Transportation Building Condos

Horvath & Tremblay is pleased to present the exclusive sale of the condominium interest in the multi-tenant retail investment property located at 600-620 S Dearborn Street in Chicago, Illinois (the “Property”).​ The Property consists of a portion of the ground floor of the Transportation Building (12,132 square feet) and is 100% leased to five retail tenants.​ The Transportation Building is a twenty-two-story building that was constructed in 1911, it is the tallest high-rise in Chicago’s Printers Row neighborhood, and features retail units on the ground floor and 296 residential condominiums ranging from 1-Bedroom to 2-Bedroom units on the upper floors.​

Located in the heart of Chicago’s Central Business District in the Loop neighborhood, the Property is exceptionally well positioned at the intersection of S Dearborn Street and W Harrison Street.​ The Property offers outstanding access to public transportation, area highways, green space, Lake Michigan, and numerous retail amenities.​ The Property is also surrounded by large office and residential buildings that drive vehicular and pedestrian traffic to the area and provide a built-in customer base for the retailers.​

ATTRACTIVE ASSUMABLE DEBT: The Property has attractive in-place debt that can be assumed. The loan originated on 11/01/2021 with a 5-year term (10/01/2026 maturity) and a fixed interest rate of 3.70%. The debt has a thirty (30) year amortization schedule. The loan balance is $2,454,970 as of 03/05/2024. The loan features a 3-2-1-0-0 step-down prepayment schedule.

ESTABLISHED TENANTS: The Property is 100% leased to a complimentary mix of five (5) retail tenants including 7-Eleven, which has been at the building since 1991 and has 3+ years remaining on their lease, Amarit Thai & Sushi has been at the building since 2004, and just extended their lease for an additional 5-years, demonstrating their commitment to the building and market. Amarit has one (1), 5-year option. Jefas Cantina has less than 1 year remaining on their lease with two (2), 3-year options. Sofi Restaurant has been at the building since 2013 and just extended their lease for 10-years demonstrating their commitment to the site and the market. Sofi Restaurant also has two (2), 5-year options remaining. Forno Mauri – Pizzeria is new to the building (replacing Baird & Warner) and has a 10-year lease with one (1), 5-year option.

Four of the five leases call for scheduled annual rent increases throughout the primary lease term and renewal options providing an attractive increase in revenue and a hedge against inflation.

All of the leases call for the tenant to reimburse a portion of the operating expenses.

TRANSIT ORIENTED PROPERTY: Transportation options near the property include Bus lines 22, 24,36 & 62, located adjacent to the Property along S Dearborn Street. The Property is also within 0.1-miles of Bus Lines 2, 6, 29, and 146.

The Property offers outstanding access to subway service on the CTA Red line at the Harrison “L” Station (0.1-miles), the CTA Blue line at the LaSalle “L” Station (0.2-miles), and the CTA Brown line at the Harold Washington Library/Van Buren “L” Station (0.2-miles). The Property is also just a short walk from commuter rail service via the LaSalle Street Metra Station (0.3-miles) and the Van Buren Street Station (0.5-miles).

The location also offers exceptional access to area highways including Interstates 90 and 290 and US Highway 41.

SUPERIOR LOCATION: The Property is exceptionally well positioned at the intersection of S Dearborn Street and W Harrison Street in the heart of Chicago’s Central Business District in the Loop neighborhood.

The Property is surrounded by a multitude of retail, dining, entertainment, and nightlife options that drive traffic to the immediate area, providing a captive customer base for the Properties retailers.

The Property is seconds from Grant Park, proudly referred to as "Chicago's Front Yard," which totals 312.98 acres. A city centerpiece much like New York’s Central Park, Grant Park is home to some of Chicago's most iconic landmarks and attractions. The park includes Museum Campus, the site of world-class museums the Art Institute of Chicago, the Field Museum of Natural History, the Shedd Aquarium and the Adler Planetarium. Grant Park's centerpiece is the Clarence Buckingham Memorial Fountain, built in 1927 to provide a monumental focal point while protecting the park's breathtaking lakefront views.

The Property is 0.3-miles from the banks of the Chicago River, 0.7-miles from the Willis Tower, 0.8-miles from Chicago’s Union Station and 2.1-miles from the Navy Pier.

TRANSPORTATION BUILDING: The Transportation Building is a twenty-two-story building that was constructed in 1911, it is the tallest high-rise in Chicago’s Printer’s Row neighborhood and features a unique architectural design. The iconic building which originally held a number of printing companies was converted into luxury apartments in the late 1970’s and was converted to condominiums in 1996. The Transportation Building features retail units on the ground floor (the subject Property) and 296 residential condominiums ranging from 1-Bedroom to 2-Bedroom units on the upper floors.

TRAFFIC COUNTS: Approximately 10,000 vehicles pass the Property each day at the signalized intersection of S Dearborn Street and W Harrison Street. Additionally, the Property yields significant pedestrian foot traffic as it is surrounded by large office and residential buildings and lies in between several CTA transit stations.

EXCEPTIONAL DEMOGRAPHICS: An impressive 61,800 people live within a 1-mile radius of the Property with an average household income of $188,870. More than 363,600 people live within 3 miles of the Property with an average household income of $163,672. Additionally, there are more than 387,300 employees within a 1-mile radius of the Property.