,000.00
$
$ 1,500.00
$
$
$
$ 1,575.00
$ 1,800.00
$ 1,800.00
$
$
$
$
$
$ 1,700.00
$ 1,500.00
$ 4,500.00
$20,475.00
Annual
Income
$ 22,800.00
$ 14,400.00
$
$ 36,000.00
$
$ 18,000.00
$
$
$
$ 18,900.00
$ 21,600.00
$ 21,600.00
$
$
$
$
$
$ 20,400.00
$ 18,000.00
$ 54,000.00
$245,700.00
Lease
Expiration
2/28/20019
11/30/2016
N/A
9/30/2017
N/A
1/31/2017
N/A
N/A
N/A
10/31/2015
6/30/2017
N/A
N/A
N/A
N/A
N/A
N/A
4/30/2016
11/10/2017
6/30/2021
Monthly
Income
$ 1,666.67
$ 1,800.00
$ 5,465.07
$
$ 2,753.75
$ 2,700.00
$
$14,385.49
Annual
Income
$ 20,000.00
$ 21,600.00
$ 65,580.84
$
$ 33,045.00
$ 32,400.00
$
$172,625.84
Lease
Expiration
Monthly
Income
$ 3,000.51
$ 1,863.33
$
$
$
$ 4,863.84
$
$
$
$
$
$
8/31/2016
8/31/2018
N/A
3/31/2019
6/7/2017
N/A
Annual
Lease
Income
Expiration
36,006.08 12/31/2017
22,360.00 11/30/2020
N/A
N/A
N/A
58,366.08
* Please note - rent increases to $6,000/month in month 7 of lease
Bolded - New Tenants - waiting to get leases back
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). ©2014. All rights reserved.
CHICAGO | ASSET RESOLUTIONS TEAM
OFFERING PACKAGE
Byline Bank
PHOTOS Property 1 - 10315-10357 S. Halsted
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). ©2014. All rights reserved.
CHICAGO | ASSET RESOLUTIONS TEAM
OFFERING PACKAGE
Byline Bank
PHOTOS Property 2 - 10340-10356 S. Halsted
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). ©2014. All rights reserved.
CHICAGO | ASSET RESOLUTIONS TEAM
OFFERING PACKAGE
Byline Bank
PHOTOS Property 3 - 10350-10356 S. Halsted
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). ©2014. All rights reserved.
CHICAGO | ASSET RESOLUTIONS TEAM