THE SHOPPES

NORTHAT

avenue

THE HUB OF LINCOLN PARK, OLD TOWN AND NORTH/CLYBOURN CORRIDOR

GLA: 30,716 SF | LAND AREA: 73,518 SF

Artist's conceptual rendering

CBRE, Inc., as exclusive agent, is pleased to announce the opportunity to acquire The Shoppes at North Avenue, a retail property straddling the preeminent Lincoln Park and Old Town markets. Currently known as Father and Son Plaza, this is one of the most readily identifiable sites on the near north side of Chicago that is prime for redevelopment. The Shoppes at North Avenue is currently 100% leased, although all leases are short-term or terminable creating a tremendous opportunity to either reposition the retail or redevelop the entire site.

THE SHOPPES

NORTHAT

avenueArtist's conceptual rendering

Artist's conceptual rendering

RARELY AVAILABLE, IRREPLACEABLE LOCATION FOR SALE

Properties this large and well-located rarely hit the market. They are highly sought-after and provide an excellent long term investment.

MYRIAD OF DEVELOPMENT POSSIBILITIES

The site is ideal for mixed-use development. There have been numerous retail, residential and hotel developments in the immediate vicinity, which validates the strong demand for development sites such as this.

ROBUST RESIDENTIAL MARKET

Within a one-mile radius of the property, there are over 2,500 residential units completed or under construction from 2014-2017, attesting to the viability of this vibrant multifamily market. Notable projects include the Condos at 101 W. North Avenue, The Residences at New City and the new State & Chestnut Apartments.

ENORMOUS RETAIL CONCENTRATION

The amount of retail that surrounds The Shoppes at North Avenue is indicative of the strength of the market. From fashion retailers, like White House Black Market, Gap, J. Crew, Express, Victoria’s Secret, Athleta, Anthropologie, Forever 21, to high-tech tenants, such as Apple and Xfinity, to other major national tenants, like Crate and Barrel, Land of Nod, Mariano’s and the third largest Whole Foods in its chain, not to mention the 360,000 SF that was recently

completed in the New City retail development, the area is plush with high-grossing retailers. In fact, this particular submarket is second only to Michigan Avenue in terms of retail sales dollars. This is further solidified by the nightlife scene at North/Wells, which boasts Chicago’s historic Second City and a plethora of highly successful eating and drinking establishments, which draw patrons from throughout the City, the suburbs and are a magnet for tourists.

FLEXIBILITY OF TENANCY OPTIONS

Leases are easily terminable, which allows investors/developers the ability to immediately implement their vision for the property.

PROXIMITY TO MULTIPLE “L” STOPS

Situated directly between the North/Clybourn Red Line stop and the Sedgwick Brown Line stop, the location provides easy access for commuters from all over the city.

STEPS FROM NEW CITY

This new development features 199 luxury apartments, 360,000 SF of retail, 40,000 SF of office space and a huge parking garage with 1,100 spaces. New City retail is anchored by an 82,000 SF Mariano's grocery store and a 52,000 SF ArcLight movie theater. Additionally, the development boasts such tenants as Dick’s Sporting Goods, Evereve, King’s Bowling/Bar, Lyfe Kitchen, Yard House and a myriad of other excellent tenants.

Property highlights

Artist's conceptual rendering

plat of survey

It is easy to see why there has been such a considerable amount of investment made to the Clybourn Corridor and to the North/Wells area over the past few years. Its close proximity to downtown, affluent demographic makeup and tremendous retail concentration are all major factors in attracting new retail to the market and enticing long term retailers to invest in a property like The Shoppes at North Avenue. In addition to all the new retail coming to the market, there has been a huge increase in the amount of residential units built in the area including the New City Apartments, 1225 N. Wells and the Scott Residences. Those three buildings alone have added 320 new luxury units to this market and more are being constructed as the days go by. Within a one-mile radius there are 64,129 residents and 37,368 households with an average household value at $621,594. Overall, this is an extremely robust market that is only continuing to grow.

OCCUPANCY 100% (49.5% post-closing)

GLA 27,181 SF

SITE SIZE 73,518 SF

ZONING B3-2

PIN 17-04-104-001-0000 17-04-104-003-0000 17-04-104-005-0000 17-04-104-010-0000

YEAR BUILT 1990

TENANTS Chase: 3,502 SF Tipre Hardware: 7,089 SF Pet Stuff: 1,182 SF Marcello’s: 12,000 SF (vacating post-closing)

Property Information

FOR MORE INFORMATION, PLEASE CONTACT:

Keely PolczynskiSenior Vice President+1 312 861 7870keely.polczynski@cbre.com

Michael GendellAssociate+1 312 861 7890michael.gendell@cbre.com

© 2016 CBRE, Inc. This information has been obtained from sources believed reliable. We have not verified it and make no guarantee, warranty or representation about it. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property to determine to your satisfaction the suitability of the property for your needs. PMStudio_June_2016