Caractéristiques de l'actif
Description de l'actif
NEWLY BUILT TO SUIT GROUND AND SECOND FLOOR SPACE FULLY LEASED TO AN INTERNATIONAL LUXURY RESTAURANT OPERATOR ON A LONG-TERM BASIS SITUATED BELOW 3 FLOORS OF OFFICE.
PRIME LOCATION JUST STEPS FROM MICHIGAN AVENUE, CHICAGO’S SCENIC RIVERWALK, AND THE THEATER & ENTERTAINMENT DISTRICT.
Points clés d'investissement
IMPRESSIVE BACKFILL EXECUTION
The ground-floor space was previously occupied by an upscale, trendy restaurant that was forced to close during the COVID-19 Pandemic.
Seller has executed a long-term lease to fill the first and second floors with food and beverage concepts run by an international operator of high-end bars and restaurants.
The first floor will soon be occupied by Blue Sushi Sake Grill, a proven brand with 20 locations across the country.
The second floor will be home to Ghost Donkey, a newer tequila and tapas concept with locations currently in Las Vegas, Phoenix, Denver, Melbourne, and Auckland that is expanding into Chicago, Dallas, and Omaha in 2024.
IRREPLACEABLE LOCATION IN CHICAGO’S RIVER NORTH NEIGHBORHOOD
¼ mile from Michigan Avenue – Chicago’s “Magnificent Mile” Residents living in a 1-mile radius of the Property spend more than $617 million annually on food and alcohol away from home.
Immediate surrounding area is home to some of Chicago’s most popular bars and restaurants, there is consistently strong foot traffic from both local residents and office workers.
TOURISM INCREASING DEMAND
There are 5,610 hotel rooms across 24 properties within a ¼ mile radius of the Property.
2022 saw 48.9 million tourists visit Chicago, 80% of the city’s pre-pandemic record.
The Chicago hotel industry saw record high incomes in the summer of 2023 with more than $825 million in revenue for the 3 month stretch of June - August.
Chicago’s 2023 final tourism numbers are expected to surpass 2022 by 10 – 20%.
TRANSIT ACCESSIBILITY
Being situated 1 mile east of Interstate 90 and 1 mile west of Lake Shore Drive creates easy access to the Property from all of Chicago’s surrounding neighborhoods and suburbs.
Several nearby CTA “L” and bus stations allow for consumers and office tenants to come and go from the Property as needed
Média
