QTR 1 | 2014
Check out The West Loop Report online www.thewestloopreport.com
Sperry Van Ness LLC| Commercial Real Estate Advisors 940 West Adams, Suite 200, West Loop, Chicago, 60607
www.svn.com
About the Report
QTR 1 | 2014 Quarterly Publication First Edition - Volume 1 The West Loop Report™ Attn: Scott Maesel 940 West Adams Suite 200 West Loop Chicago, Illinois 60607 http://thewestloopreport.com/
Copyright © 2013 The West Loop Report™ All Rights Reserved. Published by The S.R. Maesel Group and Sperry Van Ness Data compiled by The S.R. Maesel Group and Sperry Van Ness Publication Design and Graphics by Jennifer R. Lea www.jenrldesign.com No part of this publication may be reproduced or transmitted in any form or by any means, electronic or mechanical, including photography, recording, or any information storage and retrieval system, without written permission in writing from the copyright owner. While every effort has been made to trace all present copyright holders of any material in this publication, any unintentional ommission is hereby apologized for in advance, and we would be pleased to correct any errors in future editions of this publication.
The West Loop Report is a compilation of comprehensive knowledge that we have garnered by being active in the marketplace for over a decade. This report is constantly evolving and continually tracking all closed transactions, new developments, and market data. This report contains proprietary information that has been obtained from a multitude of sources not readily available to all commercial real estate advisors or the general public. About The West Loop A former manufacturing corridor turned creative neighborhood, the West Loop area was a mix of factories, meat markets and wholesale produce outlets throughout the late 1800s and most of the 1900s. Many of these businesses still thrive in the area, but the neighborhood has seen a major demographic shift over the last few decades. The factories, most of which have closed, have been converted to high-end lofts, critically acclaimed restaurants, art galleries, and retail boutiques, easily making the West Loop one of Chicago’s premier neighborhoods. The transformation began to happen in part because of the neighborhood’s proximity to the Loop, but also because of the availability of various warehouse and industrial properties for re-adaptive uses such as retail, office and residential. About The Publisher We are consistently aware of all on and off market West Loop transactions that impact the value of West Loop real estate. Because of our extensive market knowledge, we are confident that we can accurately advise you on how to achieve the highest and best use for your asset. By having extensive knowledge of past, present, and future West Loop real estate developments, we can advise our clients on how to optimize their asset value. Sincerely,
Scott R. Maesel West Loop Resident, Property Owner, Business Owner Executive Managing Director- Sperry Van Ness
The West Loop Report® | 1
the west loop report®
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the West Loop Neighborhood is an evolving urban landscape with renowned industrial architecture being redeveloped into residential, retail and commercial space.”
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WLR Online @ www.thewestloopreport.com
CONTENTS
Q1 | 2014
NEIGHBORHOOD Background ... 6 Demographics ... 14 Maps ... 28
RECENT NEWS Commerical ... 42 Residential ... 44
DEVELOPMENT Development Pipeline ... 48 Sub-Market Snapshot ... 50
INFORMATION About ... 54 Sold & Leased Properties ... 56 Resources ... 60
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RANDOLPH STREET LOOKING EAST FROM PEORIA STREET Courtesy of JenRL Design
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BACKGROUND DEMOGRAPHICS MAPS
neighborhood
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the for mal boundaries of today ’ s
WEST LOOP NEIGHBORHOOD are the chicago river to the ashland avenue to the
N orth , S outh .
avenue to the
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W est ,
E ast ,
gr and
and highway
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BACKGROUND A former manufacturing and transportation corridor turned residential and commercial neighborhood, the West Loop area is made up of warehouses that have been converted to loft condominiums, new construction high-rise condominiums and apartments, professional and creative offices, retail, and renowned restaurants. The West Loop consists of several distinct areas within the neighborhood including Greek Town, The Fulton River District, Restaurant Row on Randolph, the Fulton Market/Meat Packing District, plus an area immediately east of Hwy 90/94 that includes Fortune 500 companies like Boeing. In addition to notable buildings like the Presidential Towers; this area also includes Old St Patrick’s Church, one of the oldest standing structures to survive the Great Chicago Fire of 1871. The West Loop ReportŽ | 7
Randolph Street Market in the Early 20th Century
Fulton Market Cold Storage Company advertisement from 1921, featured in California Fruit News, Volume 64, Issue 1722. http://books.google.com/books?id=x1VRAAAAYAAJ&dq=fulton%20market%20cold%20storage%20%20history&pg=PA5#v=onepage&q=fulton%20market%20cold%20storage%20%20history&f=true
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HISTORY
T
The West Loop is one of Chicago’s newer neighborhoods.
he area was first inhabited in the 1800’s by immigrants, many from Eastern Europe and Russia, who came to this region looking for employment. While the first settlers did find homes right here in the West Loop, much of the area was a warehouse district, full of factories and businesses. When Greektown was founded later in the century, some commercial sites were developed as well.
Only recently has it begun to be developed; so its history is fairly straightforward.
In the 1920s Prohibition prompted the Dry Law, and a wave of immigration brought in a diverse group of folks, some of whom only came to work in the factories and ended up residing in the neighborhood by default. The area continued to experience growth, and then 40 years later, when the University of Illinois expanded to open its Chicago campus (located just south of the West Loop), the demand for housing increased significantly. With this housing trend emerging, builders developed new properties and thus, warehouses were converted into modern lofts and condominiums.
Looking west on Fulton Market, 1961, Chicago. Featured on the Calumet 412 Blog http://calumet412.com/post/27415788850/lookingwest-on-fulton-market-1961-chicago-when
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The Fulton River District in November 2006 Courtesy of sblument (http://upload.wikimedia.org/wikipedia/en/d/d0/FRD_11-11-06.jpg)
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MODERN DAY This ultra-urban, former warehouse district is one of Chicago’s hippest, up-and-coming neighborhoods, located just steps away from Loop. The West Loop shares corner space with fine galleries and some of the city’s trendiest lofts and condominiums; great for those who like being next to downtown yet enjoy a little breathing room as well. Even though the neighborhood had its start as an industrial storage center, the West Loop is making up for lost time by infusing the area with as much active life and entertainment options as space will allow. Beginning with a couple public parks, the community is far from deprived of open expanses of green or recreation opportunities these days. In fact, West Loop’s Union Park is more than a playground since it doubles as an annual outdoor festival venue for the popular Pitchfork Music Festival. Fashionable, trendy local restaurants also help distance the neighborhood from its uninhabitable days with a variety of tastes from fusion sushi to a cluster of Athenian-inspired establishments collectively referred to as the one and only Greektown.
“The West Loop is one of the best neighborhoods in the city to integrate modern living with the history of the community.”
The majority of the real estate located within the West Loop is primarily shared housing with high-rise condominium buildings closer to downtown and lofts/townhomes nestled further west. When the warehouses in the West Loop closed, the raw space lent itself to designers and architects to convert these spaces to loft office buildings and residential units. The West Loop has the highest concentration of exposed brick and timber lofts in the city. West Loop real estate is popular for a few reasons: it makes for an easy to commute to work and the area has a wealth of real estate from which to choose. This is one of the best neighborhoods in the city to integrate modern living with the history of the community. The city has recognized the popularity of the area and participated in revitalization of the neighborhood by adding parks and infrastructure. The West Loop is experiencing development and investment at a more aggressive rate than most neighborhoods in the city. Developers have begun building apartment buildings in the neighborhood at an impressive pace. Condo mid-rises are being built as well with developers betting on the strength and momentum of the area. There are currently over 3,000 apartment/condo units planned for the West Loop in the next 24 months. Investor and developers are also targeting the West Loop for commercial development and acquisitions which will only strengthen the already thriving neighborhood. The West Loop Report® | 11
Fulton Market Image Courtesy of Brandon Bartoszek (Eridony) http://www.flickr.com/photos/eridony/5260780855/sizes/o/in/set-72157625290979741/
THE MEAT PACKING DISTRICT The Meat Packing District/Fulton Market is located in the northern part of the West Loop and is currently in transition. With about half if the original meat packers moved out, and the other half beginning to follow suit, the district is beginning to fill in with restaurants, retailers and creative office types that thrive on the grittiness of the neighborhood and the character of the spaces and streetscapes found nowhere else in the city. With the surrounding neighborhood established as one of the best places to live in the city and filled with young professionals who want to live and work in the area, the Meat Packing District has become the most desirable place for retailers to operate their business. The availability of large spaces gives retailers the ability to open a restaurant or store in the hottest district in the city. 12 | The West Loop Report速
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Boeing’s headquarters in Chicago, IL, USA Image courtesy of J. Crocker http://en.wikipedia.org/wiki/File:2004-09-14_1680x3000_chicago_boeing_building.jpg
NEIGHBORHOOD FUTURE Because of the location of the of the buildings and the character of the area, many real estate developers are purchasing timber and beam industrial facilities and converting them into retail and loft office space. Developers are also buying vacant land and tear-down buildings in order to build new construction of office condominium buildings and residential rentals. The majority of tenants moving into the office space that is becoming available are high tech offices, shared workspaces, creative uses, retail and galleries, etc. Many of the rentals are being planned for young professionals who want to live work and play in the downtown area. The West Loop is continuing to grow as a neighborhood with new luxury high end condominiums and rentals and it’s personality enhanced with world class restaurants filled with energy of the new tenants as well as character from the old world meat packing era. The West Loop Report® | 13
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DEMOGRAPHIC SNAPSHOT
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PROFILE OF A WEST LOOP RESIDENT The West Loop Report速 | 17
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the stats
THE STATS
PROFILE OF A WEST LOOP RESIDENT The West Loop Report速 | 19
the stats
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PROFILE OF A WEST LOOP EMPLOYER The West Loop Report速 | 21
Photo Courtesy of JenRL Design
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WEST LOOP BUSINESSES The West Loop Report速 | 23
Walsh 929 W Adams
Target 1101 W Jackson
Sperry Van Ness 940 W Adams
www.walshgroup.com
www.target.com
www.svnchicago.com
Soho House 127 N Green
Sara Lee 400 S Jefferson
SRAM 1000 W Fulton
www.sohohouse.com
www.saralee.com
www.sram.com
Threadless 1260 W Madison
Marianos 40 S Halsted
H2O Plus 845 W Madison
www.threadless.com
www.marianos.com
www.h2oplus.com
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Billboard showing local businesses “Glazed & Infused” and “Fulton Fithouse”
WEST LOOP BUSINESSES The West Loop Report® | 25
Chicago-based Branding studio “Minimal” Photo Courtesy of JenRL Design
WEST LOOP BUSINESSES 26 | The West Loop Report®
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One Off Hospitality Group 622 W Randolph St
Floyd’s Barbershop 935 W Randolph
MNML 1032 W Fulton
www.oneoffhospitality.com
www.floydsbarbershop.com
www.mnml.com
Boka Group 809 W Randolph
United Center 1901 W Madison
Sterling Bay 1040 W Randolph
www.bokagrp.com
www.unitedcenter.com
www.sterlingbay.com
La Colombe 955 W Randolph
HP Architecture 232 N Carpenter
Go0gle Chicago 1000 W. Fulton (coming soon)
www.lacolombe.com
www.hparchitecture.com
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ride
dine
stay
SHOP
play
WEST LOOP MAPS The West Loop Report速 | 29
ride
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WEST LOOP MAPS The West Loop Report速 | 3
1 CITY WINERY 2 GRAHAM ELLIOT BISTRO 3 NELLCÔTE 4 GIRL & THE GOAT 5 AU CHEVAL 6 PUBLICAN 7 NEXT 8 AVIARY 9 MARKET
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10 SAWTOOTH RESTAURANT & LOUNGE 11 BELLY Q 12 TASTING ROOM 13 WISHBONE 14 THIRD RAIL TAVERN 15 PUBLICAN QUALITY MEATS 16 GLAZED AND INFUSED 17 LITTLE GOAT DINER 18 MAUDE’S LIQUOR BAR
19 VERA 20 GRANGE HALL BURGER BAR 21 RM CHAMPAGNE SALON BAR 22 WEST END BAR & GRILL 23 CARMICHAELS CHICAGO STEAKHOUSE 24 VIVO 25 LA SIRENA CLANDESTINA
dine
WEST LOOP MAPS The West Loop Report速 | 5
stay
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BROOKLYN BOWL & HOTEL
HOTEL
832-856 W Fulton (planned)
311-313 N Morgan St (planned)
SOHO HOUSE 210 N Green St
NOBU HOTEL
(under construction)
846-854 W Randolph (planned)
CROWNE PLAZA METRO HOTEL 733 W Madison St
WEST LOOP MAPS The West Loop Report速 | 7
1 2 3 4 5 6 7 8 9 10
GUNZO’S PURE HOCKEY ULTA RED MANGO GNC MOX MULTISPORTS B A FLORIST & NURSERY COMPANY STARBUCKS T-MOBILE GAME STOP HAIR CUTTERY
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11 12 13 14 15 16 17 18 19
CMM FRAMING ATHENIAN CANDLE CO TARGET VERONICA SHEAFFER CUSTOM BRIDAL NORTHWESTERN CUTLERY SUPPLY TESA CIGAR CO. WALSH GALLERY VICTORIA SDOUKOS COUTURE BRIDAL BOUTIQUE VICTORIA
20 21 22 23 24 25 26 27 28
VISION BOUTIQUE TRIBECA THE FIG TREE SMITTEN BOUTIQUE SPEX TANNER O’CONNOR AUDIO CONSULTANTS ALICE PADRUL BRIDAL COUTURE NATURAL BEAUTIES
SHOP
WEST LOOP MAPS The West Loop Report® | 9
play
WEST LOOP ATHLETIC CLUB 1380 W Randolph
UNION PARK
UNITED CENTER 1901 W Madison St
JOHNNY’S ICE HOUSE 2550 W Madison St
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SKINNER PARK
BROOKLYN BOWL 832-56 W Fulton
MERIT SCHOOL OF MUSIC BROOKLYN BOULDERS
38 S Peoria
100 S Morgan
MARY BARTELME PARK
GO PERFORMANCE 1001 W Adams St
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NEW DIVVY BIKE STATION LOCATED NEXT TO MORGAN STREET CTA Image Courtesy of JenRL Design
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recent news COMMERICAL RESIDENTIAL
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The Six Hottest Emerging Neighborhoods In the Worlds Greatest Cities: New West Loop, Chicago Details.com (Details Magazine) http://www.details.com/culture-trends/criticaleye/201202/new-chic-urban-neighborhoods-chicago
The West Loop boom snapping out of the recession, the West Loop has seen an influx of new businesses, residents—and a changed skyline WBEZ.com http://www.wbez.org/news/west-loop-boom-108122
Soho House hotel developers secure $44.4 million construction loan ChicagoRealEstateDaily.com http://www.chicagorealestatedaily.com/article/20130502/ CRED03/130509933/soho-house-hotel-developers-secure44-4-million-construction-loan
Morgan Station Now Open and Ready For Riders Chicago.Curbed.com http://chicago.curbed.com/archives/2011/11/28/ construction-on-track-at-morgan-street-cta-station.php
Hotels could be the next course on West Randolph Chicagobusiness.com http://www.chicagobusiness.com/article/20130629/ ISSUE01/306299983/hotels-could-be-the-next-course-onwest-randolph
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Google to Move to the West Loop ChicagoTribune.com http://articles.chicagotribune.com/2013-06-20/business/ chi-google-west-loop-20130620_1_open-floor-plan-chicagooffice-sterling-bay-cos
Soho House hotel developers plan office conversion nearby ChicagoRealEstateDaily.com http://www.chicagorealestatedaily.com/article/20130726/ CRED03/130729843/soho-house-hotel-developers-planoffice-conversion-nearby
Kennedy ‘cap’ would spruce up West Loop ChicagoSunTimes.com http://www.suntimes.com/business/roeder/16365668-452/ yyyyyyyyyyyy.html
Nobu plans hotel, restaurant on Randolph Street ChicagoRealEstateDaily.com http://www.chicagorealestatedaily.com/article/20130320/ CRED03/130319725/nobu-plans-hotel-restaurant-onrandolph-street
United Center plans retail space ChicagoBusiness.com http://www.chicagobusiness.com/article/20120428/ ISSUE01/304289963/united-center-plans-retail-space
COMMERCIAL NEWS The West Loop Report® | 43
Luxury Apartments Keep Piling on Better Perks and Bigger Frills ChicagoMag.com http://www.chicagomag.com/Radar/Deal-Estate/May2013/In-Apartments-Theres-a-Luxury-Amenities-ArmsRace-Going-On/
Developer of West Loop apartment tower lands $70 million loan ChicagoRealEstateDaily.com http://www.chicagorealestatedaily.com/ article/20130723/CRED03/130729968/developer-ofwest-loop-apartment-tower-lands-70-million-loan
One South Halsted Awarded Final City Zoning Approval FitzgeraldAssociates.net http://www.fitzgeraldassociates.net/news/ onesouthhalstedfinalapproval.htm
Luxury apartments planned for West Loop ChicagoRealEstateDaily.com http://www.chicagorealestatedaily.com/ article/20111202/CRED03/111209941/luxury-apartmentsplanned-for-west-loop
Reinsdorf-backed developer plans 61 more apartments on West Side ChicagoRealEstateDaily.com http://www.chicagorealestatedaily.com/ article/20130404/CRED03/130409890/reinsdorfbacked-developer-plans-61-more-apartments-on-westside
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New residential development “K2” located at 365 N Halsted St
RESIDENTIAL NEWS The West Loop Report® | 45
SOHO HOUSE - 113 N GREEN STREET DELIVERY SUMMER 2014
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developments DEVELOPMENT PIPELINE SUB-MARKET SNAPSHOT
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1
2
365 N Halsted
1050 W Madison
8
1166 - 1212 W Madison
12
765 W Adams
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6
630 W Washington
11
1 S Halsted
Adams and Aberdeen
13
15
601 W Jackson
Madison and Green
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Built or Developed in the Last 24 months 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16
H1
Address
Developer
Units
Project Name
Stage
365 N. Halsted Madison and Aberdeen 1342 W. Randolph 723-29 W. Randolph 100 N. Sangamon 630 W. Washington 1226 W. Madison Racine and Madison 1 S. Halsted 37 S. Sangamon Adams and Aberdeen 765 W. Adams 601 W. Jackson 200 S. Green Madison & Green 165 N Aberdeen
Fifield Companies Michigan Avenue Group Tony Rue EasyPark LLC Focus Development Marquette Companies Fifield Companies Ascend Real Estate F&F Realty Quest Realty Group JRG Capital Partners White Oak Realty Savoy Development F4 Consulting The Taxman Corp @Properties
496 81 20 97 104 220 40+ 216 514 22 69 325 320 60 167 21
K2
Leasing Leased In Construction Proposed In Construction In Construction Planned In Construction Seeking Zoning Approval In Construction In Construction In Construction Proposed Proposed Approved Proposed
Total Units
2,654
Shapack Development
40
113-125 N Green
1342 LLC 723 LLC 123 N. Sangamon The Catalyst MOD The Madison 1 S. Halsted
Arcadia
Gateway Tower
SoHo House
In Construction
1
H1
Soho House
16
3
4 H1
7
8
2
5
6 15
10 11
14
9
12 13
DEVELOPMENT PIPELINE The West Loop Report速 | 49
retail
See Detailed Information about the Submarket at
http://www.thewestloopreport.com
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office
Sperry Van Ness Chicago | Commercial Real Estate Advisors 940 West Adams, Suite 200, West Loop, Chicago, 60607
www.svn.com
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notable developments A B C D
A
1K FULTON
B
http://1kfulton.com/ C
THE MADISON
http://www.sohohouse.com/ D
http://www.ascendrealestategroup. com/#!madison-racine
SOHO HOUSE ACADIA http://arkadiatower.com/
outlook The West Loop continues to see explosive growth as the properties that have been planned in development pipeline begin to be completed and occupied. With the completion of these projects and the increase in residential, office, and hospitality occupants in the area, the available retail will become more occupied and new retail will begin to be developed.
SUB-MARKET SNAPSHOT SUB-MARKET SNAPSHOT Q4, 2013 The West Loop Report速 | 51
“MISTING SCULPTURE” IN MARY BARTELME PARK 115 S SANGAMON ST
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Sperry Van Ness®
information ABOUT SOLD PROPERTIES LEASED PROPERTIES RESOURCES
Sperry Van Ness速
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S
Scott Maesel scott.maesel@svn.com 773.251.1166
cott R. Maesel serves as Managing Director for Sperry Van Ness, LLC in Chicago’s West Loop. With over 20 years of industry experience, Maesel is a highly regarded Chicago commercial real estate veteran. Early in his career, he worked for Glascott & Associates and Garrett Realty & Development prior to co-founding the highly successful commercial division of Sussex & Reilly Real Estate. In 2008, he affiliated his own independent boutique company with Sperry Van Ness, an International Investment Real Estate Company. By 2013, he and his partners expanded the business to include over 40 Advisors, servicing all commercial product types both locally and nationally, as well as the creation of a Property & Asset Management division, SVN Crossroads Property Management, with approximately 2 million square feet under assignment.
Check out The West Loop Report on the Web at www.thewestloopreport.com
Maesel has positioned himself as a definitive West Loop commercial property expert over the last several years. His encyclopedic knowledge of the neighborhood has helped his clients buy, sell, and lease more real estate in the West Loop than any of his competitors. Maesel is President of the Advisory Council for the highly acclaimed Mary Bartleme Park in the West Loop, and was recently named to The West Loop Organization’s, Board of Directors. He is a West Loop business & commercial property owner as well as a resident along with his wife and young twins.
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Drew Dillon drew.dillon@svn.com
D Sperry Van Ness Chicago Commercial Real Estate Advisors 940 West Adams, Suite 200, West Loop, Chicago, 60607 www.svn.com
rew Dillon serves as an Associate Advisor for Sperry Van Ness specializing in the sale and leasing of retail, office, and industrial property in Chicago’s West Loop. With over two years of commercial real estate experience, he has secured and worked on transactions that include retail, hospitality, office, and industrial sales. He also serves as the tenant representation for a multi-state retail clothing store. Drew is active in property development and assists in the conversion of meatpacking buildings for re-adaptive uses. Drew also owns and manages a residential rental building in Arizona. Specializing in transactions in Chicago’s West Loop, Drew has expert level market knowledge of the area which he leverages to provide the best services for his clients’ needs. Prior to joining Sperry Van Ness, Drew Dillon attended The University of Arizona where he earned a degree in Geography and Regional Development with an emphasis in Real Estate Acquisition and Development. He minored in Business. Drew enjoys traveling as well exploring Chicago. He has a passion for neighborhood revitalization and constantly works to improve the city in which he lives.
ABOUT The West Loop Report® | 55
740 W RANDOLPH September 2011
723-29 W RANDOLPH December 2012
1249 W LAKE
September 2013
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935 W RANDOLPH
1328 W RANDOLPH
December 2011
January 2012
945-55 W FULTON
817 W LAKE
December 2012
March 2013
1100 W RANDOLPH
833 W WASHINGTON October 2013
October 2013
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917 W RANDOLPH
923 W RANDOLPH
170 N HALSTED
October 2012
November 2012
217 N CARPENTER
210 N GREEN
808 W LAKE
July 2013
September 2013
1415 W RANDOLPH
1332 W LAKE
1114 W RANDOLPH
August 2012
March 2013
November 2013
December 2013
December 2013
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800-808 W RANDOLPH
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800-808 W RANDOLPH
940 W ADAMS
Au Cheval Oon Lone Wolf
O’Kelly + Kasprak
112 S SANGAMON
948 W FULTON
Blue Leaf Lending Jump Forward RIVS.com
Rethink Studios
935 W RANDOLPH
1222 W MADISON
Floyd’s 99 Barber Shop M-37
Talay Tai Restaurant
LEASED PROPERTIES The West Loop Report® | 59
Photo Courtesy of JenRL Design
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The West Loop is one of the best neighborhoods in the city to integrate modern living with the history of the community.
Copyright Š 2013 The West Loop Report™ All Rights Reserved. Published by The S.R. Maesel Group and Sperry Van Ness