611 N Union Ave, Chicago, IL, 60654, US

611 North Union

Asset description

Jones Lang LaSalle ("JLL"), the exclusive advisor to Ownership, has been retained to market the fee-simple interest in 611 N Union Ave (the "Offering" or the "Property") for sale, a 58,590 square foot, flex/industrial Property located in Chicago. 611 N. Union Ave is 52% leased to The Auto Club Group, commonly known as "AAA," with 4.8 years of lease term remaining and in-place rents that are 64.2% below market, presenting investors with the opportunity for material net operating income (NOI) growth by marking in-place rents to market and leasing up the remaining vacant space. The Offering also offers a future development opportunity with an air rights bonus via utilization of the Neighborhood Opportunity Bonus program.

The Property is situated adjacent to Chicago's vital business and population centers including Fulton Market District, River North, and the Loop, and has experienced 156%+ population growth since 2010. The Property benefits from a population of 91,991 and a median household income over $120,000 within 1-mile. Additionally, the Property's infill location adjacent to the Ohio feeder ramp, with 91,200 daily vehicles, offers visibility and signage opportunities for future occupiers. The Offering presents an exciting opportunity for investors to acquire a value-add industrial asset with significant mark-to-market upside and long-term development potential next door to the Fulton Market District…the country's most sought-after submarket.

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Attributes

Building area gross

5,443 sm

Occupancy

52%

Year built

1964

Land area gross

2,342 sm

Media

Investment highlights

58,590 SF INDUSTRIAL SERVICE FACILITY WITH 110 PARKING SPACES

The Property’s two-store building structure with roof-deck parking creates a true value-add opportunity for investors with the ability to creatively lease up the remaining vacant space while benefiting from existing cash-flow and a material mark-to-market opportunity in 2029.

ULTRA-INFILL URBAN LOCATION

Located less than 2-miles from Chicago’s “The Loop”, and other major business centers, the site’s trophy location is truly irreplacable with access to Chicago’s vast transportation infrastructure and diverse labor market, users will benefit from the high-growth business environment and strong workforce.

SIGNAGE AND VISIBILITY ON OHIO FEEDER RAMP

With over 91,200 vehicles traveling the Ontario-Ohio Feeder ramp per day, future owners / users are presented with unmatched marketing value upside.

DOWNTOWN EXPANSION AREA ZONING

The Property offers a future high-density development opportunity via utilization of the Neighborhood Opportunity Bonus program. The property is eligible for a 3.1 FAR bonus allowing for up to 8.1 Total FAR. The City of Chicago charges $23.20 per FAR SF for the 3.1 FAR Bonus. Maximizing the total allowable 8.1 FAR via the Planned Development process would deliver 366,192 SF of FAR on the site.