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Church Street Plaza |
900 - 950 Church Street, Evanston, IL |
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Initial Bids Due: Thursday 5/27/2021 |
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Thanks for your continued interest in this offering.
We are requesting offers to acquire the center be submitted by EOB on Thursday, 5/27/21. We would be happy to walk you through any questions you may have on the center. Please let us know if such a call would be beneficial.
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Investment Highlights |
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- Significant Value-Add Upside in a Trophy Class Location: In today’s market, the ability to acquire a property in a blue-chip location at a low basis is exceedingly rare, but the opportunity presented by Church Street Plaza is just that. The three components of the center: The Main Building (146,595 SF), The West Building (22,707 SF), The South Building (10,092 SF) all possess immense upside. There are a multitude of ways to create value in each and sell each of the three components off separately at lower cap rate arbitrage values.
- Captive Trade Area: Church Street Plaza’s primary trade area encompasses nearly 300,000 people, ranging from the outskirts of Chicago to the affluent suburb of Kenilworth and touching every area in between. The trade area has an AHHI of over $100k and over 42% of the population earns over $75k. An astounding 58% of the residents have at least a Bachelor’s degree, with nearly 30% continuing their education to receive a Graduate degree. This densely packed, well-compensated, and well-educated trade area is a dream for retailers and makes the currently vacant suites at the center highly appealing.
- Urban High Street Vibe, with Abundant Parking: The downtown district features a suburban, urban setting dominated by high-street caliber developments. Visitors are provided abundant and convenient parking. Currently, over 1,200 spaces of public street parking serve downtown with an additional 3,583 spaces from three public parking decks in the downtown area. One of the downtown’s three multi-level municipal parking structures abuts Church Street Plaza and provides parking for 1,400 vehicles. Parking is free at public garages for the first hour, on Sundays and for all major holidays.
- High Barriers to Entry: Much of Evanston and the entire downtown district is fully developed with limited land available for new ground-up development. New development requires demolition and re-adaptive use of existing buildings. Evanston is very selective with respect to retail, office, and residential developments, thus limiting alternatives for both retailers and office tenants seeking to enter the area. The imbalance of the demand for this space with its limited supply will encourage strong future rental rate increases.
- Convenient Access: Church Street Plaza is appropriately located on Church Street, the major west-east artery in Downtown Evanston with an average of 7,950 VPD. Located just hundreds of feet from the center are two bustling railway stops, the Chicago Transit Authority’s (CTA) Purple Line stops at Davis Street (3,415 PPD), while the Metra Union Pacific North Line also has a Davis Street (3,856 PPD) stop. Two bus stops have locations right at the Plaza, as part of the CTA and Pace suburban bus service for the entire downtown area. Northwestern University, home to over 30,000 students and faculty, is located just half a mile northeast of the center.
- Free & Clear Offering: The property is offered free and clear of existing debt. This enables investors to structure their capital requirements according to their needs and if desired, leverage the acquisition with debt that is currently available at attractive interest rates and terms.
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CONTACT INFORMATION |
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George Good
Executive Vice President
CBRE
+1 (312) 802-1777
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Christian Williams
Executive Vice President
CBRE
+1 (773) 610-2977
IN License # RB14052452
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Brendan Reedy
Senior Vice President, Project Leasing
CBRE
+1 (312) 297-7614
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Steven Kundert
Senior Vice President, Debt & Structured Finance
CBRE
+1 (630) 573-7044
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Pete Meyer
Director
CBRE
+1 (630) 368-5547
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THIS IS A MARKETING COMMUNICATION© 2021 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. 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, and the use of such logos does not imply any affiliation with or endorsement of CBRE. Photos herein are the property of their respective owners and use of these images without the express written consent of the owner is prohibited. Click to view our Privacy Policy |
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