440 N Morgan St, Chicago, IL, 60642-6501, US

450 North Morgan

Asset Description

Jones Lang LaSalle Americas (Illinois), L.P. ("JLL"), as sole and exclusive agent, has been retained to offer for sale to qualified investors the opportunity to acquire a fee simple interest in a spectacular investment opportunity located at 450 N. Morgan Street in Chicago, Illinois (“the Property”). 450 N. Morgan benefits from the tremendous 24/7 activity in this rapidly expanding neighborhood. Known for its proximity to Chicago’s fashionable food and beverage hub, boutique hotels and creative office buildings, the West Loop / Fulton Market is the hippest live-work- play destination for Chicago’s affluent and educated professionals. This discerning population is demanding the highest quality amenities, retailers, restaurateurs and developers are seeking to capitalize on this sophisticated clientele in a micro-market where residential development is in short supply. 450 N. Morgan is a 13,703 SF parcel that is zoned Type-1 B2-3.

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Attributes

Land area gross

1,273 m²

Media

Investment Highlights

PREMIER INFILL LOCATION

The Property is located in the burgeoning West Loop / Fulton Market neighborhood of Chicago. The immediate area has rapidly transformed into a high- density neighborhood characterized by creative office, luxury high-rise housing, boutique hotels, stylish retail, as well as a prolific craft food and beverage scene. The neighborhood is now anchored by the corporate headquarters of McDonald’s, Google, Sterling Bay, WPP, Mondelez and soon to be Aspen Dental. The property presents a savvy investor with a myriad of large-scale development strategies on a rarely available transit oriented West Loop / Fulton Market infill opportunity.

FULTON MARKET INNOVATION DISTRICT

450 N. Morgan lies just to the north of the updated Fulton Market Innovation District which went into effect April of 2020. The Chicago Department of Planning adopted the plan in 2014 to allow for a variety of uses in the former meat-packing neighborhood. This new plan allows for residential development north of Lake Street and continued infrastructure improvements, both of which make the Property a more attractive development opportunity.

STABLE AND DIVERSIFIED ECONOMY

The Chicago MSA is a leading economic powerhouse in the US, third only to New York and Los Angeles. With over 300,000 jobs located in the loop alone, The Chicago MSA is the home to 4 Fortune 500 companies, representing a wide variety of industries. After, 2008/2009 Crisis Chicago was a leader in the U.S. Recovery due to a strong foundation of economic stability, consistent job growth in government, education, professorial services, technology, and healthcare has allowed Chicago to rebound quickly after recessionary periods.

RAPIDLY GROWING RESIDENTIAL MARKET

Central Chicago is experiencing unprecedented population growth. This is a direct response to the 180,000+ new private sector jobs created between December 2010 and December 2020. Demand for housing in Chicago’s investable core will continue to grow as other major corporations continue to migrate from the suburbs. Walgreen’s, McDonald’s, Kraft Heinz, Boeing, United, Gogo, Aspen Dental, Ferrara Candy and Motorola Solutions are just a few of the larger relocations in the recent past. Also nearby is the Fulton Labs development which will deliver 725,000 square feet of life-science, lab and office space. Also nearby, is the Fulton Labs (1375 W Fulton & 400 N Aberdeen) developments by Trammell Crow, which delivered 725,000 square feet of life-science and office space anchored by the Chan Zuckerberg Biohub.

EXCEPTIONAL ACCESS

Much of Chicago’s success as a leading tourist destination and economic engine of growth is attributable to the city’s outstanding connectivity and strong transportation infrastructure. The Property is located blocks away from the Grand Ave blue line station and Morgan St. green and pink line train stations. The site has easy access via Ogden Ave to I-90/94 and I-290 which provide quick and easy vehicular access to the West/North/Northwest suburbs. Adjacency to the Ohio Feeder offers the terrific visibility of over 20,000 vehicles per day. Finally, the site is located under a mile from the two major commuter rail stations, Ogilvy and Union Station.