Guinness Tap Room - Fulton Market_Property for Sale

901 W Kinzie St, Chicago, IL, 60607, US

Guinness Tap Room - Fulton Market

Asset description

JLL, as exclusive advisor, is pleased to offer for sale the single-tenant Guinness Open Gate Brewery, located at 901 W. Kinzie Street in urban Chicago, IL (the “Property”) within the Fulton Market District. The Property represents an impressive redevelopment to create a flagship location for food, beverage, and engaging customer experiences in one of the country’s premier submarkets.

In recent years, Chicago’s Fulton Market District has quickly become the city’s top destination to live, work, and play. The area’s unprecedented population growth (157% between 2010 and 2022) and influx of luxury hotels and restaurants including Nobu and SoHo House has drawn some of the world’s largest companies to migrate there. Fulton is the nation’s fastest-growing urban office submarket with global giants such as Google, McDonald’s, and Mondeléz International recently moving in and additional companies including Boston Consulting Group and Greenberg Traurig following suit with plans to soon leave Chicago’s traditional business district for new offices near the Property. This flight to Chicago’s west side has caused a 44% spike in class-A office space delivery since 2017 and rent growth of over 34% since 2019.

This offering allows investors the chance to acquire a unique retail project in the most exciting submarket in the Midwest, highlighted by growing long-term cash flows secured by a tenant with one of the strongest brand names in the world.

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Attributes

Building area gross

1,394 sm

Occupancy

100%

Year built

1908

Media

Investment highlights

100% INVESTMENT GRADE CREDIT

Guinness parent company Diageo has an A3 rating per Moody’s
Operating and profit margins have remained steady around 61% and 22% over the past 5 years £17 billion in 2023 sales net of duties and tariffs
S&P projects £2.5 – £3.0 billion in annual operating free cash flow for 2023 and 2024
Sales in 180+ countries from 200+ brands that employ 30,000+
Guinness has experienced 17% YoY revenue growth in 2023 compared to 11% company-wide

TROPHY RETAIL SITE FOR A NEW TO MARKET, GLOBALLY RECOGNIZED BRAND

Fully redeveloped flagship restaurant, taproom, and storefront
Chicago location is the second Guinness brewery in the US and the only privately owned location in the world
On-site bakery and coffee shop to increase visitor traffic throughout all hours of the day

IRREPLACEABLE LOCATION IN ONE OF THE NATION’S TOP SUBMARKETS

2.1 million SF of net office absorption since 2020
Chicago’s top retail corridor with daily foot traffic from 17.7 million visitors, outpacing Michigan Avenue by 1 million visitors
Roughly 7,690 new multi-housing units either planned or under construction over the next 4 years
784 class-A residential units delivered between 2016 and 2022
Exceptional demographics in a 3-mile radius

CONVENIENT & ACCESSIBLE LOCATION

Immediate access to public transportation including CTA Blue, Green, and Pink Line “L” stations within 3 blocks
Interconnected to Chicago’s Central Loop – 2 minutes by train, 6 minutes by car
Direct access to Interstate 90/94 via Hubbard Street located less than one mile northeast

100% NET-LEASED INVESTMENT