Execute Confidentiality Agreement for more details at www.632NorthDearborn.com. Baum Realty Group, LLC (“Baum”), as exclusive advisor, is pleased to announce the opportunity to acquire 632 N. Dearborn St. (the “Property”), a generational investment property located in the heart of River North, Chicago's upscale entertainment, dining, and retail district. Located a few blocks from the distinguished North Michigan Avenue corridor in the River North neighborhood, the single tenant property is situated amongst some of the strongest demographics in the Midwest. The ±34,000 square foot former Chicago Historical Society building is now 100% occupied by TAO Chicago, operating under a 20-year absolute NNN lease. The iconic granite-clad stone castle features an immaculate build-out with a multi-level restaurant, posh lounge, and a separate but adjoining nightclub, providing exclusive entertainment and dining for up to 1,450 guests at a time. The Property is being offered without an asking price. All inquiries regarding the offering should be directed to Baum.
Investment Highlights: Top Performing Chicago MSA Walmart Location • Largest Suburban Trade Area - Anchored By Woodfield Mall (27M Annual Shoppers) • Recent $3M Renovation Completed By Walmart • Absolute Corporate NNN Lease - No Landlord Responsibility • Irreplaceable Retail Location - Situated at the Intersection of Golf Rd. & Algonquin Rd. (61,600 VPD) • World's Largest Company - Walmart Stores, Inc. has $482B in Revenue and AA/Stable (S&P) Credit Rating
Investment Highlights: Possibility for New Sam's Club Concept to Occupy Space • Significant Value-Add Opportunity by Re-Leasing Space • Four Years of Term Remaining • Absolute NNN • Largest Suburban Trade Area - Anchored By Woodfield Mall (27M Annual Shoppers) • Irreplaceable Retail Location - Situated at the Intersection of Golf Rd. & Algonquin Rd. (61,600 VPD) • World's Largest Company - Walmart Stores, Inc. has $482B in Revenue and AA/Stable (S&P) Credit Rating
Baum Realty Group has been exclusively retained by ownership to sell the newly constructed AT&T (corporate) property located in Maplewood (St. Paul), MN. The property is anchored by the Maplewood Mall which features more than 130 stores. This enhances daily traffic counts along White Bear Avenue and Highway I-694, boasting 35,400 VPD and 96,000 VPD, respectively.
ABSOLUTE NNN LEASE - Zero landlord responsibilities. Tenant directly maintains for all common areas, taxes, insurance, and utilities, including all repairs and replacements to the roof and structure of the building. FAVORABLE ANNUAL INCREASES - The lease features 1.5% annual rental increases throughout the primary term and each of the four 5-year option periods. MAJOR TENANT CREDIT - The tenant is ERJ Dining, a subsidiary of Bridgeman Foods, which is ranked #6 on Franchise Times magazine’s “Restaurant 200” list for largest restaurant franchisees in the U.S. with over 380 locations and $856 million in annual sales in 2017. REIMAGE 2020 - The company has begun its new initiative to reimage its restaurants, the plan is called “Reimage 2020”. Starting in Q1 of fiscal 2019, Chili’s expects to invest in a brand-wide reimage initiative that will “impact every restaurant over the next three years”, investing up to $250,000 per site. STRONG REGIONAL MARKET - The property is centrally located within this established yet growing south-western suburb of Chicago. Starbucks and Chipotle recently opened just to the south and other national retailers in the immediate area include: The Home Depot, Meijer Supermarket, Menards, Jewel- Osco, Advance Auto Parts, BMO Harris Bank, U.S. Bank, Bank of America, McDonald’s, Wendy’s, Jimmy John’s, Dunkin’ Donuts, among others. MINIMAL COMPETITION & AFFLUENT DEMOGRAPHICS - This is the only national casual dining restaurant within a 5-mile radius. This 5-mile trade area caters to 94,641 residents earning $121,000 average annual income.
Investment Grade Credit – Advance Auto Parts is BBB- investment grade credit and is a leading automotive aftermarket retailer with over 5,200 locations. • Dense Chicago Neighborhood – There are over 312,400 residents earning average household incomes of $81,000 within 2 miles of the property. • Minimal Competition – This is the only national auto-parts retailer within 3 miles and combined with high barriers to entry, will provide long-term success for the tenant. • Nearby Regional Access – The property is 1 mile west of the I-90/94 Expressway which leads 7 miles southeast to downtown Chicago and 7 miles west to O-Hare Int. Airport. • Primary East-West-Thoroughfare – The site is located along Montrose Avenue with exposure to more than 22,300 VPD. Other retailers in the area include: Starbucks, Walgreens, McDonald’s, Chase Bank, Wendy’s, and many others.
Investment Grade Credit – Advance Auto Parts is BBB- investment grade credit and is a leading automotive aftermarket retailer with over 5,200 locations. • Signalized Intersection – The site is situated at the signalized intersection of Western Avenue and Marquette Road, providing strong visibility and exposure to over 48,700 vehicles per day. • Major Auto-Service Corridor – The site is located along Western Avenue and surrounded by numerous auto dealerships and service centers. Nearby retailers include AutoZone, O’Reilly Auto Parts, Chevrolet, and Walgreens among others. • Strong Historical Occupancy – Advance Auto Parts has occupied the site for nearly 12 years, showing a strong commitment to this location.
RECENT LEASE EXTENSION - Staples recently executed a new lease extension at below-market rent. Additionally, there are three, 5-year options with a 24% rent increase in the first renewal option, providing significant upside to an investor. BELOW REPLACEMENT COST - The property is priced well-below replacement cost. The property features a brand-new roof and is currently undergoing a full exterior tuck-point and repaint. PASSIVE NET LEASE INVESTMENT - Tenant directly maintains all common area expenses including snow removal, landscaping, utilities, and basic parking lot maintenance. Tenant reimburses landlord 100% for real estate taxes and property insurance. MAJOR CORPORATE-CREDIT TENANT - Staples is one of the largest office supply companies in the world with over $18.25 Billion revenue and 1,220 locations the US, South America, and Asia. In 2017, Staples was acquired by Sycamore Partners, a leading national private equity investment firm which manages over $10 billion in assets. REGIONAL RETAIL TRADE AREA - The property is centrally located in the Middletown regional retail trade area (7-mile radius), encompassing 137,790 residents, 53,634 employees, and $1.77 Billion in retail consumer expenditures in 2017. The Middletown trade area is anchored by the 328-bed Atrium Medical Center 1-mile to the east. GROWING BUSINESS ENVIRONMENT - The area continues to grow significantly with a brand new $30 million Kettering Medical Center less than 1 mile east of the property. Additionally, Bed, Bath and Beyond is under construction on a $33 Million e-commerce center 5 miles south, further enhancing Middletown’s dominance as a regional economic hub. ACTIVE RETAIL SUB-MARKET - National retailers in the immediate area include: Walmart Supercenter, Lowe's, Kroger, Meijer, Petco, Burlington, Planet Fitness, Buffalo Wild Wings, and Aspen Dental, among others.