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W. FULTON STREETCHICAGO, IL
1400
FULT
ON S
QUAR
E
A UNIQUE INVESTMENT OPPORTUNITYGET IN ON:
3
ContactsMike SennerExecutive Vice PresidentDIRECT +1 847 698 8234 EMAIL [email protected]
Thomas VoliniExecutive Vice PresidentDIRECT +1 312 612 5949 EMAIL [email protected]
FULT
ON S
QUAR
E
TON
FUL
INVESTMENT SUMMARY 4PROPERTY INFORMATION 14AREA OVERVIEW 20FINANCIAL OVERVIEW 24
Executive SummaryColliers International is pleased to present a unique opportunity to purchase an irreplaceable asset in Chicago’s most dynamic submarket — Fulton Market.
The offering provides an exciting solution for investors looking to capitalize on the explosive nature of Fulton Market while entering at a reasonable basis. The size and finishes of the units are well thought out and fill a void in the area. In our opinion a purchaser will be able to maintain a full stabilization, cater to a strong segment of the market and push rents as Fulton Market continues its growth.
5
Investment Highlights1400 W. Fulton, was purchased by a local developer in 2006 with the idea of restoring the building and repositioning it for sale or lease as exclusive custom commercial lofts. Renowned architects, designers, and planners combined their talents with state of the art technology to give the 57,000 square foot building a new face for the future.
From refurbishing the natural beauty of the solid brick and original ornate ceilings, to establishing an advanced technological info structure, no detail was overlooked. Now beautifully restored, the property offers individual loft spaces, outfitted to meet the demands of modern occupiers. The project offers units from 1,000 to 9,500 square feet.
The property is heavily tempered with solid masonry construction and features all new mechanicals and services. The building features: roof top decks, custom build outs, high end finishes, state of the art technology, warehouse loading docks and doors and a coveted view Chicago’s downtown skyline.
Fulton Market is home to both prominent businesses and Chicagos urban elite, its close proximity to Chicagos Loop, the CTA Green and Pink Lines and the Kennedy and Eisenhower expressways, makes this location highly desirable.
1400 is situated in a fast growing neighborhood with unpretentious charm and unparalleled accessibility. Bike, train, drive or walk to the office; 1400 West Fulton Street is 4 blocks from the Ashland ‘el’ and Divvy Station, steps from the Ashland Bus, 10 blocks from the Western Avenue Metra stop and has # parking spaces with a large bike garage. Best of all, 1400 is located in close proximity to Chicago’s after work hot-spots. After a productive day in the office, cruise over to Randolph’s Restarurant Row and Fulton Market Street where you can catch up with friends and unwind at countless top-rated dining destinations, shops and entertainment.
INVESTMENT SUMMARY
TON
FUL
1400’S STRATEGIC POSITIONING OFFERS THE FOLLOWING ADVANTAGES TO ITS OCCUPANTS:
© Desirable timber loft construction
© Flexible unit sizes in a market that caters to bigger users
© Access to off street parking
© Close proximity to Chicago Midway and O’Hare International Airports
© Quick access to Interstate 90, 94, and 290
© Transit proximity to the ‘el’ Green, Pink, and Blue Lines
© A growing and educated workforce
© A competitive business environment with easy access to major markets
© Located in Fulton Market West neighborhood
7
TONFU
L
TON
FUL
LOOMIS AVENUE FULTON STREET
OGDEN AVENUE
RANDOLPH STREET
FULT
ON M
ARKE
T
FULTON SQUARE
9
GrantPark
SoldierField
CHICAGO
94
90
94
90
290
W GRAND AVE
W DIVISION ST
W CHICAGO AVE
W VAN BUREN ST
W JACKSON BLVD
N H
ALS
TED
ST
W ADAMS ST
N D
AM
EN A
VE
N A
SH
LAN
D A
VE
N W
ESTE
RN
AVE
W TAYLOR ST
N MILWAUKEE AVE
W OGDEN
AVE
W RANDOLPH ST
W ROOSEVELT RD
N
STA
TE S
T
N ELSTON AVE
W HARRISON ST
S
CO
LUM
BU
S D
R
N O
RLE
AN
S S
T
N CLYBOURN AVE
N OG
DEN
AVE
N R
ACI
NE
AVE
E ONTARIO ST
W OHIO ST
N LA
KE SHO
RE DR
W ILLINOIS ST
W WACKER DR
EVA
DN
ALHS
A S
W WASHINGTON ST
E JACKSON DR
N L
AS
ALL
E B
LVD
W CONGRESS PKWY
W MONROE ST
W HUBBARD ST
W FULTON ST
W POLK ST
N KINGSBURY ST
N A
DA
ST
N HOOKER ST
N E
LIZA
BET
H S
T
E MONROE DR
N KINGSBURY ST
W MADISON ST
LakeMichigan
TON
FUL
tS htebazilE N
TS ADA N
tS htebazilE N
tS adA
N
tS poorhT N
tS poorhT S
tS htebazilE N
N Lo
omis
St
W WASHINGTON BLVD W WASHINGTON BLVD
N Gr
een
StN
Gree
n St
N Union Ave
N De
spla
ines
St
N Pe
oria
St
N Pe
oria
St
N Gr
een
St
N Pe
oria
St
N Sa
ngam
on S
tN
Sang
amon
St
N Ca
rpen
ter S
t
N Sa
ngam
on S
t
N Ab
erde
en S
t
N Ca
rpen
ter S
t
N Ab
erde
en S
t
N M
ay S
tN
May
St
N Ra
cine
St
N Ra
cine
St
N Ra
cine
St
N W
illard
Ct
W Hubbard StW Hubbard St W Hubbard St
W Carroll AveW Carroll AveW Carroll Ave
W Carroll Ave
W Wayman St
W KINZIE STW Kinzie StW Kinzie St
tS simooL
N
elboN
N
N OG
DEN
AVE
N OG
DEN
AVE
N KENNEDY EXPY
W RANDOLPH ST
W FULTON MARKET W FULTON MARKET
W M
ORGA
N ST
W M
ORGA
N ST
W M
ORGA
N ST
N HA
LSTE
D ST
N HA
LSTE
D ST
N MILWAUKEE AVE
W MADISON ST
W LAKE ST W LAKE ST
W FULTON MARKET
K2 APARTMENTS
BLACK IRON TAVERN
CRUZ
BL
ANCA
JENI
’S IS
PLEN
DID
ICE
CREA
MLE
NA
BRAV
A
PICKENS KANE
MONTESSORI ACADEMY OF CHICAGO
KIDS
& C
O.
CHICAGO PATROLMEN'S FEDERAL CREDIT UNION
KAISERTIGER
LA C
OLOM
BE
SOHOHOUSEGREEN STREET
SMOKED MEATS
MAZELMETALS
AU C
HEVA
L
RONE
RO
RUM
BAR
REVELEVENTS
QUALITYITALIAN
LESLIEHINDMANAUCTIONEERS
FULTON FIT HOUSE
VACANT
VACANT VACANT
VACANT
FOR SALE
PICKENS KANE
MARTANTHONY
PICCOLOSOGNO
LA SCAROLA
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PIZZ
ERIA
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ERCA
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TER
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OST
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AGO
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NIM
ALS
BAUSCHER HEPP SHOWROOM BL
IND
BARB
ER
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CE
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UNGE
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OP
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LE
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ARY
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CAPR
IOTT
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S
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TERN
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. CAR
E
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NCE
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R LI
FE
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OTAR
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RRAM
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AN
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TR
AINI
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CHI-TOWNEATERY
J.P.
GRA
ZIAN
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OCER
Y
VEGG
IE G
RILL
4STAR
THE MADISON BAR + KITCHEN
WEST END
PARLORPIZZA BAR
LINDAWARRENPROJECTS
TIMEOUTMARKET
GYU-KAKUELSKE
ROISTER
VITA
LPR
OTEI
NS
BENNETTDAY SCHOOL
THE PUBLISHING
HOUSE119-KEYS
RAM
EN T
AKEY
ACE
MIT
AS P
UEBL
A
KNOL
LFU
RNIT
URE
EMPORIUM ARCADEBARCHICAGO
BALLASTPOINT
MORGAN MFGBLIND PIG DISTILLERY
OFFICE/ENTERTAINMENT
BUCKETFEET
WEIGEL BROADCASTING
MONTEVERDERESTAURANT
901 WESTMADISON
JOHNNY’SICE HOUSE
CATALYST
THE MADISONMAD SOCIAL
LUXE CROS
SROA
DSBA
R &
GRIL
L
MADISONABERDEEN PLACE
CIRC
A92
2
NOTRE
MADISON& GREEN
FORU
MCO
WOR
KING
MAS
HARV
EST
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ERY
BESP
OKE
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AXEL
LE +
IVY
SALO
N
GRAN
GE H
ALL
MAU
DE’S
NOSH
& B
OOZE
POP
-UP
BAR
SIEN
ABACK
DOOR
SALO
ON
JAIP
UR
SCRA
TCH
GOOD
S
GOOG
LE R
ETAI
L
LONE
WOL
FBA
D HU
NTER
KUMA'CORNER
DALCYEVENTHALL
PUNCH BOWL SOCIAL
BEATRIX
NAND
O’S
UMAM
I BUR
GER
FLOY
D’S
THE PARKER
THEHOXTON
BLVD
LIM
ITLE
SSCO
FFEE
ADMMILLING
EL CHEBAR
900 WWASHINGTON
PEERLESS CONDOS
CYCLEBAR
G+OBAR
BOUTIQUEBITES
THIRDRAIL
BUTTERFLYSUSHI
STUMPTOWN COFFEE ROASTERS
CITY MOUSE
159 - KEYS
SMYTH ANDTHE LOYALIST
SWIFT& SONS AE
SOP
GATEWAY CAR WASH & AUTO SPA
HAYM
ARKE
TBR
EWER
Y
POLE
NTA
BAR
LGN
GROU
PTE
X M
EX
CONC
EPT
THE PRESS ROOM
LA J
OSIE
MARILYN MIGLIN
LOFT ONLAKE
MATERIALSMARKETING
THINKUBATORFULTON MARKET
PEORIA PACKINGBUTCHER SHOP
ASPE
NFO
ODS
MUSIC GARAGECHICAGO
V FISH
HAPPY TAILSAND TRAILS
FAIRGROUNDS
SA
IGNI
TE
MUG
SY
JEAN
S
ELEV
EN |
ELEV
EN
MAY STREET
PANIQESCAPE
ROOM
COUNTERCULTURE COFFEE263 UNITS
COM ED
FIELD NOTES
LAKESHOREBEVERAGE
EVOKER
PRECISION COLOR GRAPHICS
MOBILE CARE FOUNDATION
DIGITAL DIRECTIONVIVID SEATS
CONN
ECT O
NEMET
HOD
BONCIPIZZA
SALO
N LO
FTS
ABA
Hotels
Residential
Planned
Divvy Station
CTA ‘L’ Station
Parking
Parks
400 N
111 5 W
160
N
652 W
1039 W
GLOBAL HEADQUARTERS
200 KEYS
330
N 333 N
168
N
N El
izab
eth
SttS htebazilE
N
tS poorhT N
tS
tS htebazilE N
W WASHINGTON BLVD W WASHINGTON BLVD
N Gr
een
St
N Union Ave
N De
spla
ines
St
N Pe
oria
St
N Pe
oria
St
N Gr
een
St
N Pe
oria
St
N Sa
ngam
on S
tN
Sang
amon
St
N Ca
rpen
ter S
t
N Sa
ngam
on S
t
N Ab
erde
en S
t
N Ca
rpen
ter S
t
N Ab
erde
en S
t
N M
ay S
tN
May
St
N Ra
cine
St
N Ra
cine
St
N Ra
cine
St
N W
illard
Ct
W Hubbard St W Hubbard St
W Carroll AveW Carroll AveW Carroll Ave
W Wayman St
W KINZIE ST W Kinzie StN OG
DEN
AVE
N KENNEDY EXPY
W RANDOLPH ST
W FULTON MARKET W FULTON MARKET
W M
ORGA
N ST
W M
ORGA
N ST
W M
ORGA
N ST
N HA
LSTE
D ST
N HA
LSTE
D ST
N MILWAUKEE AVE
W MADISON ST
W LAKE ST W LAKE ST
1.2 MSF
K2 APARTMENTS
BLACK IRON TAVERN
CRUZ
BL
ANCA
JENI
’S IS
PLEN
DID
ICE
CREA
MLE
NA
BRAV
A
PICKENS KANE
MONTESSORI ACADEMY OF CHICAGO
KIDS
& C
O.
LA C
OLOM
BE
SOHOHOUSEGREEN STREET
SMOKED MEATS
MAZELMETALS
AU C
HEVA
L
RONE
RO
RUM
BAR
REVELEVENTS
QUALITYITALIAN
LESLIEHINDMANAUCTIONEERS
VACANT
VACANT VACANT
VACANT
FOR SALE
PICKENS KANE
MARTANTHONY
SOGNO
EMMIT’SIRISH PUB
PIZZ
ERIA
DE
L M
ERCA
TO
JUPI
TER
OUTP
OST
CHIC
AGO
PART
Y A
NIM
ALS
BAUSCHER HEPP SHOWROOM BL
IND
BARB
ER
WES
T LO
OP
SALU
MI
FREE
PEOP
LE
LIBR
ARY
HANNAHS BRETZEL
ROTI
CAPR
IOTT
I’SIN
DUST
RIOU
S
NORT
HWES
TERN
IIMM
. CAR
E
ART+
SCIE
NCE
NANCY’S PIZZA
RIDE
R FO
R LI
FE
MOM
OTAR
OBL
VDIE
RRAM
EN S
AN
PERF
ORM
ANCE
TR
AINI
NGSY
STEM
S
EQUI
NOX
MAKOSUSHI
MACELLO RISTORANTE
HERITAGE COFFEECYCLE
CHI-TOWNEATERY
J.P.
GRA
ZIAN
OGR
OCER
Y
VEGG
IE G
RILL
4STAR
THE MADISON BAR + KITCHEN
PARLORPIZZA BAR
LINDAWARRENPROJECTS
TIMEOUTMARKET
ROISTER
VITA
LPR
OTEI
NS
BENNETTDAY SCHOOL
THE PUBLISHING
HOUSE119-KEYS
RAM
EN T
AKEY
ACE
MIT
AS P
UEBL
A
KNOL
LFU
RNIT
URE
EMPORIUM ARCADEBARCHICAGO
BALLASTPOINT
MORGAN MFGBLIND PIG DISTILLERY
OFFICE/ENTERTAINMENT
BUCKETFEET
WEIGEL BROADCASTING
MONTEVERDERESTAURANT
901 WESTMADISON
CATALYST
THE MADISONMAD SOCIAL
LUXE CROS
SROA
DSBA
R &
GRIL
L
MADISONABERDEEN PLACE
CIRC
A92
2
NOTRE
MADISON& GREEN
FORU
MCO
WOR
KING
MAS
HARV
EST
JUIC
ERY
BESP
OKE
CLUB
AXEL
LE +
IVY
SALO
N
GRAN
GE H
ALL
MAU
DE’S
NOSH
& B
OOZE
POP
-UP
BAR
SIEN
ABACK
DOOR
SALO
ON
JAIP
UR
SCRA
TCH
GOOD
S
GOOG
LE R
ETAI
L
LONE
WOL
FBA
D HU
NTER
KUMA'CORNER
DALCYEVENTHALL
PUNCH BOWL SOCIAL
BEATRIX
NAND
O’S
UMAM
I BUR
GER
FLOY
D’S
THE PARKER
THEHOXTON
BLVD
LIM
ITLE
SSCO
FFEE
ADMMILLING
EL CHEBAR
900 WWASHINGTON
PEERLESS CONDOS
CYCLEBAR
G+OBAR
THIRDRAIL
BUTTERFLYSUSHI
STUMPTOWN COFFEE ROASTERS
CITY MOUSE
159 - KEYS
SMYTH ANDTHE LOYALIST
SWIFT& SONS AE
SOP
GATEWAY CAR WASH & AUTO SPA
HAYM
ARKE
TBR
EWER
Y
POLE
NTA
BAR
LGN
GROU
PTE
X M
EX
CONC
EPT
THE PRESS ROOM
LA J
OSIE
MATERIALSMARKETING
THINKUBATORFULTON MARKET
PEORIA PACKINGBUTCHER SHOP
ASPE
NFO
ODS
HAPPY TAILSAND TRAILS
FAIRGROUNDS
SA
IGNI
TE
MUG
SY
JEAN
S
ELEV
EN |
ELEV
EN
MAY STREET
PANIQESCAPE
ROOM
COUNTERCULTURE COFFEE
FIELD NOTES
LAKESHOREBEVERAGE
BONCIPIZZA
SALO
N LO
FTS
ABA
Hotels
Planned
Divvy Station
CTA ‘L’ Station
Parking
Parks
401 N
345 N
400 N
440 N
1313 W
114
N
1314 W
1338 W
1200 W
800 W
315 N
1100 W 1032 W
111 3 W
111 5 W
1000 W
1000 W
160
N
210
N
1040 W 900 W 820 W
809 W
737 W
652 W738 W846 W
1039 W
1055 & 1043 W1213–1215 W
370 N
1000 W
1230 W
1245 W 1227 W 905 W1325 W
1164 W
1045 W
GLOBAL HEADQUARTERS
1029 W
923 W
4 N
218
N
945 W
1330 W
300
N32
0 N
118 N
111 5 W
113 N
200 KEYS
110 N
330
N 333 N
360
N
729 W
Sterling Bay has attempted to verify the accuracy of the information contained herein, but makes no representations or warranties 10/24/18
FULTON MARKET BY THE NUMBERS
63.2% of the population is between ages 25-44
127% population growth in the last 15 years
$132,250 current average household income
1,220+ hotel keys (under construction or planned)
Over 4 million SF of existing
construction or proposedW Ohio St
tS htebazilE N
TS ADA
tS hte
N Gr
een
St
N Un
ion
Ave
N Union Ave
N De
spla
ines
St
N Pe
oria
St
N Sa
ngam
on S
t
N Ca
rpen
ter S
t
N Sa
ngam
on S
t
N Ab
erde
en S
t
N M
ay S
t
N Ra
cine
St
N Ra
cine
St
W Hubbard St W Hubbard St
W Carroll AveW Carroll AveW Carroll Ave
W KINZIE ST W Kinzie St
W Ohio St W Ohio St
W Race Ave
N OG
DEN
AVE
N KENNEDY EXPY
W GRAND AVEW GRAND AVE W GRAND AVE
W M
ORGA
N ST
W M
ORGA
N ST
N HA
LSTE
D ST
N MILWAUKEE AVE
TOI-90-94
K2 APARTMENTS
BLACK IRON TAVERNPICKENS KANE
TWISTEDSPOKE
MAZELMETALS
VACANT
VACANT VACANT
FOR SALE
PICKENS KANE
MARTANTHONY
D’AMATOSBAKERYTWO
BUTTERFLYSUSHI
TERRY’STOFFEE
PICCOLOSOGNO
LA SCAROLAMAILLARD
EMMIT’SIRISH PUB
SALERNO’S
LINDAWARREN
BENNETTDAY SCHOOL
MORGAN MFGBLIND PIG DISTILLERY
OFFICE/ENTERTAINMENT
BUCKETFEET
ADMMILLING
G+OBAR
STUMPTOWN COFFEE ROASTERS
159 - KEYSTHINKUBATORFULTON MARKET
V FISH
HAPPY TAILSAND TRAILS
FIELD NOTES
LAKESHOREBEVERAGE
DIGITAL DIRECTIONVIVID SEATS
Hotels
Industrial
Residential
Planned
Divvy Station
CTA ‘L’ Station
Parking
Parks
401 N
345 N
400 N
1200–1204 W 1132–1156 W
440 N
520 N
730 W
315 N
370 N
1000 W
1100 W
320
N 330
N 333 N
360
N
N Gr
een
St
N Un
ion
Ave
N Union Ave
N De
spla
ines
St
N Pe
oria
St
N Ca
rpen
ter S
t
N Sa
ngam
on S
t
N Ab
erde
en S
t
N M
ay S
t
N Ra
cine
St
N Ra
cine
St
W Hubbard St W Hubbard St
W Carroll AveW Carroll Ave
W KINZIE ST W Kinzie St
W Ohio St W Ohio St
W Race Ave
N KENNEDY EXPY
W GRAND AVE W GRAND AVE
W M
ORGA
N ST
W M
ORGA
N ST
N HA
LSTE
D ST
N MILWAUKEE AVE
TOI-90-94
K2 APARTMENTS
BLACK IRON TAVERNPICKENS KANE
TWISTEDSPOKE
VACANT
VACANT VACANT
FOR SALE
PICKENS KANE
MARTANTHONY
D’AMATOSBAKERYTWO
BUTTERFLYSUSHI
TERRY’STOFFEE
PICCOLOSOGNO
LA SCAROLAMAILLARD
EMMIT’SIRISH PUB
SALERNO’S
BENNETTDAY SCHOOL
MORGAN MFGBLIND PIG DISTILLERY
OFFICE/ENTERTAINMENT
BUCKETFEET
STUMPTOWN COFFEE ROASTERS
HAPPY TAILSAND TRAILS
FIELD NOTES
LAKESHOREBEVERAGE
Hotels
Industrial
Residential
FULTON MARKET MAP LEGEND
Divvy Station
CTA ‘L’ Station
Parking
Parks
401 N
345 N
400 N
1200–1204 W 1132–1156 W
440 N
730 W
315 N
370 N
1000 W
1100 W
330
N 333 N
360
N
SUBM
ARKE
T MAP
AREA MAPTON
FUL
ParkingDivvy StationCTA L StationCommercial/Office Industrial Residential Hotels Parks
MAP LEGEND
FULTON MARKET BY THE NUMBERS63.2% of the population is between ages 24-44
127% population growth in the last 15 years
$132K current average household income
1,220+ hotel keys (under construction or planned)
Over 4M SF of existing office space, 3M+ SF of office space under construction or proposed
TON
FUL
WESTERN AVEMD-N/MD-W/NCS
KEDZIEUP-W
UNIONMD-N/NCS/
MD-W/BNSF/HC/SWS
OGILVIEUP-N/UP-NW/
UP-W
CLYBOURNUP-N/UP-NW
5 minute drive to 1400 W. Fulton Metra takes another 13 minutes to continue to Union Station
9 minute drive to 1400 W. Fulton Metra takes another 9 minutes to continue to OTC
Highland Park to Ogilvie 5:50 AM-6:45 AM
Highland Park to Clybourn 5:50 AM-6:36 AM
Ogilvie to Highland Park 6:00 PM-6:54 PM
Clybourn to Highland Park 6:08 PM-6:54 PM
Arlington Heights to Ogilvie 5:43 AM-6:35 AMArlington Heights to Clybourn 5:43 AM-6:24 AM
Clybourn to Arlington Heights 6:10 PM-6:34 PMOgilvie to Arlington Heights 6:01 PM-6:34 PM
Glenview to Western 6:08 AM-6:38 AMGlenview to Union Station 6:08 AM-6:51 AM
Union Station to Glenview 5:52 PM-6:18 PMWestern to Union Station 6:01 PM-6:18 PM
Itasca to Union Station 6:02 AM-6:42 AMItasca to Western 6:02 AM-6:30 AM
Union Station to Itasca 5:46 PM-6:27 PMWestern Ave to Itasca 5:55 PM-6:27 PM
NORTH CENTRAL SERVICE (NCS)Vernon Hills to Union Station 5:50 AM-6:55 AM
Vernon Hills to Western 5:50 AM-6:44 AMUnion Station to Vernon Hills 5:01 PM-5:58 PM
Western to Vernon Hills 5:10 PM-5:58 PM
MILWAUKEE DISTRICT WEST LINE (MD-W)
MILWAUKEE DISTRICT NORTH LINE (MD-N)
UNION PACIFIC NORTHWEST (UP-NW)
UNION PACIFIC NORTH (UP-N) RESIDENTIALThe Madison at Racine (216 units) - 0.5 mileMadison Aberdeen Place (54 units) - 0.6 mileCirca 992 (104 units) - 0.7 mileK2 (496 units) - 0.8 mile
FITNESSCorepower Yoga - 0.3 milePerformance Training Systems - 0.3 mileWest Loop Athletic Club - 0.3 mileCrosstown Fitness - 0.7 mile
NEW AREA RESTAURANTSLou Malnatis - O.3 mile Swift & Sons (1K Fulton) -.O.4 mile Smack Shack (1K Fulton) - 0.4 mile Federales - 0.5 mile Bar Siena - 0.7 mile Cruz Blanca - 0.7 mile Duck Duck Goat - 0.7 mile Fulton Market Kitchen - 0.7 mile Momotaro - 0.7 mile
HOTELS 311 North Morgan (Planned) - 0.6 mile Nobu (Proposed) - 0.7 mile Soho House - 0.8 mile
TRANSPORTATION Ashland Green/Pink Line - 0.4 mile Morgan Green/Pink Line - 0.5 mile Grand Blue Line - 1.0 mile Ogilvie Transportation Center - 1.3 miles Union Station - 1.6 miles Clark & Lake 'L' station (All lines) - 2 miles
DIVVY STATIONS May & Randolph - 0.4 mile Morgan & Lake - 0.5 mile 1045 W Randolph - 0.5 mile Hubbard & Aberdeen - 0.5 mile Washington & Ada - 0.3 mile
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TRANSIT MAP
WESTERN AVEMD-N/MD-W/NCS
KEDZIEUP-W
UNIONMD-N/NCS/
MD-W/BNSF/HC/SWS
OGILVIEUP-N/UP-NW/
UP-W
CLYBOURNUP-N/UP-NW
5 minute drive to 1400 W. Fulton Metra takes another 13 minutes to continue to Union Station
9 minute drive to 1400 W. Fulton Metra takes another 9 minutes to continue to OTC
Highland Park to Ogilvie 5:50 AM-6:45 AM
Highland Park to Clybourn 5:50 AM-6:36 AM
Ogilvie to Highland Park 6:00 PM-6:54 PM
Clybourn to Highland Park 6:08 PM-6:54 PM
Arlington Heights to Ogilvie 5:43 AM-6:35 AMArlington Heights to Clybourn 5:43 AM-6:24 AM
Clybourn to Arlington Heights 6:10 PM-6:34 PMOgilvie to Arlington Heights 6:01 PM-6:34 PM
Glenview to Western 6:08 AM-6:38 AMGlenview to Union Station 6:08 AM-6:51 AM
Union Station to Glenview 5:52 PM-6:18 PMWestern to Union Station 6:01 PM-6:18 PM
Itasca to Union Station 6:02 AM-6:42 AMItasca to Western 6:02 AM-6:30 AM
Union Station to Itasca 5:46 PM-6:27 PMWestern Ave to Itasca 5:55 PM-6:27 PM
NORTH CENTRAL SERVICE (NCS)Vernon Hills to Union Station 5:50 AM-6:55 AM
Vernon Hills to Western 5:50 AM-6:44 AMUnion Station to Vernon Hills 5:01 PM-5:58 PM
Western to Vernon Hills 5:10 PM-5:58 PM
MILWAUKEE DISTRICT WEST LINE (MD-W)
MILWAUKEE DISTRICT NORTH LINE (MD-N)
UNION PACIFIC NORTHWEST (UP-NW)
UNION PACIFIC NORTH (UP-N) RESIDENTIALThe Madison at Racine (216 units) - 0.5 mileMadison Aberdeen Place (54 units) - 0.6 mileCirca 992 (104 units) - 0.7 mileK2 (496 units) - 0.8 mile
FITNESSCorepower Yoga - 0.3 milePerformance Training Systems - 0.3 mileWest Loop Athletic Club - 0.3 mileCrosstown Fitness - 0.7 mile
NEW AREA RESTAURANTSLou Malnatis - O.3 mile Swift & Sons (1K Fulton) -.O.4 mile Smack Shack (1K Fulton) - 0.4 mile Federales - 0.5 mile Bar Siena - 0.7 mile Cruz Blanca - 0.7 mile Duck Duck Goat - 0.7 mile Fulton Market Kitchen - 0.7 mile Momotaro - 0.7 mile
HOTELS 311 North Morgan (Planned) - 0.6 mile Nobu (Proposed) - 0.7 mile Soho House - 0.8 mile
TRANSPORTATION Ashland Green/Pink Line - 0.4 mile Morgan Green/Pink Line - 0.5 mile Grand Blue Line - 1.0 mile Ogilvie Transportation Center - 1.3 miles Union Station - 1.6 miles Clark & Lake 'L' station (All lines) - 2 miles
DIVVY STATIONS May & Randolph - 0.4 mile Morgan & Lake - 0.5 mile 1045 W Randolph - 0.5 mile Hubbard & Aberdeen - 0.5 mile Washington & Ada - 0.3 mile
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DEVELOPMENT MAPTON
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FUTURE OFFICE/RETAIL1375 W. Fulton315,333 SF116 Parking Spaces
FULTON WEST1330 W. Fulton290,000 SF Office/Retail610 Parking Spaces
FUTURE DEVELOPMENT1300 W. Carroll2.2 ACRESPreviously ADM Mill
SUBURBAN TO URRBAN MIGRATION
6,000,000 SF OF TENANTS RELOCATING INTO
THE CBD SINCE 2007
900,000 SF OF TENANTS OPENING ASATELLITE OFFICE IN THE CBD
NOTABLE EXAMPLES OF THESE TENANTS INCLUDE:
572,000 SF2014
90,000 SF2018
572,000 SF2014
271,000 SF2014
200,000 SF2016
170,000 SF2016
575,000 SF2018
575,000 SF2018
150,000 SF2016
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PROPERTY INFORMATIONTON
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Three-story brick and timber loft building located on the north west corner of Fulton Market and Loomis Street.
> TOTAL BUILDING AREA 62,555 sf
> SALABLE BUILDING AREA 42,998 sf
> PROPERTY ADDRESS : 1400 W Fulton StreetChicago, IL 60607
> YEAR BUILT 1920
> YEAR RENNOVATED2014-2017
> NO. OF FLOORS 3
> PARKIWNG 13
> ZONING PMD 1
> BUILDING EXTERIOR Brick, natural stone veneer, glass
> TENANCY 10 Office Condominium Units
> OCCUPANCY 97%
> TELECOMMUNICATIONS Direct fiber connections in the building.
> ELEVATORSOne passenger
> LIFE SAFETYEmergency exit signs, fire extinguishers, and smoke detectors throughout the building.
Physical Description
Site Plan
N:\Projects\5753\SURVEY\5753CONDO-01.dgn Default User=ssekulich
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1400 W Fulton StreetChicago, IL 60607
Parking Spaces Available13
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SOLDUNIT M-1
LEASEDUNIT F-1
SOLDUNIT A-2
LEASEDUNIT F-2
SOLDUNIT A-1
Floo
r Pl
ans
1st Floor 2nd Floor 3rd Floor
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AREA OVERVIEWTON
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The Fulton Market’s reputation as Chicago’s top emerging submarket is the result of it possessing the most unique inventory of any submarket, tenant desire for the image associated with being located in the trendy Fulton Market Neighborhood, and the penetration of the city’s creative companies.
Fulton Market is currently transforming from an underdeveloped area consisting of warehouse and industrial properties into a rapidly emerging office and residential environment. The submarket contains a mix of office options ranging from Class B and C brick and timber loft space at 1K Fulton and 1330 W. Fulton. While the submarket has experienced significant growth since Google announced its decision to move its regional headquarters to the neighborhood, McDonald’s Coporation’s more recent decision to relocate its global headquarters from the suburbs into the submarket has propelled the submarket’s development timeline substantially. The submarket’s boundaries include Grand Avenue on the North, Washington Boulevard on the South, Ashland Avenue on the West, and Halsted Street on the East.
SUBMARKET HIGHLIGHTS & FORECASTThe Fulton Market submarket did not see a great deal of new activity during the third quarter and has had little to no divergence from its current projected path as one of the most competitive submarkets for office users. Last quarter, Fulton Market added 1045 W. Randolph, McDonald’s new headquar-ters, to the flourishing submarket, adding 547,483 square feet of office space and further fueling the transfor-mation of Fulton Market. With minimal Class A office space available today, tenants are competing for high-priced space that is still under construction. The injection of 2,000 McDonalds jobs in the submarket will inherently increase the demand of other services (retail, multifamily, lodging) as evident by the Hyatt Hotel under construction for the main purpose of servicing McDonald’s and its clients at 105 N. May Street. Within the past two years, over $1.4 billion in capital has been deployed across the aforementioned assets resulting in over 2,000 tial units, 300 hotel rooms, and a 1.4 million square feet of reative-loft office space.
Tenants’ demand for unique live, work, play environments has continued over the past four years as McDonalds,
Google, WPP, WeWork, Dyson, Glass-door, and others have either relocated or announced plans to relocate regional headquarters and other large offices to the neighborhood in the hopes of attract-ing talented labor. Co-working providers have established a hub within the submarket and continue to grow; today, WeWork has 65,000 square feet at 210-220 N. Green, Spaces has 40,000 square feet at 900 W. Randolph, and Industrious has 45,000 square feet at 171 N. Aberdeen.
Fulton Market Overview
Fulton Market Kitchen
As over 1.4 million square feet has been absorbed, creating a vacancy rate of 9.5 percent, developers continue adhering to the strong demand for creative office space in the submarket. To date, 1,117,229 square feet of office space is under construction, of which 283,130 square feet will deliver next quarter . Roughly half of all office space under construction within Fulton Market is already preleased, which includes Google’s anticipated expansion, solidifying the present demand the submarket entails. In addition, there have been fourteen proposals totaling 3.6 million square feet of additional office space for the bourgeoning submarket. Nevertheless, the submar-ket is unlikely to be flooded with space at any one point, allowing landlords to control rental rates in their favor, which is already evident as landlord’s preleasing of Class A space have been asking for base rents between $45.00 and $50.00 per square foot gross, making the submarket’s Class A space as expensive as some premier office space in the West Loop.
LEASE AND SALE HIGHLIGHTSThere were no large lease transac-tions over 50,000 square feet in Fulton Market during the third quarter; however, Google announced its intention to increase its Chicago footprint by over 100,000 square feet and has been in talks with Sterling Bay about taking the majority of 210 N. Carpenter’s space. Upon finaliza-tion of a lease, Google’s footprint in Fulton Market would expand to roughly 475,000 square feet.
While investment sales activity across all asset classes remains incredibly active in Fulton Market, only one investment sale closed during the third quarter: Sterling Bay sold 113 N. May to Vista Property Group for $13,700,000 ($384.14/SF). The fact that Sterling Bay sold the building for $220/SF more than their original purchase, and had not renovated the building extensively, indicates the high appreciation of assets and land in and around Fulton Market. Originally, Sterling Bay had purchased 113 N. May as part of a portfolio when acquiring Harpo Studios (now 1045 W. Randolph) and at the time paid
$5.9 million. Developers of all asset types have been also cashing in their developments to institutional inves-tors looking to hold assets in the area over a long-term period; such transactions have occurred such as Shapack Partners’ sale of its 227-unit residential development at 730 W. Couch Plaza, coined The Parker, to J.P. Morgan Asset Management in late 2017 for a whopping $125 million, or $550,000 per unit.
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FINANCIAL OVERVIEWTON
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Net Operating Income | In Place - 42,998 SF (128% Leased)
Operating Revenue PSF Annual $ Notes
Rental Revenue $23.47 $1,009,158Parking Revenue $20,220Utility Reimbursement $3,500RE Tax Reimbursement $0.96 $41,069 2019 Projections based off 2018 actual reimbursementsPotential Gross Revenue $24.98 $1,073,947
Effective Gross Revenue $24.98 $1,073,947
Less: Operating Expenses All expenses projected 2019 unless otherwise noted
Taxes $4.51 $194,017
HOA Dues $1.55 $66,548
Janitor $0.05 $2,000
Electric $0.08 $3,500
Trash Removal $0.00 $0 Included in HOA
Water & Sewer $0.00 $0 Included in HOA
Maintenance & Repair $0.12 $5,000
Management $0.75 $32,218
Insurance $0.15 $6,450 Building insurance included in HOA
Total Operating Expenses ($7.20) ($309,733) SF represents control over 95% of HOA
Net Operating Income $17.77 $764,214
Net Operating Income
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Presentation Rent Roll & Current Term Tenant Summary | As of January 1, 2019
Tenant NameUnitUnit GLA (SF)
Unit GLA (SF) % of Building Lease Expiration Date
Lease Type Status
In Place Base Rent (1/1/19)AnnualPSF
EyasUnit C
3,315 SF 7.7% 10/30/2023 Gross Existing $91,778$27.69
EyasUnit E/F
9,400 SF 21.9% 8/31/2023 Gross Existing $249,312$26.52
PCGUnit G-1
1,200 SF 2.8% Vaccant Gross Existing $0.00$0.00
Nenye Law FirmUnit G-2
1,200 SF 2.8% 8/31/2021 Gross Existing $24,000$20.00
Fragrant DesignUnit H-1
3,800 SF 8.8% 12/31/2020 Gross Existing $76,000$20.00
Adam’s Third WaveUnit H-2
3,800 SF 8.8% 6/30/2019 Gross Existing $80,628$21.22
Vera RiceUnit I-2
1,000 SF 2.3% 2/28/2019 Gross Existing $24,720$24.72
EyasUnit J
6,693 SF 15.6% 8/31/2023 Gross Existing $177,365$26.50
Trade WaterUnit N
6,150 SF 14.3% 11/30/2022 Gross Existing $153,756$25.00
Evoker, LLCUnit P
3,800 SF 8.8% 2/28/2023 Gross Existing $83,600$22.00
Skyline Building ServicesUnit Q
2,640 SF 6.1% MTM Gross Existing $48,000$18.18
Total Gross Rent Revenue 42,998 SF 100.0% $1,009,158$23.47
Parking Revenue $20,220
Total Property 42,998 SF $1,029,378$23.94
LEASED 42,998 SF 97.2%
VACANT 0 SF 2.8%
Rent Roll Summary
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Unit Breakdown
Tenant Name Unit Type PINAssociation Interest Toal SF Annual Assessment
1406 W Fulton, LLC A Condo 17-08-310-015-1001 7.70% 4,817 $7,225 Glocom B Condo 17-08-310-015-1002 5.52% 3,453 $5,180 West Fulton 1400, LLC C Condo 17-08-310-015-1003 5.30% 3,315 $4,973 Nedwick D Condo 17-08-310-015-1004 5.30% 3,315 $4,973 West Fulton 1400, LLC E Condo 17-08-310-015-1005 6.74% 4,216 $6,324 West Fulton 1400, LLC F Condo 17-08-310-015-1006 8.30% 5,192 $7,788 West Fulton 1400, LLC G Condo 17-08-310-015-1007 3.55% 2,221 $3,331 West Fulton 1400, LLC H Condo 17-08-310-015-1008 12.30% 7,694 $11,541 Frameworks I-1 Condo 17-08-310-015-1009 1.60% 1,001 $1,501 West Fulton 1400, LLC I-2 Condo 17-08-310-015-1010 1.87% 1,170 $1,755 West Fulton 1400, LLC J Condo 17-08-310-015-1011 10.70% 6,693 $10,040 Rambaud M Condo 17-08-310-015-1012 9.70% 6,068 $9,102 West Fulton 1400, LLC N Condo 17-08-310-015-1013 9.87% 6,174 $9,261 West Fulton 1400, LLC P Condo 17-08-310-015-1014 5.77% 3,609 $5,414 West Fulton 1400, LLC Q Condo 17-08-310-015-1015 4.22% 2,640 $3,960 Total 98.44% 61,579 $92,369
Fulton Square Tax Assessments - Condo Units
Fulton Square Tax Assessments - Parking
On Site Parking
Tenant Name Parking Type PINAssociation Interest Toal SF Annual Assessment
West Fulton 1400, LLC PS-1 Parking 17-08-310-015-1016 0.13% 81 $240 West Fulton 1400, LLC PS-2 Parking 17-08-310-015-1017 0.13% 81 $240 Glocom PS-3 Parking 17-08-310-015-1018 0.13% 81 $240 Glocom PS-4 Parking 17-08-310-015-1019 0.13% 81 $240 Glocom PS-5 Parking 17-08-310-015-1020 0.13% 81 $240 West Fulton 1400, LLC PS-6 Parking 17-08-310-015-1021 0.13% 81 $240 West Fulton 1400, LLC PS-7 Parking 17-08-310-015-1022 0.13% 81 $240 West Fulton 1400, LLC PS-8 Parking 17-08-310-015-1023 0.13% 81 $240 West Fulton 1400, LLC PS-9 Parking 17-08-310-015-1024 0.13% 81 $240 West Fulton 1400, LLC PS-10 Parking 17-08-310-015-1025 0.13% 81 $240 West Fulton 1400, LLC PS-11 Parking 17-08-310-015-1026 0.13% 81 $240 West Fulton 1400, LLC PS-12 Parking 17-08-310-015-1027 0.13% 81 $240
1.56% 976 $2,880 The four (4) remaining spots do not have PIN numbers 100.00% 62,555 $95,249 West Fulton 1400, LLC Total Total: $66,547.86
CONFIDENTIALITY & DISCLAIMER STATEMENTThis Offering Memorandum contains select information pertaining to the business and affairs of the Property at 1400 W. Fulton. It has been prepared by Colliers International. This Offering Memorandum may not be all-inclusive or contain all of the information a prospective purchaser may desire. The information contained in this Offering Memorandum is confidential and furnished solely for the purpose of a review by a prospective purchaser of the Property. It is not to be used for any other purpose or made available to any other person without the written consent of Seller or Colliers International. The material is based in part upon information supplied by the Seller and in part upon financial information obtained by 1400 W. Fulton from sources it deems reliable. Owner, nor their officers, employees, or agents makes any representation or warranty, express or implied, as to the accuracy or completeness or this Offering Memorandum or any of its contents and no legal liability is assumed or shall be implied with respect thereto. Prospective purchasers should make their own projections and form their own conclusions without reliance upon the material contained herein and conduct their own due diligence.
By acknowledging your receipt of this Offering Memorandum from 1400 W. Fulton, you agree:
1) The Offering Memorandum and its contents are confidential;
2) You will hold it and treat it in the strictest of confidence; and
3) You will not, directly or indirectly, disclose or permit anyone else to disclose this Offering Memorandum or its contents in any fashion or manner detrimental to the interest of the Seller.
Owner and Colliers International expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers to purchase the Property and to terminate discussions with any person or entity reviewing this Offering Memorandum or making an offer to purchase the Property unless and until a written agreement for the purchase and sale of the Property has been fully executed and delivered.
If you wish not to pursue negotiations leading to the acquisition of 1400 West Fulton Street, Chicago, IL or in the future you discontinue such negotiations, then you agree to purge all materials relating to this Property including this Offering Memorandum.
A prospective purchaser’s sole and exclusive rights with respect to this prospective transaction, the Property, or information provided herein or in connection with the sale of the Property shall be limited to those expressly provided in an executed Purchase Agreement and shall be subject to the terms thereof. In no event shall a prospective purchaser have any other claims against Seller or Colliers International or any of their affiliates or any of their respective officers, Directors, shareholders, owners, employees, or agents for any damages, liability, or causes of action relating to this solicitation process or the marketing or sale of the Property.
This Offering Memorandum shall not be deemed to represent the state of affairs of the Property or constitute an indication that there has been no change in the state of affairs of the Property since the date this Offering Memorandum.
ContactsMike SennerExecutive Vice PresidentDIRECT +1 847 698 8234 EMAIL [email protected]
Thomas VoliniExecutive Vice PresidentDIRECT +1 312 612 5949 EMAIL [email protected]
