DEVELOPMENT OPPORTUNITYIN CHICAGO’S SOUTH LOOP

Offering Memorandum

1624-1704South Wabash

Affiliated Business DisclosureCBRE, Inc. operates within a global family of companies with many subsidiaries and 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, including CBRE Global Investors, Inc. or Trammell Crow Company, may have or represent clients who have competing interests in the same transaction. For example, Affiliates or their clients may have or express an interest in the property described in this Memorandum (the “Property”), and may be the successful bidder for the Property. Your receipt of this Memorandum constitutes your acknowledgement of that possibility and your agreement that neither CBRE, Inc. nor any Affiliate has an obligation to disclose to you such Affiliates’ interest or involvement in the sale or purchase of the Property. In all instances, however, CBRE, Inc. and its Affiliates will act in the best interest of their respective client(s), at arms’ length, not in concert, or in a manner detrimental to any third party. CBRE, Inc. and its Affiliates will conduct their respective businesses in a manner consistent with the law and all fiduciary duties owed to their respective client(s).

Confidentiality AgreementYour receipt of this Memorandum constitutes your acknowledgement that (i) it is a confidential Memorandum solely for your limited use and benefit in determining whether you desire to express further interest in the acquisition of the Property, (ii) you will hold it in the strictest confidence, (iii) you will not disclose it or its contents to any third party without the prior written authorization of the owner of the Property (“Owner”) or CBRE, Inc., and (iv) you will not use any part of this Memorandum in any manner detrimental to the Owner or CBRE, Inc. If after reviewing this Memorandum, you have no further interest in purchasing the Property, kindly return it to CBRE, Inc.

DisclaimerThis Memorandum contains select information pertaining to the Property and the Owner, and does not purport to be all-inclusive or contain all or part of the information which prospective investors may require to evaluate a purchase of the Property. The information contained in this Memorandum has been obtained from sources believed to be reliable, but has not been verified for accuracy, completeness, or fitness for any particular purpose. All information is presented “as is” without representation or warranty of any kind. Such information includes estimates based on forward-looking assumptions relating to the general economy, market conditions, competition and other factors which are subject to uncertainty and may not represent the current or future performance of the Property. All references to acreages, square footages, and other measurements are approximations. This Memorandum describes certain documents, including leases and other materials, in summary form. These summaries may not be complete nor accurate descriptions of the full agreements referenced. Additional information and an opportunity to inspect the Property may be made available to qualified prospective purchasers. You are advised to independently verify the accuracy and completeness of all summaries and information contained herein, to consult with independent legal and financial advisors, and carefully investigate the economics of this transaction and Property’s suitability for your needs. ANY RELIANCE ON THE CONTENT OF THIS MEMORANDUM IS SOLELY AT YOUR OWN RISK.

The Owner expressly reserves 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 at any time with or without notice to you. All offers, counteroffers, and negotiations shall be non-binding and neither CBRE, Inc. nor the Owner shall have any legal commitment or obligation except as set forth in a fully executed, definitive purchase and sale agreement delivered by the Owner.

Broker ContactsNICOLE MENTONEnicole.mentone@cbre.com

+1 312 297 7658

TOM SVOBODAtom.svoboda@cbre.com+1 630 368 8615

MIKE NARDINImike.nardini@cbre.com+1 312 935 1030

Tabl

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onte

nts PROPERTY

DESCRIPTION

MARKETOVERVIEW

PROFORMA

010203

Property Description

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5

Property DescriptionSITE ADDRESS:+ 1624-1704 S. Wabash, Chicago IL 60616+ 0.78 Acres of land / 34,016 SF

PINS: + 17-22-300-063-0000+ 17-22-300-065-0000+ 17-22-300-067-0000+ 17-22-300-069-0000+ 17-22-300-071-0000+ Leave placeholder for site plan to come

ZONING:+ Current Zoning: DX-5+ Land Site Size: ±34,016 SF + One level increase in the zoning category is permitted by the City

of Chicago.+ The proposed zoning change could increase zoning to DX-7.+ DX-7 zoning category is “downtown mixed-use” and would permit

225 residential units to be constructed on the site. Permitted uses include the following: residential, office, colleges, hospital, day care, ground floor retail, lodging, entertainment, and co-location.

+ Residential comparables suggest that land allocation in the area has a value of $35,000 per unit for a total land value of $8,000,000

ASKING PRICE:+ $8,000,0000

CALL FOR OFFERS:+ June 21, 2018

6

147.68’

234.

20’

140.68’

234.

33’

SITE

PLAN

Market Overview

7

8

90

94

290

90

94

Roosevelt Rd

18th St

Clark St

Michigan Ave

State St

Wabash Ave

Lake Shore Drive

Indiana Ave

Desplaines St

Je�erson St

Clinton St

Canal St

Congress Pkwy

Harrison St

Balbo Dr

Polk St

13th St

14th St

15th St

16th St

Cermak Rd

SoldierField

The FieldMusuem

SheddAquariumRoosevelt Road Retail Corridor

McCormickPlace

MotorRow

1 MILE 3 MILES 5 MILESPOPULATIONCURRENT 43,428 142,229 290,692

FIVE YEAR PROJECTION 46,187 149,035 303,631

INCOMEAVERAGE HOUSEHOLD INCOME $113,113 $100,316 $103,209

EDUCATIONBACHELOR’S DEGREE OR HIGHER 64.2% 57.8% 58.5%

CLASS OF WORKERSWHITE COLLAR 79.9% 76.4% 76.2%

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Market OverviewDEMOGRAPHICS

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UNIONSTATION

LASALLE ST.STATION

OGILVIESTATION

VAN BURENSTATION

MILLENNIUMSTATION

mcCormickplace

unitedcenter

Van Buren

Jackson

Adams

Monroe

Jackson

Adams

madison

Randolph

Washington

warren

washington

maypole

lake

Madison

Fulton

Fulton

walnut

Wac

ker

Fran

klin

Cana

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Clin

ton

Jeff

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DesP

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Hals

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Hals

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Peor

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Sang

amon

Mor

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Raci

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Aber

deen

Eliz

abet

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Carp

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MayAda

loom

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leav

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tern

cam

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talm

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was

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aw

Ogde

n

Ogde

n

blue

isla

nd

Lake

Wacker

Lake

Randolph

Washington

Madison

Monroe

Adams

Jackson

Van Buren

Congress

harrison

roosevelt

16th

18th

cullerton

21st21st

21st

23rd

24th

24th place

24th place

cermakcermak arch

er

polk

Wel

ls

LaSa

lle

Clar

k

Dear

born

Stat

e

Clar

k Sta

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Clar

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Stat

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wab

ash

indi

ana

prai

rie

calu

met

Wab

ash

Mic

higa

nM

ichi

gan

wen

twor

th

Lake

Shor

e Dri

ve

Wel

ls

Clar

k Sta

te

Wab

ash

Mic

higa

n

Balboa

harrison

8th

9th

1

2

3

45 6

7

8

18

19

20

2122

23

24

25

26

27

28

29

30

31

32 33

34

39

41

4345

40

42

46

47

48

49

5051

52

53

54

55

56

57

58

59

60

61

62

63

64

65

66

67

6869

70

71

72

73

74

75

NortherlyIsland

SheddAquarium

FieldMuseum

SoldierField

MuseumCampus

DePaulWintrust

Arena

MercyHospital

AdlerPlanetarium

LakeMichigan

BurnhamHarbor

MetraStationCTA Roosevelt

Station

CTA CermakMcCormick Place

CTA CermakChinatown

ArieCrown

Theatre

GrantPark

9

10

1112

13

14

15

16

17

35

363738

44

76

77

78

13th

14th

79 80

81

82

83

84

85

86

87

88

89

90

91

92

93

94

95

96

ClarkeHouse

GlessnerHouse

ShowplaceIcon Theare

HuntingtonBank Paviliion

14

Cana

l

Clin

ton

Jeff

erso

n

DesP

lain

es

11th

90

290

94

90

94

55

EASTLOOP

WESTLOOP

FULTON MARKET/FAR WEST LOOP

CENTRALLOOP

RETAIL/CONVENIENCE

1 BP 2 Jewel Osco3 Mariano’s4 Roosevelt Collection5 Target6 Trader Joes7 UPS Store8 Walgreens9 Bed Bath and Beyond, Best Buy10 Chase Bank11 Dicks Sporting Goods12 DSW, Michael’s, Petsmart, Cost Plus World Market13 Home Depot, Jewel Osco14 Nordstrom Rack, Pier 1 Imports15 Whole Foods16 TJ Maxx17 United States Postal Service

HOTELS

18 Best Western Grant Park19 Essex Inn20 Hilton Chicago21 Hyatt Regency22 Marriot Marquis Chicago23 The Blackstone

FITNESS/HEALTH

24 AIR Aerial Fitness25 Aniko Spa26 Elements Massage27 FFC South Loop28 FIT RESULTS29 Hand & Stone Massage and Facial Spa30 Orange Theory South Loop31 Posture Perfect Pilates32 Pure Barre South Loop33 UFC Gym34 Xsport Fitness35 Core Power Yoga36 LA Fitness37 Yogasix38 Shred 415

RESTAURANTS

39 Jimmy John’s40 Acadia41 Aurelio’s Pizza42 Baderbrau43 Bongo Room44 Bulldog Ale House45 Burger Bar46 Chicago Firehouse47 Chicago Oyster House48 Chop Sticks Sushi & Grill49 Dunkin Donuts50 Eleven City Diner51 Five Guys52 Flo & Santos53 Fruve Express Juicery54 Giordano’s55 Kai Sushi56 Kroll’s South Loop57 La Cantina58 Lobo Rey59 Lou Malnati’s60 Motor Row Brewing61 Niu B62 Overflow Coffee Bar63 Peets Coffee & Tea64 Pita Heaven65 Potbelly’s66 South Coast Sushi67 Stan’s Donuts68 Starbucks69 Subway70 Tapas Valencia71 The Scout72 Vice District Brewing Company73 Wabash Tap74 Weathermark Tavern75 Yolk76 Bridgeport Coffee77 Chicago Oyster House78 Chicago Waffles79 Chipotle80 Chop, Mago Grill & Cantina, Nandos Peri Peri81 Domino’s Pizza82 Dunkin Donuts83 Kroll’s South Loop84 La Cantina85 M Lounge86 Manny’s Deli87 Noodles & Company88 Opart House Thai89 Overflow Coffee Bar90 Panera91 Papa John’s Pizza92 Potbelly93 Reggie’s Chicago94 South Coast Sushi95 Starbucks96 The Spoke & Bird

Amenity Map

Rent Comparables

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1333 S. WABASH 1401 S. STATE 1935 S. WABASHBUILT 2017 2007 2010UNITS 305 278 180AVERAGE RENT $2,688 $2,215 $2,130AVERAGE SF 919 849 921OCCUPANCY 68% 92% 90%

Roosevelt Collection Shops

HIGHLIGHTS+ Across the street from Fred Anderson Dog Park+ 0.3 miles to Mariano’s+ Approximately 1 mile to Soldier Field and MuseumCampus (Shedd Aquarium, Adler Planetarium, and The Field Museum)+ 1.3 Miles to Chicago’s Grant Park+ Roosevelt Collection Shops: includes shopping, offices, dining, entertainment, and health & fitness. + McCormick Place

TRANSPORTATION+ 0.6 miles to Roosevelt CTA Train Stop (Green, Orange,

and Red Line)+ 0.5 miles to Cermak-McCormick Place CTA Green Line

Stop+ 0.5 miles to 18th Street Metra Electric District Train

Station

NeighborhoodSummary

Pro Forma

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ADDRESS 1624 S. Wabash

YEAR BUILT 2019 (projected)

UNITS 225

OVERALL RENT PER SF $3.29

OVERALL AVERAGE SF 705 SF

OVERALL AVERAGE RENT $2,320

OCCUPANCY PREDICTED 95%

OPERATINGREVENUE $5,950,000

TAX / OPS $2,250,000

NET OPERATING INCOME $3,700,000

COSTSLAND $8,000,000

HARD AND SOFT DEVELOPMENT COSTS Approximately $50,000,000

TOTAL COSTS $58,000,000

DISPOSITION VALUE $96,000,000

IRR 25.48%

DEBT 60%

TERM 10 Year Term to Disposition

PRO FORMA

You are solely responsible for independently verifying the information in this Memorandum. ANY RELIANCE ON IT IS SOLELY AT YOUR OWN RISK.

1624-1704South Wabash© 2018 CBRE, Inc. All rights reserved. This information has been obtained from sources believed reliable, but has not been verified for accuracy or completeness. Any projections, opinions, or estimates are subject to uncertainty. The information may not represent the current or future performance of the property. You and your advisors should conduct a careful, independent investigation of the property and verify all information. Any reliance on this information is solely at your own risk. 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. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. PMStudio_May2018

MIKE NARDINImike.nardini@cbre.com+1 312 935 1030

TOM SVOBODAtom.svoboda@cbre.com+1 630 368 8615

NICOLE MENTONEnicole.mentone@cbre.com+1 312 297 7658Co

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