value add retail investment- user opportunity transit...

NEC MAIN ST & DEVON AVE, 114-399 BARTLETT PLAZA, DOWNTOWN BARTLETT, IL 60103

Value Add Retail Investment- User OpportunityTransit Oriented Development Opportunity

FOR SALE

Capital Markets | Investment Properties www.cbre.com/bartlettplaza

BARTLETT PLAZA

http://bartlettdowntowntod.com/category/documents/

AFFILIATED BUSINESS DISCLOSURE AND CONFIDENTIALITY AGREEMENTCBRE, Inc. operates within a global family of companies with many subsidiaries and/or related entities (each an “Affiliate”) engaging in a broad range of commercial real estate businesses including, but not limited to, brokerage services, property and facilities management, valuation, investment fund management and development. At times different Affiliates may represent various clients with competing interests in the same transaction. For example, this Memorandum may be received by our Affiliates, including CBRE Investors, Inc. or Trammell Crow Company. Those, or other, Affiliates may express an interest in the property described in this Memorandum (the “Property”) may submit an offer to purchase the Property and may be the successful bidder for the Property. You hereby acknowledge that possibility and agree that neither CBRE, Inc. nor any involved Affiliate will have any obligation to disclose to you the involvement of any Affiliate in the sale or purchase of the Property. In all instances, however, CBRE, Inc. will act in the best interest of the client(s) it represents in the transaction described in this Memorandum and will not act in concert with or otherwise conduct its business in a way that benefits any Affiliate to the detriment of any other offeror or prospective offeror, but rather will conduct its business in a manner consistent with the law and any fiduciary duties owed to the client(s) it represents in the transaction described in this Memorandum.

This is a confidential Memorandum intended solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property.

This Memorandum contains selected information pertaining to the Property and does not purport to be a representation of the state of affairs of the Property or the owner of the Property (the “Owner”), to be all-inclusive or to contain all or part of the information which prospective investors may require to evaluate a purchase of real property. All financial projections and information are provided for general reference purposes only and are based on assumptions relating to the general economy, market conditions, competition and other factors beyond the control of the Owner and CBRE, Inc. Therefore, all projections, assumptions and other information provided and made herein are subject to material variation. All references to acreages, square footages, and other measurements are approximations. Additional information and an opportunity to inspect the Property will be made available to interested and qualified prospective purchasers. In this Memorandum, certain documents, including leases and other materials, are described in summary form. These summaries do not purport to be complete nor necessarily accurate descriptions of the full agreements referenced. Interested parties are expected to review all such summaries and other documents of whatever nature independently and not rely on the contents of this Memorandum in any manner.

Neither the Owner or CBRE, Inc, nor any of their respective directors, officers, Affiliates or representatives make any representation or warranty, expressed or implied, as to the accuracy or completeness of this Memorandum or any of its contents, and no legal commitment or obligation shall arise by reason of your receipt of this Memorandum or use of its contents; and you are to rely solely on your investigations and inspections of the Property in evaluating a possible purchase of the real property.

The Owner expressly reserved the right, at its sole discretion, to reject any or all expressions of interest or offers to purchase the Property, and/or to terminate discussions with any entity at any time with or without notice which may arise as a result of review of this Memorandum. The Owner shall have no legal commitment or obligation to any entity reviewing this Memorandum or making an offer to purchase the Property unless and until written agreement(s) for the purchase of the Property have been fully executed, delivered and approved by the Owner and any conditions to the Owner’s obligations therein have been satisfied or waived.

By receipt of this Memorandum, you agree that this Memorandum and its contents are of a confidential nature, that you will hold and treat it in the strictest confidence and that you will not disclose this Memorandum or any of its contents to any other entity without the prior written authorization of the Owner or CBRE, Inc. You also agree that you will not use this Memorandum or any of its contents in any manner detrimental to the interest of the Owner or CBRE, Inc.

If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return this Memorandum to CBRE, Inc.

© 2016 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. 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. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.

TABLE OF CONTENTS

CONTACT US

04 Property Information

07 Property Photos

10 Property Description

11 Site Plan

12 Survey

13 Transit Oriented Development

14 Demographic Report

Nicholas E. Peters

Senior Vice President+1 630 573 [email protected]

Thomas E. Peters

Associate+1 630 573 [email protected]

PROPERTY INFORMATION

SITE

feetmeters

1000500

BARTLETT, IL

SITE

4

PROPERTY INFOTHE OFFERING

Qualified investors and developers are extended the opportunity to acquire a 100% fee interest in Bartlett Plaza, 114-399 Bartlett Plaza in downtown Bartlett, IL. The property is located at the NEC Main St. and Devon Ave., in historic downtown Bartlett, IL.

+ Center Size: ±85,893 SF

+ Land Size: ±9.79 Acres

+ Available outparcel with drive thru potential

+ New Anchor Lease with Ziegler’s Ace Hardware

+ Parcel ID: 06-35-317-042 & 06-35-317-047

+ Zoning: B3-PUD

+ Strategically located in the heart of Bartlett’s population

+ Parking: ±537 cars

+ One block walk from metra station with 1,081 daily riders

+ Shadowed anchored by CVS- daily traffic co-anchor

+ Real Estate Taxes: 2015 Actual - $282,066.13

+ Current Occupancy: 46.1%

+ ±31,860 SF anchor space available for user-investor

+ Residential redevelopment opportunity on a portion of the property

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306420

Demographic Report

1 Miles 3 Miles 5 Miles

Population 10,629 99,366 222,577

Estimate Households 3,901 31,742 74,818

Average HH Incomes $108,436 $99,449 $99,339

Median HH Incomes $89,134 $82,211 $82,435

Daytime Population 2,788 23,182 66,318

N E C M A I N S T & D E V O N A V E , B A R T L E T T , I L

5P R O P E R T Y I N F O R M A T I O N

PROPERTY INFOPROPERTY ASSETS

+ Priced at well below replacement cost: ±$29.00 SF

+ Significant upside potential: 46.1% occupancy allows increase in return as vacant spaces are leased

+ Redevelopment opportunity: MF Residential development opportunity on a portion of the property

+ Village of Bartlett cooperation: Subject of recent TOD (Transit Oriented Development) Study

+ High income demographics: Ave. HH Income - $108,436 in 1 mile radius

PROPERTY CHARACTER

The subject property is a retail shopping center located in desirable downtown Bartlett. The property includes a 537 car parking lot, providing convenient parking for the tenants’ employees and customers. The building is in good condition. Property has an outparcel available with drive thru potential. The balance of retail and small office tenants provides diversity and occupancy security. In addition, the ±46,854 SF of vacant space allows a potential increase in return as new tenants are procurred.

LOCATIONThe Village of Bartlett is located 35 miles northwest of Chicago. It is located in Cook and DuPage Counties with a small parcel on the western border of Kane County, Illinois. In the 2010 U.S. Census Bartlett’s population is around 41,208. The village is an area of 15.86 square miles. Bartlett is bordered by Hanover Park and Roselle to the east, South Elgin to the west, Streamwood to the north, and Carol Stream to the south. It can be reached by I-290 and Elgin-O’Hare interstate highways along with Route 59, Route 20, and the Metra Train Station.

USER OPPORTUNITYBartlett Plaza traditionally was occupied by a smaller format grocery store which was operated by the original owners of the property. Due to the changing retail market, the grocery store anchor space is currently vacant, providing an opportunity for a user-investor to purchase the property for its own use. Potential uses for this approx. 31,860 SF anchor space include grocery, specialty retail, medical offices, general offices, fitness center and other businesses that would benefit from the higher income Bartlett population and the proximity to commuter transportation.

OUTPARCEL AVAILABLE

6

PROPERTY INFODEVELOPMENT OPPORTUNITYThe Village of Bartlett recently commissioned a Transit Oriented Design study for the downtown Bartlett area. The objective was to research and conceptualize the opportunities to enhance downtown Bartlett with redevelopment and new development, taking advantage of the downtown Metra train station serving 1,081 riders per day. The study was conducted by a consulting group of Solomon Cordwell & Buenz, Goodman William Group and Fish Transportation Group.

Bartlett Plaza was a major focus of this study, given its sizable presence in downtown Bartlett, and its strategic location being two short blocks from the Bartlett Metra train station. Recommendations included redeveloping a portion of Bartlett Plaza, adding approximately 63 multi-family residential units to the property in a 3 story development. This would be accomplished through demolishing the east portion of the current shopping center, leaving Bartlett Plaza with approximately 37,000 SF of retail, service and convenience space. In addition, the study proposes creating a new north south street through the property, connecting Devon Avenue to Railroad Avenue near the Metra station, thereby increasing the accessibility and convenience of Bartlett Plaza’s retail and future residential components to the transportation hub. In addition to the new residential development, the study also proposes developing new commercial buildings on the out parcels along Devon Avenue.


PROPERTY PHOTOS

8

PROPERTY PHOTOS

CVS ADJACENT TO PROPERTY NEAR METRA TRAIN STATION

RESIDENTIAL NEARBY RESIDENTIAL NEARBY

PROPERTY DESCRIPTION

10

Location: 114-399 Bartlett Plaza, Bartlett, Illinois(Cook County)

Site: The site consists of two parcels, encompassing ±9.79

acres site that is rectangler in shape.

PIN Number: 06-35-317-042-0000 & 06-35-317-047-0000

Site Improvements: Improvements consist of a one story center located at the corner of Main St and Devon Ave.

Street Improvements: Devon Ave is a primary east-west thoroughfare that is improved two lanes of traffic in each direction. Main St is a secondary north-south thoroughfare that is improved with one lane of traffic in each direction. A traffic signal provides traffic control at the intersection.

Access: Access to the parking lot is provided via two curb cuts on Devon Ave, one curb cut on Main St, and three curb cuts on Berteau Ave.

Topography: The ground surface in the general area of the property is relatively flat.

Utilities: All utilities are in place and adequate to serve the site. Sewer and Water is provided by the Village of Bartlett.

Flood Hazard Area: According to NFIP Map number 17031C0306J dated August 19, 2008 the property is located in Flood Zone X, an area of no flooding.

Parking: There is on-site parking for ±537 spaces in the parking

lot.

Zoning: B3-PUD

Adjacent Uses:

North: Residential, retail, Metra Train Station

South: Residential homes

East Senior Flexonics, residential

West: CVS, American Chartered Bank, V&V Paesano Pizzeria, other businesses, residential


11P R O P E R T Y D E S C R I P T I O N

Scale

Project number

Date

Drawn by

Checked by

COPYRIGHT: Merrifield Architects, Ltd expressly reservesits common law copyright and other property rights in theseplans. These plans are not to be reproduced, changed orcopied in any form or manner whatsoever, nor are they tobe assigned to any third party without first obtaining theexpressed written permission and consent of MerrifieldArchitects, Ltd.

These drawings may have been reproduced at a sizedifferent than originally drawn. Owner and Architect assumeno responsibility for use of incorrect scale.

Project Name & Location:

Drawing Title:

Revisions:

Certification:

Do Not Scale Drawings

1/32" = 1'-0"

8/2

7/2

01

4 2

:02

:35

PM

EX-1

1436

8/27/2014

JSM

RLM

Site Plan

Bartlett ShoppingCenter

Bartlett, Illinois

Revision Schedule

Number Description Date

1/32" = 1'-0"1

Bartlett Key Plan

ProConsult

±31,860 SFAVAILABLE

(DIVISIBLE OR EXPANDABLE)

Sanu

ka

Med

ical

C

ente

r Fa

mily

M

edic

ine

Den

tist

Chi

ropr

acto

r

Yeah

Boa

rd S

hop

Eden

Nai

ls

Urb

an O

asis

Gol

den

Bow

l

±1,220 SFAVAILABLE

DollarWorks

Midwest Physical Therapy

OUT PARCELAVAILABLE

DRIVE THRUPOTENTIAL

DEVON AVE

MA

IN S

TOutdoor play area for Kripa

Montessori School

Dr. Raj PatelInternal Medicine

Lisa’s School of Dance

±2,3

74 S

FA

VA

ILA

BLE

±1,2

00 S

FA

VA

ILA

BLE

±1,2

00 S

FA

VA

ILA

BLE

Ziegler’s

SITE PLAN

12

SITE



SURVEY

14

TRANSIT ORIENTED DEVELOPMENT OPPORTUNITY

60 06/17/16Village of Bartlett | Downtown TOD Plan

Downtown Bartlett Today

D

G

H CBA

E

F

*

Illustration of existing Bartlett



TRANSIT ORIENTED FUTURE

6106/17/16Village of Bartlett | Downtown TOD Plan

05

Transit Oriented Future

D

G

H CBA

E

F

*

Three-dimensional illustration of a potential concept for future development in Bartlett

16

DOWNTOWN BARTLETT PROPOSED REDEVELOPMENT CONCEPT


G"

¯0 250 500125 Feet

M

Bartlett Superblock Base Map

Railroad Ave

Mai

n S

t

M

Ber

teau

Ave

Oak

Ave

Devon Ave

New Townhomes

Super-Block Proposed Connectivity Diagram

Su

per

Blo

ck B

ou

nd

ary

New Multi-family

Redevelop-ment into

Multi-family

Imp

rove

d C

on

nec

tivi

ty

Ped

estr

ian

Co

nn

ecti

on

s Potential Grade-seperated Crossing

Modernization

Replacement Commercial

New Commercial

New Commercial

Bartlett Plaza



BARTLETT PLAZA STRATEGY FOR INITIAL PHASE OF REDEVELOPMENT

8306/17/16Village of Bartlett | Downtown TOD Plan

05

Site G: Super-Block

Redevelopment of Bartlett Plaza and improved connectivity through the Super-Block is needed to reposition existing businesses and provide new opportunities for Downtown residential and commercial development. Increased circulation for pedestrians and vehicles through Downtown will help to also strengthen it character. A concept for subdividing the Super-Block by adding new north-south pedestrian and vehicular routes is shown on the facing page. Strategies illustrated by this diagram include:

• Maintain successful existing residential and commercial properties, while also reducing the overall amount of vacant commercial space.

• Demolish the vacant grocery space, and eastern portion of Bartlett Plaza to create a new development site along Berteau Avenue.

• Relocate any displaced existing Bartlett Plaza businesses to new commercial developments along the Devon Avenue or Main Street to improve their visibility.

• Resurface and modernize the parking, improve landscape, and update the facades of the remaining Bartlett Plaza.

NBartlett Recommendation, Phase II 0 250 500 1,000 feet NNBartlett Recommendation, Phase II 0 250 500 1,000 feet N

Bartlett Plaza Strategy for Initial Phase of Redevelopment

Demolished Vacant Retail Space

Site Ready for Redevelopment

Remaining Bartlett Plaza

Consolidated Surface Parking

Res

erve

d R

igh

t o

f W

ay f

or

Futu

re S

tree

t

New Retail Outlot

New Retail Outlot

Improved Retail Visibility

18

BARTLETT PLAZA PHASE 2 DEVELOPMENT STRATEGY


Super Block Concepts

Bartlett Recommendation, Phase III Option A 0 250 500 1,000 feet NBartlett Recommendation, Phase III Option A 0 250 500 1,000 feet N

Bartlett Plaza Phase 2 Development Strategy

New Retail Outlot

Pro

po

sed

New

Str

eet

New Retail Outlot

Phase 2 Development Strategy

After the former vacant grocery building is demolished, and the site is readied for new development, the site will need to be marketed by the Village to solicit residential development interest. The site is of a scale and dimensions that could easily accommodate many different layouts for multi-family residential. The option shown to the left, illustrates a building fronting along the new neighborhood north-south street, with parking facing the Berteau Avenue frontage. This layout would provide the proposed residential uses with separation from the existing Senior Flexonics facility to the west.

In this scenario, it is conceptualized that the construction of the new neighborhood street would also provide an opportunity to re-landscape the parking areas of the remaining retail center, and to modernize the facade, and signage elements. These improvements would help ensure that the active businesses remain in Bartlett Plaza, continue to be successful in the future.

Site Location

Proposed Uses Proposed Height (# of Floors)

Gross Square Footage

Estimated Units

Estimated Parking Spaces

G Residential - Multi-family 3 84,600 63 95G Retail / Commercial 18,400 18

G

Site Area (Sq Ft)

Site Area (Acres)

Prop. FAR

Est. Density

400,000 9.18 0.5 7 units/acre



MAIN ST AND DEVON AVE, BARTLETT, ILDEMOGRAPHIC BRIEF

NEW MARKER

1 Mile 3 Miles 5 Miles

2016 Population 10,629 99,366 222,538

2021 Population 10,722 101,659 226,160

2010 Population 10,549 96,138 217,470

2000 Population 10,812 90,042 207,534

Percent Pop Change: 2010 to 2016 0.8% 3.4% 2.3%

Percent Pop Change: 2016 to 2021 0.9% 2.3% 1.6%

2016 Median Age 40.1 36.4 37.6

2016 Average Age 39.1 36.3 37.4

2016 Households 3,901 31,742 74,808

2021 Households 3,966 32,489 76,094

2010 Households 3,822 30,804 73,211

2000 Households 3,701 28,987 69,373

Percent HH Change: 2010 to 2016 2.1% 3.0% 2.2%

Percent HH Change: 2016 to 2021 1.7% 2.4% 1.7%

Average Household Size 2.7 3.1 3.0

2016 Median Household Income $89,134 $82,211 $82,431

2016 Average Household Income $108,436 $99,449 $99,332

2016 Per Capita Income $39,795 $31,769 $33,391

2016 Housing Units 4,129 33,251 78,228

2016 Occupied Housing Units 3,901 31,742 74,808

2016 Vacant Housing Units 228 1,509 3,420

2016 Owner-Occupied Housing Units 3,284 27,041 62,982

2016 Renter-Occupied Housing Units 617 4,701 11,826

2016 Population Age 25 and Over 7,255 64,445 148,118

High School thru Associates 3,783 52.1% 33,835 52.5% 78,459 53.0%

Bachelor's Degree 2,119 29.2% 15,513 24.1% 36,386 24.6%

Graduate Degree 907 12.5% 6,969 10.8% 17,615 11.9%

Total Businesses 354 2,431 6,360

Daytime Employment (Total Employees) 2,788 23,174 66,431

©2016 CBRE. 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, assumptionsor 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 todetermine to your satisfaction the suitability of the property for your needs. Source: Nielsen Page 1 ProjectID:107239

POPULAT ION

A G E

HOUSEHOLDS

INCOME

HOUS ING UN ITS

EDUCAT ION

PLACE OF WORK

DEMOGRAPHIC REPORT

FOR SALE

Value Add Retail Investment- User OpportunityTransit Oriented Development OpportunityNEC MAIN ST & DEVON AVE, 114-399 BARTLETT PLAZA, DOWNTOWN BARTLETT, IL 60103

Capital Markets | Investment Properties www.cbre.com/bartlettplaza

CONTACT US

Nicholas E. Peters

Senior Vice President+1 630 573 [email protected]

Thomas E. Peters

Associate+1 630 573 [email protected]

© 2016 CBRE, Inc. The information contained in this document has been obtained from sources believed reliable. While CBRE, Inc. does not doubt its accuracy, CBRE, Inc. has not verified it and makes no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example only and do not represent the current or future performance of the property. The value of this transaction to you depends on tax and other factors which should be evaluated by your tax, financial and legal advisors. 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. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. CBRE and the CBRE logo are service marks of CBRE, Inc. and/or its affiliated or related companies in the United States and other countries. All other marks displayed on this document are the property of their respective owners.

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