401 n leavitt st kinzie · 2019-03-05 · as exclusive listing broker, cawley chicago is pleased to...
TRANSCRIPT
1
401 N LEAVITT STKINZIE CORRIDOR
OFFERING
MEMORANDUM
Presented by:
ZACH [email protected]
NICHOLAS SCHAEFERVice [email protected]
2 3
4
Inside
I. Summary
II. Opportunity Overview
III. Investment Highlights
IV. Location Analysis
V. Property Specifications
VI. Site Overview
VII. Building Overview
Presented by:
ZACH [email protected]
NICHOLAS SCHAEFERVice [email protected]
Address:
CHICAGO770 N Halsted St, Suite 206Chicago, IL
HEADQUARTERSOne Lincoln Centre, Suite 120Oakbrook Terrace, IL
6 7
401 N. Leavitt St.As exclusive listing broker, Cawley Chicago is pleased to present 401 N Leavitt, an adaptive reuse & redevelopment opportunity of scale, size and style like no other in the neighborhood. This 39,300 Sq. Ft., brick and timber building rests on a 39,000 Sq. Ft. corner lot with setbacks on three of the four sides of the property. Situated in the heart of the Kinzie Corridor, the property is conveniently located ¼ mile from Damen and Western Ave corridors; less than ½ mile from the new CTA Damen-Lake Green Line station; and a mile from Fulton Market, West Loop, interstate access and much more.
The first floor of the building consists of subdivided sections while maintaining a cohesive flow. The main warehouse/production space shares frontage and independent entrances off N Leavitt with office space. Each section wraps around to meet back at the centrally located shopping/receiving area off the interior loading dock. This leads into the impressive, north to south positioned, column free, high clear barrel truss portion of the building. The eastern portion of the building overlooks the 11,861 Sq. Ft. of surface lot area, providing ample parking potential, direct access to one exterior loading dock, as well as circulation for the interior, double-wide, recessed loading dock accessed from the private drive off W Kinzie St. Street accessible stairs, as well as the freight elevator with street-load accessibility provide access to the 12,300 Sq. Ft. of infinite potential on the second floor. 13’-15’ clear heights, unencumbered views of the city, generous column spacing and a centrally positioned core make the area perfect for repositioning to loft-office use.
Adding to its infinite potential, the property benefits from 145’ of wallscape exposure at eye level for Metra rail and its four lines transporting 89,500 daily commuters. 60 enclosed glass-block window frames wrap all four sides of the building, prime for installation of new windows welcoming natural light into the building and individual spaces as well as providing unencumbered 3600 views of the city. With asking rates more than doubling in the past 5 years; limited new supply for more than 10 years; vacancy at single digits; and strong support from the city promoting business, access and modernization for the neighborhood; West Town & Kinzie Corridor has quickly become one of the most desired neighborhoods in Chicago for residents, businesses, and real estate investment alike. At the heart, 401 N Leavitt St offers an opportunity like no other.
8 9
Address: 401 N. Leavitt St.
Price: $3,800,000
Price Per Building SF: $96.69 / SF
Total Land Area: 39,000 SF
Total Building Size: 39,300 SF
First Floor - 27,000 SF
Second Floor - 12,300 SF
Stories: 2
Existing Use(s): Light manufacturing, production, office
Taxes (2017): $25,199.62 ($0.64 PSF)
Property Tax Classification: 5.80 - Major Class 5B Industrial
Zoning: PMD 4A
Ward: 27, Ald. Walter Burnett Jr.
Enterprise Zone: 4
TIF: Kinzie Industrial Corridor
Opportunity Overview
10 11
Investment HighlightsVALUE-ADD / REPOSITION Extremely limited supply of adaptive reuse and redevelopment opportunities within the neighborhood, comparable to scale, style and size to that of 401 N Leavitt St Cohesive plan for single-use or entire building for single or multi-tenant users Exposed brick & timber, barrel truss, lofted ceilings appeal to the aesthetics and demand of creative, makers and innovator tenants Centralized interior loading and two exterior loading docks provide ability to offer individualized or shared access to loading 60 enclosed glass-block window frames provide opportunity to flood the building with natural light, and 360º of views from the 2nd floor Three tiers of east facing, level roof line offer roof deck or increased footprint capabilities. 11,861 SF of surface lot area provides ample parking capabilities as demand within neighborhood is rapidly increasing
PATH OF PROFITABILITY Vacancies in Kinzie Corridor at 5.80%, down from 10.8% within five years Lease asking rates up $10.00 - $12.00 per RSF over the past five years within neighborhood and submarket. Extremely minimal increase in inventory over ten-year period with limited new development proposed New development and increasing rates in West Loop, Fulton Market, and River West have pushed demand to Kinzie Corridor Strong likelihood of relaxed regulations within portion of the Kinzie Corridor will continue to drive pricing up to the east of Ashland Ave, pushing desire for “affordability” to west New CTA station within half mile and four CTA Bus/Metra stations within walking distance Federal and city initiatives will drive long-term growth and capital investment into the area
EXPOSURE 145’ of Wallscape exposure at eye level for 89,500 daily Metra commuters 120’ of frontage along N Leavitt St Street, alley and sidewalk setbacks of 20’-60’ on three of the four sides of the property
8 9 , 5 0 0 AV G D A I LY M E T R A C O M M U T E R S1 4 5 ’
M A X I M U M E X P O S U R E
12 13
Location Analysis
IllinoisMedicalDistrict
AshlandDamen
Morgan
Grand
ChicagoUnion
Station
UIC-Halsted
Clinton
Clinton
Chicago
Racine
CaliforniaOgilvie
TransportationCenter
WesternAvenue
Western
Eisenhower Expressway
Eisenhower Expressway
Kennedy Expressway
W JACKSON BLVD
W VAN BUREN STW VAN BUREN ST
S JEFFERSON
STN
JEFFERSON
ST
S CLINTO
N ST
S CAN
AL ST
N D
ESPLAIN
ES ST
W RANDOLPH ST
W HARRISON ST
W GRAND AVE
W GRAND AVE
W GRAND AVE
W AUGUSTA BLVDW AUGUSTA BLVD
W RICE ST
W IOWA STW IOWA ST
W IOWA ST
W WALTON STW WALTON ST
W CHICAGO AVEW CHICAGO AVE
W CHICAGO AVE
N MILWAUKEE AVE
N D
AM
EN A
VES D
AM
EN A
VE
S CALIFO
RNIA
AVE
S FRAN
CISCO A
VEN
FRAN
CISCO A
VE
S SACRA
MEN
TO BLVD
N H
ALSTED
STN
HA
LSTED ST
S HA
LSTED ST
S RACIN
E AVE
S LOO
MIS ST
S THRO
OP ST
N A
DA
STN
AD
A ST
S LAFLIN
ST
N TH
ROO
P ST
N RA
CINE A
VE
N A
BERDEEN
ST
N CA
RPENTER ST
N M
AY ST
N ELIZA
BETH ST
N ELIZA
BETH ST
N RA
CINE A
VE
N M
AY ST
S ABERD
EEN ST
S MO
RGA
N ST
N SA
NG
AM
ON
ST
N PEO
RIA ST
N G
REEN ST
N W
ESTERN A
VES W
ESTERN A
VE
N A
SHLA
ND
AVE
S ASH
LAN
D A
VE
N OGDEN
AVE
S OGDEN A
VE
W SUPERIOR ST
W HURON ST
N KINGSBURY ST
W ERIE ST
xi
N CA
RPENTER ST
W LAKE ST
W WASHINGTON BLVD
W WARREN BLVD
W JACKSON BLVD W JACKSON BLVD
W LAKE ST
W HUBBARD STW HUBBARD ST
W KINZIE ST
W HUBBARD ST
W RACE AVE
N O
AKLEY BLVD
N O
AKLEY BLVD
N A
RTESIAN
AVE
N CA
MPBELL A
VE
N M
APLEW
OO
D A
VE
N W
ASH
TENA
W A
VES W
ASH
TENA
W A
VE
N RO
CKWELL ST
N LEA
VITT STN
LEAVITT ST
N LEA
VITT STS LEA
VITT ST
N H
OYN
E AVE
N H
OYN
E AVE
N H
OYN
E AVE
N H
OYN
E AVE
N W
OLCO
TT AVE
N W
OLCO
TT AVE
N W
OO
D ST
N W
OO
D ST
N W
OO
D ST
N W
OO
D ST
S WO
OD
ST
N PA
ULIN
A ST
N PA
ULIN
A ST
S PAU
LINA
ST
N PA
ULIN
A ST
N A
RMO
UR ST
N BISH
OP ST
N N
OBLE ST
W OHIO ST
W KINZIE ST
W FULTON STW FULTON ST
W FULTON ST
W WALNUT ST
W WALNUT ST
W FULTON MARKETW FULTON MARKET
W CARROLL AVEW CARROLL AVE
W CARROLL AVEW CARROLL AVE
W MAYPOLE AVE
W ERIE ST
W HURON STW HURON ST
W HURON ST
W SUPERIOR ST
W WASHINGTON BLVD
W WARREN BLVD
W MADISON ST
W ADAMS ST
W HARRISON STW HARRISON ST
W ADAMS ST
W MONROE ST
W MADISON ST
W LAKE STW LAKE ST
W WASHINGTON BLVD
UNITEDCENTER
LEAVITT ST
HUBBARD ST
LEAVITT ST
HUBBARD ST 65 - Grand 0.2 Miles
49 - Western 0.3 Miles
50 - Damen 0.3 Miles
66 - Chicago 0.5 Miles
20 - Madison 0.5 Miles
Grand & Damen 0.4 Miles
Damen & Walnut 0.4 Miles
Artesian & Hubbard 0.4 Miles
Wood & Hubbard 0.6 Miles
New Damen-Lake GREEN 0.5 Miles
Ashland - GREEN & PINK 1.0 Miles
I-290 1.2 Miles
I-90/94 West 1.7 Miles
I-90/94 East 1.8 Miles
United Center 0.9 Miles
Rush/IL Medical District 1.6 Miles
Fulton Market 1.9 Miles
Randolph Street 1.5 Miles
Ukrainian Village 0.9 Miles
Downtown Loop 3.9 Miles
14 15
Property Specifications
Property Details
Address: 401 N. Leavitt St.
Parcel IDs: 17.07.135.020-026.0000
Total Land Area: 39,000 SF
Total Building Area: 39,300 SF
Surface Lot Area: 11,861 SF
Ceiling/Clear Height: 1st Floor: 11’ - 24’
2nd Floor: 13’ - 15’
Lot Dimensions: 120’ x 325’
Exposure: 120’ on Leavitt
325 on Kinzie
145’ Wallscape for daily Metra commuters
Loading: 1 exterior loading dock trailer high
1 interior double wide recessed loading dock
1 exterior freight elevator/loading trailer high
Building Breakdown: First Floor
Barrel Truss 8,400 SF
Warehouse/Production 8,700 SF
Office/Production 7,200 SF
Loading/Receiving 1,500 SF
Auxiliary 1,200 SF
Total: 27,000 SF
Second Floor
North Section 5,100 SF
South Section 7,200 SF
Total: 12,300 SF
16 17
Site Overview
325.00’
215.17’ 109.83’
W. KINZIE ST.
PUBLIC ALLEY325.00’
248.17’ 76.83’
N
20.00’
N. L
EAVI
TT S
T.
CON
CRE
TE S
IDEW
ALK
50.00’
33’
120’
CONCRETE SIDEWALK
18 19
Building OverviewFirst Floor
Office / Production
Recessed Loading
Docks
Warehouse / Production
Bow Truss Building
120’
145’
25’
60’
60’
120’
70’ 30’
40’
DockTrailer High
N
Second Floor
85’
60’
60’
120’
N
20 21
22 23
24’ Clear at peak of pitch
17’ Clear (recessed dock area)
11.5’ Clear (door)
21.5’ (Width)
45.25’ (Depth)
11'2" Clear to underside of truss
120’ (L)
70’(W)
Building Overview
Barrel Truss Dimensions Recessed Loading Dock Dimensions
24 25
South face of building
26 27
Presented by:
ZACH [email protected]
NICHOLAS SCHAEFERVice [email protected]
CHICAGO770 N Halsted St, Suite 206Chicago, IL
HEADQUARTERSOne Lincoln Centre, Suite 120Oakbrook Terrace, IL