Partnership. Performance.

1357 N. Elston Avenue Chicago, Illinois

Michael McKiernan Principal

Direct: 847.849.1903 michael.mckiernan@avisonyoung.com

Philip Palmer Principal

Direct: 312.273.9484 phil.palmer@avisonyoung.com

OFFERING PACKAGE

I. Confidentiality Agreement

II. Offering Summary

III. Property Information

IV. Market Overview

V. Submarket Overview

• Submarket Highlights

VI. Demographics

VII. Exhibits

1. PMD Document

2. RFQ Document

3. Market Comparables – Building & Land

Table of Contents

Confidentiality Agreement

Confidentiality Agreement

Avison Young (“Agent”) has been engaged by Ownership (“Seller”) as the exclusive agent for the sale of the property at the following location: 1357 N. Elston Avenue Chicago, Illinois The property is being offered for sale in an “as-is, where-is” condition and Seller and Agent make no representations or warranties as to the accuracy of the information contained in this Offering Memorandum. The enclosed materials include highly confidential information and are being furnished solely for the purpose of review by prospective purchasers of the interest described herein. Neither the enclosed materials nor any information contained herein is to be used for any other purpose or made available to any other person without the express written consent of the Seller. Each recipient, as a prerequisite to receiving the enclosed, should be registered with Avison Young as a “Registered Potential Buyer”. The use of this Offering Memorandum and the information provided herein is subject to the terms, provisions and limitations of the confidentiality agreement furnished by Agent prior to delivery of this Offering Memorandum. The enclosed materials are being provided solely to facilitate the prospective buyer’s own due diligence, for which it shall be fully and solely responsible. The material contained herein is based on information and sources deemed to be reliable, but no representation or warranty, express or implied, is being made by Agent or Seller or any of their respective representatives, affiliates, officers, employees, shareholders, partners and directors, as to the accuracy or completeness of the information contained herein. Summaries contained herein any legal or other documents are not intended to be comprehensive statements of the terms of such documents, but rather only outlines of some of the principal provisions contained therein. Neither the Agent nor the Seller shall have any liability whatsoever for the accuracy nor completeness of the information contained herein or any other written or oral communication or information transmitted or made available

or any action taken or decision made by the recipient with respect to the Property. Interested parties are to make their own investigations, projections and conclusions without reliance upon the material contained herein. Seller reserves the right, at its sole and absolute discretion, to withdraw the Property from being marketed for sale at any time and for any reason. Seller and Agent each expressly reserves the right at their sole and absolute discretion to reject any and all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time, with or without notice. This offering is made subject to omissions, correction of errors, change of price or other terms, prior sale or withdrawal from the market without notice. Agent is not authorized to make any representations or agreements on behalf of Seller. Seller shall have no legal commitment or obligation to any interested party reviewing the enclosed materials, performing additional investigation and/or making an offer to purchase the Property unless and until a binding written agreement for the purchase of the Property has been fully executed, delivered, and approved by owner and any conditions to owner’s obligations there under have been satisfied or waived. By taking possession of and reviewing the information contained herein, the recipient agrees that (a) the enclosed materials and their contents are of a highly confidential nature and will be held and treated in strictest confidence and shall be returned to Agent or Seller promptly upon request; and (b) the recipient shall not contact employees or tenants of the Property directly or indirectly regarding any aspect of the enclosed materials or the Property without the prior written approval of the Seller or Agent; and (c) no portion of the enclosed materials may be copied or otherwise reproduced without the prior written authorization of Seller or Agent or as otherwise provided in the Confidentiality and/or Registration Agreement executed and delivered by the recipient(s) to Avison Young. Seller will be responsible for any commission due to Agent in Connection with the sale of the Property. Each prospective purchaser will be responsible for any claims for commissions by any other broker or agent in connection with a sale of the

Property if such claims arise from acts of such prospective purchaser or its broker/agent’s authority to act on its behalf. If you have no interest in the property at this time, please return this Offering Memorandum immediately to: Avison Young 9700 W. Higgins Road, Suite 500 Rosemont, Illinois 60018 Attn: Michael McKiernan 84.849.1903 michael.mckiernan@avisonyoung.com The information contained herein was obtained from sources believed reliable; however, Avison Young makes no guarantees, warranties, or representations as to the completeness or accuracy thereof. The presentation of this property is submitted subject to errors, omissions, change of price or conditions, prior to sale or lease, or withdrawal without notice.

Name Title Entity Name Date

Offering Summary

Offering Summary

The Offering On behalf of the Morton Salt Company, Avison Young is pleased to present an outstanding opportunity to acquire 4.1 acres of land on Elston Avenue at the river. Since 1929 this site has been home to a Morton Salt operation. This is a once in a generation opportunity for the real estate community. The purchase of this property provides the investor an opportunity to gain a foothold in one of the most dynamic submarkets in the greater Chicago area. The activity on Goose Island and Elston Avenue Corridor makes this submarket currently one of the most active infill markets in the city. Past projects such as the Wrigley Company’s Research and Development facility and newly planned projects such as the North Branch River Campus, along with the potential of the Finkl Steel site and the contiguous Aikins Manufacturing land make this submarket one of Chicago’s most dynamic infill markets. Ownership is offering the site “as is.” Due to the attractiveness of this submarket the site is being offered subject-to-offer. We encourage you to consider this site for any infill projects you may have in development.

Terms of Offering Subject to Offer

Property Information

Property Information

Overview The subject property was built in 1929 for the Morton Salt Company. It has been an operating packaging facility for 86 years. Current improvements include ten different buildings and 533 linear feet of sea wall along the north branch of the Chicago River. The site is bordered by Elston Avenue on the west providing 530 feet of western exposure, and the northern border is West Blackhawk Street that runs for approximately 400 feet from Elston Avenue east to the river. The southern border abuts the McGrath dealership service center with approximately 264 feet of shared property line. The site is home to the iconic Morton Salt Company “little girl with umbrella” logo. Ownership’s current plans are to remove the existing improvements and convey this site as an in-fill land site.

Flood Zone According to FEMA the subject site is located in a Zone X , an area of minimal flooding.

Utilities All public utilities, including water and sanitary sewer, natural gas, electricity, and telephone service the site. Electricity is provided by Commonwealth Edison , natural gas by People’s Gas. All utilities appear to be sufficient to support the subject and current facilities.

Accessibility The site is located between two major metropolitan arteries, North Avenue, approximately 1 ½ blocks north and Division Street, ½ block to the south. Further, the site is approximately 200 feet east of the Kennedy Expressway (Rt. 90/94) a major expressway through the Chicago market. There are exits available at both Division Street as well as North Avenue.

Zoning Currently the entire 4.1 acre site is located within a Planned Manufacturing District. PMD #2 was enacted in 1990 and amended in 2002 and 2005.

Property Information Aerial View - 1357 N. Elston Avenue

Property Information Site Survey - 1357 N. Elston Avenue

Property Information Site Survey - 1357 N. Elston Avenue

Location Overview

Location Overview Market Analysis

Chicago, Illinois Overview Chicago is the most influential economic region between the East and West Coasts. Situated at the heart of the nation, Chicago’s geographical location advantages have fostered its development into an international center for banking, securities, high technology, air transportation, business services, wholesale and retail trade and manufacturing. With one of the most diversified economies of any region in the country, Chicago is less vulnerable to fluctuations in individual industries than most other large urban regions. In addition, the Chicago area enjoys one of the finest transportation systems of any metropolitan area with its extensive highway and railroad networks, a highly skilled labor pool, quality housing and world-class medical and higher education institutions. These factors all contribute to Chicago’s reputation as one of America’s premier metropolitan areas and a major economic center. Chicago is a smart, dynamic city that offers a quality of life unparalleled by any other major metropolis, providing a true community with world class amenities for businesses and people. Described as an “urban value,” Chicago’s cost of living is lower than leading cities including New York, San Francisco, Los Angeles, Washington, D.C., Boston, and Philadelphia. Chicago’s wide variety of places to live is conveniently linked to business opportunities by a 3,700 square mile public transit system serving over 700 million passengers annually. The city’s unique character can be attributed to its location and infrastructure, its collaborative business and government community, and an unprecedented array of cultural activities and destinations.

Location and Transportation Located along the southwestern shore of Lake Michigan, Chicago is the geographical center of the nation. It is unique in its transportation predominance. Chicago began as the water hub of the west with its strategic location between two water shed systems – the Mississippi River and the Great Lakes, subsequently becoming the railroad hub of the continent, one of the highway hubs of the continent and the aviation hub of the continent.

Business Climate Chicago is a leader in a number of key industries including: Business & Financial Services, Manufacturing, Information Technology, Health Services, and Transportation & Distribution, and is a global leader in options, futures, and derivatives trading. This combination of market access and economic diversity provides the resources a company needs to flourish. Alongside Chicago’s pro-business environment, support services, and unique opportunities for growth, the city also offers a vibrant mix of cultural, educational, and social amenities. Chicago has one of the world’s largest and most diversified economies, with nearly 4.3 million employees and a gross regional product (GRP) of $500 billion. It is an efficient economic powerhouse that is home to more than 400 major corporate headquarters, including 29 Fortune 500 headquarters. Among the most diverse economies in the nation, Chicago is a key player in every sector from risk management innovation to manufacturing to information technology to health services.

Chicago’s economy thrives on a combination of mature (manufacturing and transportation) and emerging (info-tech, R&D, and green energy) industries. Some of Chicago’s largest employers include Wal-Mart, Advocate Health Care, Walgreens, AT&T, United Continental Holdings Inc., Abbott Laboratories, J.P. Morgan Chase, Motorola Inc., Allstate Corp., Jewel-Osco, and Resurrection Health Care so it should come as no surprise that Chicago ranks in the Top 5 in output among more than 350 metro areas in a number of key industries including: Business & Financial Services, Manufacturing, Information Technology, Health Services, and Transportation & Distribution.

City of Chicago

Location Overview Aerial View - Neighbors and Amenities

934 N. BRANCH

909 W. BLISS

Submarket Overview

Submarket Overview

Highlights

Major change is imminent for the 160-acre Goose Island and the area immediately surrounding it. A wave of recent deals signals that investors have recognized the value of the submarket’s proximity to densely populated neighborhoods such as Lincoln Park, Wicker Park and Bucktown. Long time tenants; Big Bay Lumber, FedEx, Waste Management and Morton Salt have recently been joined by Amazon.com and the Wrigley Gum headquarters, and new innovative office projects such as the North Branch River Campus.

The submarket is also home to the largest Whole Foods Market in the Midwest, Groupon’s headquarters, and a Home Depot. West Marine recently opened a flagship store at Division and Halsted. Planned mixed use projects will bookend the market with the redevelopment of the former Tribune printing facility on the south, and the Finkl Steel site to the north. Currently the “innovative office” project called North Branch River Campus is underway at 934 North Branch and 909 West Bliss. The project will totally renovate two existing buildings consisting of 250,000 square feet, and connect to the west bank of the Chicago River via a pedestrian bridge.

The submarket provides excellent access to the River North office market as well as serving as a conduit to high end residential neighborhoods, all of this opportunity is only 2 miles from the heart of the technology renaissance in Chicago, the Merchandise Mart.

Demographics

Demographics Census Summary

Demographics Households by Income

Demographics Population by Age

Demographics Race and Ethnicity

Exhibits

1. PMD

2. RFQ

REQUEST FOR QUALIFICATIONS Avison Young is pleased to offer 1329 N. Elston Avenue, the iconic Morton Salt building for sale. Due to the age of the facility, redundancy in their logistic chain, and the dynamic environment of the Goose Island submarket, Morton Salt has decided to sell the property. Morton will offer the property to developers and users. In order to best identify the buying pool, Avison Young and Morton Salt request interested parties to supply answers to the following qualifying questions: 1. Name of your entity: 2. Company history: 3. Financial Structure and profile (please identify principal partners): 4. List of current projects, specifically any projects similar to the redevelopment of 1329 Elston: 5. List of projects completed within the City of Chicago: 6. Suggested project type for subject property: 7. Have any of your previous city projects involved a PMD? If so could you estimate the time

frame for the project within a PMD?

8. Please describe your financing relationship: partner or partners? 9. Please provide the number of projects you have successfully completed with this financial

partner: 10. Please provide the typical time frame between an accepted LOI to close of the transaction: 11. Please identify any past projects that involved the current city administration and/or Alderman

Waguespack 12. Morton Salt requests a condition of sale be the retention of “like kind” signage such as currently

exists on the property. Will you agree to this condition of sale? 13. Morton Salt has a Research and Development operation they may relocate to the city. Would

your contemplated project allow for a 10-15,000 square foot R&D tenancy by Morton Salt?

3. Market Comparables

Market Overview Building Sales

Address Property Info Zoning Date Price Land PSF

Building PSF

1 1800 N. Halsted St. Chicago

Class C office 45,000 sf M3 9/18/14 $8,000,000 $507.89 $77.78

2 909 W. Bliss St. Chicago

Class C warehouse 285,000 sf PMD 3 3/3/14 $6,500,000 $108.13 $22.81

3 1000 N. Halsted St. Chicago

Class B office 29,000 sf M3-4 1/14/15 $3,400,000 $106.25 $141.67

4 1525 W. Homer St. Chicago

Class B loft building 25,000 sf PMD 2 3/31/14 $1,925,000 $175.02 $77.00

5 1918-1923 N. Elston Chicago

Class C manufacturing bldg.

12,535 sf PMD2 6/30/14 $1,250,000 $89.15 $99.72

6 1338 W. Concord Pl. Chicago

Class C warehouse 12,500 sf C2 10/15/14 $1,250,000 $104.00 $100.00

7 1668 N. Ada St. Chicago

Class C flex building 9,750 sf M3-3 11/20/14 $1,160,000 $103.10 $118.97

8 Multiple Chicago prop 934 Randolph Chicago

Class C flex building 83,516 W. Randolph M3 3/27/15 $26,000,000 $552.66 $317.31

9 815 W. Pershing Rd. Chicago

Class B industrial 104,008 sf PMD 8 6/25/14 $210,700,000 $36.77 $102.88

10 1001 W. Chicago Chicago Class B industrial MI-3 3/12/15 $7,745,000 $97.15 $129.08

11 1239 W. Madison Chicago Class B industrial mfg C2-3 1/31/14 $5,650,500 $158.19 $106.41

12 2201 S. Halsted Chicago Class C industrial M3-4 5/30/14 $2,575,000 $77.78 $28.61

Building PSF average: $110.19

Market Overview Land Sales

Address Property Info Zoning Date Price Land PSF

Building PSF

1 909 W. Bliss St. Chicago

Class C warehouse 285,000 sf PMD 3 3/3/14 $6,500,000 $108.13 $22.81

2 1000 N. Halsted St. Chicago

Class B office 29,000 sf M3-4 1/14/15 $3,400,000 $106.25 $141.67

3 1525 W. Homer St. Chicago

Class B loft building 25,000 sf PMD 2 3/31/14 $1,925,000 $175.02 $77.00

4 1918-1923 N. Elston Chicago

Class C manufacturing bldg.

12,535 sf PMD2 6/30/14 $1,250,000 $89.15 $99.72

5 1338 W. Concord Pl. Chicago

Class C warehouse 12,500 sf C2 10/15/14 $1,250,000 $104.00 $100.00

6 1668 N. Ada St. Chicago

Class C flex building 9,750 sf M3-3 11/20/14 $1,160,000 $103.10 $118.97

7 815 W. Pershing Rd. Chicago

Class B industrial 104,008 sf PMD 8 6/25/14 $210,700,000 $36.77 $102.88

8 1001 W. Chicago Chicago Class B industrial MI-3 3/12/15 $7,745,000 $97.15 $129.08

9 1239 W. Madison Chicago Class B industrial mfg C2-3 1/31/14 $5,650,500 $158.19 $106.41

10 2201 S. Halsted Chicago Class C industrial M3-4 5/30/14 $2,575,000 $77.78 $28.61

Land PSF average: $105.55