1501 N Kingsbury St

FOR LEASE – REDEVELOPMENT
RETAIL/ENTERTAINMENT SPACE

Neighborhood: Lincoln Park (Clybourn Corridor)

Cross Streets: Kinsgbury st & Blackhawk St

1501 N Kingsbury St

CONFIDENTIALITY AGREEMENT: This Offering Memorandum has been prepared by Greenstone Partners for use by a limited number of parties, and does not purport to provide a necessarily accurate summary of the Property or any of the documents related thereto, nor do they purport to be all-inclusive or to contain all of the information which prospective investors may need or desire. All projections have been developed by Seller, Greenstone Partners, and designated sources, and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of Seller, and therefore are subject to variation. No representation is made by Seller or Greenstone Partners as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of the Property. Although the information contained herein is believed to be correct, Seller and its officers, directors, and employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Greenstone Partners, Seller and its officers, directors, and employees disclaim any and all liability for representations and warranties, expressed and implied, contained in, or omission from, the Offering Memorandum, Argus model, or any other written or oral communication transmitted or made available to the recipient. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the Property or Seller since the date or preparation of the Offering Memorandum. This Property is broker-owned. Analysis and verification of the information contained in the Offering Memorandum is solely the responsibility of the prospective purchaser.

Additional information and an opportunity to inspect the Property will be made available upon request by interested and qualified prospective investors.

Seller and Greenstone Partners each expressly reserve the right, at their sole discretion, to reject any and all expressions of interest or offers regarding the Property and/or terminate discussions with any entity at any time with or without notice. Seller shall have no legal commitment or obligation to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless and until such offer is approved by Seller, a written agreement for the purchase of the property has been fully executed, delivered, and approved by Seller and its legal counsel and any conditions to Seller’s obligations thereunder have been satisfied or waived.

This Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum and Argus model, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you if necessary, for your determination of whether or not to make a proposal and from whom you have obtained an agreement of confidentiality) without the prior written authorization of Seller or Greenstone Partners, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of Seller or Greenstone Partners. If you do not have any interest in the Property at this time, please return the Offering Memorandum forthwith.

LEAD INVESTMENT ADVISORS

DANNY SPITZ
Managing Partner
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Danny@Greenstone-Partners.com

SCOTT FITHIAN
THE LORD COMPANIES LLC
Executive Vice President
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Scott@LordCompanies.com

Greenstone Partners

JASON ST. JOHN
Managing Partner
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Jason@Greenstone-Partners.com

PAUL TESDAL
Senior Vice President
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Paul@Greenstone-Partners.com

BREWSTER HAGUE
Vice President
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Brewster@Greenstone-Partners.com

RAY SANSONETTI
Associate
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Ray@Greenstone-Partners.com

ARJAV PATEL
Associate
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Aj@Greenstone-Partners.com

GREENSTONE PARTNERS
1040 N. Halsted
Suite A
Chicago, IL 60642
O +1 312 234 0333
www.Greenstone-Partners.com

OFFERING PROCEDURE: Greenstone Partners is the exclusive listing agent of 1501 N. Kingsbury Street, Chicago, IL 60642 (the “Property”). The prospective Purchaser will be selected by the Seller by its sole discretion based on a variety of factors including, but not limited to:

  • Offering price
  • Absence of contingencies
  • Due diligence and closing time
  • Financial strength and track record
  • Proof of funds for a financed or all-cash transaction
  • Earnest money deposit(s) and timing to become non-refundable
  • Real Estate Taxes will be prorated on an accrual basis at closing
  • Confirmation of full underwriting on materials provided in the Due Diligence Vault

PROPERTY INQUIRIES & TOURS: All Property inquiries should be directed to Greenstone Partners. All property tours are by appointment only and are to be scheduled through Greenstone Partners.

PROSPECTIVE PURCHASERS: Ownership will be selling the property in an “As Is, Where Is” condition. Offers will be responded to on a “First Come, First Served” basis. No formal call for offers date is currently contemplated; however, this is subject to change based on ownership’s discretion.

INVESTMENT SUMMARY: Greenstone Partners, as the Exclusive Investment Advisor, is pleased to present the opportunity to acquire the retail /entertainment venue building and land site located at 1501 N. Kingsbury Street (“the Property”), at the northeast corner of N. Kingsbury Street and W. Blackhawk Street in the vibrant Clybourn Corridor / Halsted Triangle submarket of Chicago, Illinois. The ±32,100 square foot building was completely redeveloped in 2014 from a former brick-and-timber loft furniture warehouse into a new location for the famous iO Theater, which relocated from Wrigleyville.

The building has ±19,000 square feet of ground-level space, in addition to ±6,000 square feet of outdoor space. The 2nd level contains ±13,100 square feet and all together the building could be a turnkey opportunity for a wide variety of uses.

The Property is situated on 27,000 square feet of land in between the 3rd largest Whole Foods in the world and several of Chicago’s largest mixed-use developments, including the recently approved $250 million ‘Big Deahl’ project under construction at the 2.2-acre site adjacent to the Property. The Property benefits from a robust commercial corridor that includes a prominent shopping district, an exciting entertainment district, and numerous public transit options, highlighted by the CTA North / Clybourn Redline Station. The Clybourn Corridor / Halsted Triangle submarket encompasses an extremely diverse tenant mix whose businesses span across a wide spectrum of industries, including food, clothing, grocery, entertainment, education, performing arts, technology, healthcare, and many more.  Notable retail tenants include Whole Foods (2nd highest sales in the U.S.), a freestanding Apple Store, a brand-new flagship REI store, a new flagship 20,000 SF lululemon store, Dick’s Sporting Goods, Anthropologie, Williams Sonoma, Nordstrom Rack, Old Navy, Mariano’s Fresh Market and many more. Other notable users include Arclight Cinemas, The British School, and a variety of restaurants and national brands.

The area is surrounded by some of the wealthiest residential neighborhoods in Chicago and offers the ideal density and demographics for future redevelopment with a population of 526,612 within 3-miles, an average household income of $141,575 within 1-mile, and a median home value of $556,815 within 1-mile.

The Property offers the rare opportunity to own a unique loft building with extraordinary redevelopment optionality situated in one of the most prominent submarkets of Chicago.

PROPERTY SUMMARY

OFFERING PRICE: Subject To Offer

GROSS LEASEABLE AREA: ±32,100 Sq. Ft.
                                                    ±19,000 Sq. Ft. 1st Level
                                                    ±13,100 Sq. Ft. 2nd Level
                                                    ±6,875 Sq. Ft. Basement

LAND AREA: ±27,000 Sq. Ft

ZONING / F.A.R: C3-5 / 5.0

TYPE: Retail / Entertainment Building / Land Redevelopment

OWNERSHIP OFFERED: Fee Simple, Free & Clear of Debt

MARKET / SUBMARKET: Urban Chicago / Lincoln Park

ADDRESS: 1501 N. Kingsbury Street, Chicago, IL 60642

DEMOGRAPHICS: 3-mile Population: 526,612
                                   1-mile Avg. HH Income: $141,575
                                   1-mile Median Home Value: $556,815

PUBLIC TRANSIT: CTA Red Line North / Clybourn “L” Station – ±1.78 MM annual riders
                                  CTA Bus Routes #8, #72 – ±10.62 MM annual riders

1501 N Kingsbury St
1501 N Kingsbury St
1501 N Kingsbury St

INVESTMENT HIGHLIGHTS:

1501 N Kingsbury St

REMARKABLE BUILDING – SUITABLE FOR AN ABUNDANCE OF USES: The Property was completely redeveloped in 2014 as the home of the famous iO Theater. The 19,000 square foot retail level features an oversized circular bar, commercial kitchen, two large theaters with a 190-person capacity each, small event space, and offices. The 2nd level measures approximately 13,100 square feet and includes two theaters with combined 200-person capacity, a small bar, and a large event space that hosts weddings and corporate events.

The Property includes a large outdoor patio space, used to host events and accommodate outdoor overflow from the iO Theater. This space can be utilized for additional outdoor uses or parking. 

FUTURE DEVELOPMENT OPTIONALITY: The Property is designated as C3-5 zoning, permitting a FAR of 5.0 and facilitating large development projects. Future ownership will benefit from the optionality to vertically develop the 27,000 square foot land site, allowing up 135,000 square feet of office and retail space as-of-right, with a strong probability of rezoning to permit increased density and residential use.

TRANSIT ORIENTED DEVELOPMENT “TOD”: The Property is located within the TOD zone of the North /Clybourn Red Line station, qualifying for increased density on the property (higher FAR) and/or reduced parking requirements for qualified uses. TOD rules are intended to support and sustain pedestrian-oriented neighborhoods in areas within proximity to a CTA station or other transit options.

STRUCTURED DEVELOPMENT’S BIG DEAHL: In December 2020, the Chicago Plan Commission finalized its approval of Structured Development’s ‘Big Deahl’ 2.2-acre development at 1450 N. Dayton Street, immediately adjacent to the south of the Property. The plan features a new public park and three residential buildings, offering a combined total mix of 487 market-rate and affordable units.

1501 N Kingsbury St

SURGING AREA EVOLUTION: The Clybourn Corridor / Halsted Triangle has experienced explosive expansion of retail, office, and multi-family development projects. The neighborhood has seen unprecedented demand for new commercial and residential options in recent years; more than two million square feet of commercial space and 1,000+ new residential units have come online since 2012.

EPICENTER OF CHICAGO’S NORTHSIDE: The Property is located within the Clybourn Corridor / Halsted Triangle area, situated at the convergence of the Lincoln Park, Old Town, Goose Island, and Wicker Park /Bucktown neighborhoods. Among the most affluent neighborhoods in Chicago, these core North Side neighborhoods bustle with businesses and dense residential nodes.

TOP PERFORMERS & FLAGSHIP LOCATIONS: The Clybourn Corridor / Halsted Triangle features Whole Foods’ 2nd highest-grossing US location (adjacent to the Property); a new 20,000 SF lululemon flagship store two blocks to the north; a unique freestanding Apple Store connected to the CTA Subway Station; and a brand new REI Chicago flagship location just one block to the south with riverfront access for activities.

EXCELLENT DEMOS: The Property benefits from an exceptional demographic profile located in Illinois’s #1 income zip code (60614) with a population of 517,155 within 3-miles, a 1-mile median home value of $556,815, and an average household income of $141,575 within 1-mile.

1501 N Kingsbury St
1501 N Kingsbury St

PROPERTY DETAILS

ADDRESS: 1501 N. Kingsbury Street, Chicago, IL 60642

COUNTY: Cook County

NEIGHBORHOOD: Lincoln Park

TOTAL BUILDING AREA:

±32,100 Square Feet
±19,000 Sq. Ft. 1st Level
±13,100 Sq. Ft. 2nd Level
±6,875 Sq. Ft. Basement

TOTAL LAND AREA: ±27,000 Square Feet

DESCRIPTION: Retail / Entertainment Venue

BUILT: 1929

ZONING: C3-5

ELEVATOR: Yes

CEILING HEIGHTS:

1st Floor
Main Section – ±12’
Theater 2 ±2,500 SF – 20’10”
Theater 1 ±2,500 SF – 15’
2nd Floor – ±12’6”

PIN: 17-05-213-008-0000; 17-05-213-009-0000

TAXES (2020): $116,656.76

PARCEL LOCATION: Northeast corner of N. Kingsbury Street and W. Blackhawk Street

FRONTAGE: 200’ along N. Kingsbury Street, 135’ along W. Blackhawk Street

TRAFFIC COUNTS:

N. Kingsbury Street – 2,325 VPD
N. Halsted Street – 15,700 VPD
W. North Avenue – 32,400 VPD

PUBLIC TRANSIT: CTA Red Line North / Clybourn “L” Station – ±1.78 MM annual riders

CTA BUS LINES: #8 Halsted – 6.37 MM annual riders, #72 North – ±4.25 MM annual
riders

1501 N Kingsbury St
1501 N Kingsbury St
1501 N Kingsbury St
1501 N Kingsbury St
1501 N Kingsbury St
1501 N Kingsbury St
1501 N Kingsbury St
1501 N Kingsbury St
1501 N Kingsbury St
1501 N Kingsbury St
1501 N Kingsbury St
1501 N Kingsbury St

LINCOLN PARK OVERVIEW:

In Lincoln Park, Chicago’s motto “urbs in horto” — or “City in a Garden” — truly comes to life. Historic churches and handsome brick row houses nestled within landmark districts sit next to peaceful parks, while quiet, tree-lined residential areas give way to bustling business corridors. Over the years, Lincoln Park has gained a reputation as one of the city’s most desirable communities. Its shady, treelined residential streets and stretches of exciting entertainment and nightlife create the perfect combination of serenity and fun.

Armitage Avenue is lined with independent boutiques and high-end retailers; Clark Street is packed with casual cafes, ethnic restaurants and sweet shops that spill out onto the sidewalks during warm weather; and Lincoln Avenue buzzes all night with bars and taverns that cater to the young college crowd from the nearby DePaul University campus. In addition to shopping and dining, Lincoln Park is a diverse arts and entertainment destination as well with a plethora of museums, top theaters and live music clubs to pick from.

For scenery, there’s plenty of natural beauty and outdoors to enjoy. This North Side neighborhood’s namesake park is sprawling 1,208 acres of green space with a free zoo open year-round, a nature museum and conservatory. And when the weather’s right, head over to the lakefront trail and beaches, where sand and surf are set against a backdrop of downtown skyscrapers. With summertime comes an influx of activity as people come from all over the city and surrounding suburbs to enjoy the expansive beach, waterfront jogging and biking trails, numerous
street festivals and farmer’s markets, and the family favorite Lincoln Park Zoo.

1501 N Kingsbury St
1501 N Kingsbury St

CLYBOURN CORRIDOR/HALSTED TRIANGLE OVERVIEW

The Clybourn Corridor is a prominent shopping district in Lincoln Park, stretching into the Near North Side of Chicago. It serves as the North Side’s main shopping district and includes retailers like Apple, Crate & Barrel & CB2, REI, Eddie Bauer, Best Buy, Forever 21, Sur La Table and Whole Foods, among many others.

The CTA Red Line stops in the heart of the shopping district at North/Clybourn. In a dual effort, Apple Inc. and the CTA redesigned a former bus turnaround separating the Apple Store and CTA Station into a pedestrian plaza with Parisian park chairs and a water feature. The plaza serves as a refuge from the chaotic Clybourn/Halsted/North intersection and has proven a popular meeting place for commuters and shoppers alike.

Structured Development has been one of the prime movers in transforming the Clybourn Corridor in Lincoln Park into

a retail destination, and the Chicago-based company launched another significant project in 2017. Structured recently completed their development of New City, a $260 million project consisting of 199 apartments, 360,000 square feet of retail, 40,000 square feet of office space and a huge parking garage with 1,100 spaces.

New City is located just one block East of the property, and Structured has begun their next project just one block West. They purchased a 40,000-square-foot loft office building, across the street from 821 Eastman, at 855 W. Blackhawk St., adjacent to a property at 1450 N. Dayton St. – formerly home to Big Deahl Productions and are redeveloping the 2.5 acres into 487 units of residential in three buildings. These projects will bolster the area’s population, traffic, and consumer spending; only furthering the potential for growth and success of the area’s retailers.

1501 N Kingsbury St
1501 N Kingsbury St
1501 N Kingsbury St
1501 N Kingsbury St

DEMOGRAPHIC PROFILE:

Population Summary                                                                      1 Mile                         3 Miles                    5 Miles
2020 Estimate                                                                                        55,482                         517,155                      992,881
2020 Population by Age                                                                  1 Mile                        3 Miles                    5 Miles
Average Age                                                                                            34.70                          35.90                         36.00
2020 Population by Occupation Classification                          1 Mile                        3 Miles                     5 Miles
Civilian Employed                                                                                  77.73%                       75.96%                       71.07%
Civilian Unemployed                                                                             1.54%                          1.45%                          1.88%
Civilian Non-Labor Force                                                                      20.73%                       22.54%                       27.00%
Armed Forces                                                                                          0.00%                        0.06%                         0.05%
2020 Population by Education                                                       1 Mile                        3 Miles                     5 Miles
Some High School, No Diploma                                                         5.60%                         4.71%                          11.34%
High School Grad (Incl Equivalency)                                                  7.07%                         7.20%                         13.04%
Some College, No Degree                                                                     11.12%                         12.48%                       15.22%
Associate Degree                                                                                    7.09%                         6.80%                        8.25%
Bachelor Degree                                                                                     41.52%                        38.76%                      29.92%
Advanced Degree                                                                                   27.60%                       30.04%                      22.24%
2020 Avg Household Size                                                                 1 Mile                        3 Miles                    5 Miles
Avg Household Size                                                                                1.90                             1.80                            2.00
2020 Avg Household Income                                                          1 Mile                        3 Miles                     5 Miles
Avg Household Income                                                                        $141,575                      $131,486                    $111,775
2020 Median Home Value                                                                     1 Mile                         3 Miles                       5 Miles
Median Home Value                                                                          $556,815                  $456,865                  $394,770
2020 Consumer Spending                                                                     1 Mile                        3 Miles                        5 Miles
Specified Consumer Spending: Total $                                         $776,357,000         $7,524,646,000        $11,576,315,000
Apparel: Total $                                                                                        $45,758,000            $429,822,000             $705,575,000
Entertainment/Recreation: Total $                                                      $122,924,000          $1,187,418,000             $1,793,997,000
Food and Alcohol: Total $                                                                       $207,781,000          $2,040,809,000          $3,258,124,000
Household: Total $                                                                                    $131,470,000          $1,268,894,000           $1,854,879,000
Transportation/Maintenance: Total $                                                   $162,315,000          $1,567,289,000            $2,431,949,000
Health Care: Total $                                                                                   $36,015,000            $359,553,000              $563,653,000
Education/Day Care: Total $                                                                    $70,096,000           $670,861,000              $968,137,000

1501 N Kingsbury St

Scott Fithian
773-404-4314
scott@lordcompanies.com

1030 North Clark Street, Suite 300, Chicago, Illinois, 60610, Phone: 312.944.6270, Fax: 312.944.3759

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