LOFT OFFICE
FOR SALE OR LEASE
NEIGHBORHOOD: NORTH CENTER
2015-19 W. IRVING PARK RD.
THE LORD COMPANIES, L.L.C.
 |  |  |  |  |  |  |  |
| Scott Fithian Direct: 773.404.4314 Fax: 312.944.3759 scott@lordfinancial.com |
CROSS STREETS: IRVING, LINCOLN & DAMEN
DESCRIPTION
This property is a recently rehabbed 26,000 SF two-story building with approx. 18,700 rentable square feet on 2 levels plus an attached heated
garage with 15+ parking spaces. The available spaces include the following:
-5,750 rentable SF on the 1st floor of the building:
-650 rentable SF in the center of the building (2017 entrance) with a reception area, 2 private offices, and 2 washrooms. This space also provides the
entry and access to the elevator for the 2nd floor spaces
-5,100 rentable SF on the NW corner of the building (2019 entrance, formerly Plass Appliances). This space has 2 offices, 2 washrooms, an open
front sales counter and a large open showroom area plus a dedicated internal loading dock.
The first floor space is usable for retail, restaurant, medical office, or general office uses.
Approx. 10,200 rentable SF on the 2nd floor:
-1,300 -- 3,400 rentable SF of modern office space with acoustic tile ceilings and extensive window line facing Irving Park Road in the front portion of
the 2nd floor. This space has 6 private offices with front glass paneled walls, a large open office area for up to 36 workstations, an administrative
resource area, a phone/server closet and 2 washrooms.
-2,150 rentable SF of "swing" office space on the NW corner of the building. This space has a large corner executive office/conference room, a large
semi-private office with built-in desks, a private interior office and an interior office/conference room. This space can be connected to either the front
or rear space.
-4,650 rentable SF (1,700 available immediately, 2,950 SF rented on short-term lease) of timber loft-style office spaces in the rear portion of the 2nd
floor. This space has 5 private offices, a large open office area with built-in cubicles to accommodate over 50 workstations, separate men's and
women's multi-stall washrooms, a large kitchenette/break room and a server room.
These spaces have elevator access and can be connected for expansion purposes. The ideal users for this space include call centers,
marketing/advertising agencies, architecture firms, or technology companies looking for creative office space.
Pass-Through Expenses:
Real estate taxes were $2.70/SF for 2011 and common area maintenance (CAM) including building insurance is approx. $2.00/SF. Retail tenants
(NNN leases) will be responsible for their pro rata share of these expenses. Office tenants (modified gross leases) will be responsible for their pro rata
share of increases in these expenses over 2011 base year expenses.
AVAILABILITY: IMMEDIATE
LOCATION:
High visibility corner at Irving Park Road and Seeley, just west of the 6-way intersection of Lincoln, Damen and Irving Park in high-traffic location in
North Center. This site has outstanding access to all major transportation modes; CTA bus lines on Irving Park Road and Damen Avenue pass this
site, it is 2 blocks to the Irving Park Brown line subway station, 1.2 miles to the Ravenswood Metra station and 2 miles to both Lake Shore Drive and
the Kennedy Expressway.
TRAFFIC COUNTS:
26,700 vehicles per day (VPD) on Irving Park Road, 15,600 VPD on Damen Ave, 11,700 VPD on Lincoln Ave.
(2009) DEMOGRAPHICS: 1.0-mile 3.0-mile
Population 52,510 560,844
Households 26,415 251,720
Daytime Population 37,691 409,018
Average Household Income $96,609 $81,670
DELIVERY CONDITION:
These spaces will be delivered “as is”, complete with existing fixtures, furnishings and wiring.
PARKING:
The property has 18 parking spaces in an attached garage at the rear of the building. Tenants have a non-exclusive right to their pro rata share of
the parking spaces.
ZONING:
B1-1 (Neighborhood Shopping District)
SALE PRICE:
$2,800,000 to purchase entire building; MOTIVATED SELLER WILL CONSIDER REASONABLE OFFER
1 Center – 804 Total SF – Lease Rate $12 NNN – Sale Price $125,000 ($155/SF-$195/RSF)
1 West - 5069 Total SF – Lease Rate $22 NNN – Sale Price $1,600,000 ($316/SF-316/RSF)
2 Front – 3,559 Total SF – Lease Rate $16 mod gross – Sale price $480,000 ($135/SF-$155/RSF)
2 Rear - 7,225 Total SF – Lease Rate $12 mod gross – Sale Price $720,000 ($100/SF-$109/RSF)
Garage – 6,187 Total SF
Total – 22,844 Total SF, – Sale Price $3,000,000 ($117/SF-$165/RSF)
This property is a recently rehabbed 26,000 SF two-story building with approx. 18,700 rentable square feet on 2 levels plus an attached heated
garage with 15+ parking spaces. The available spaces include the following:
-5,750 rentable SF on the 1st floor of the building:
-650 rentable SF in the center of the building (2017 entrance) with a reception area, 2 private offices, and 2 washrooms. This space also provides the
entry and access to the elevator for the 2nd floor spaces
-5,100 rentable SF on the NW corner of the building (2019 entrance, formerly Plass Appliances). This space has 2 offices, 2 washrooms, an open
front sales counter and a large open showroom area plus a dedicated internal loading dock.
The first floor space is usable for retail, restaurant, medical office, or general office uses.
Approx. 10,200 rentable SF on the 2nd floor:
-1,300 -- 3,400 rentable SF of modern office space with acoustic tile ceilings and extensive window line facing Irving Park Road in the front portion of
the 2nd floor. This space has 6 private offices with front glass paneled walls, a large open office area for up to 36 workstations, an administrative
resource area, a phone/server closet and 2 washrooms.
-2,150 rentable SF of "swing" office space on the NW corner of the building. This space has a large corner executive office/conference room, a large
semi-private office with built-in desks, a private interior office and an interior office/conference room. This space can be connected to either the front
or rear space.
-4,650 rentable SF (1,700 available immediately, 2,950 SF rented on short-term lease) of timber loft-style office spaces in the rear portion of the 2nd
floor. This space has 5 private offices, a large open office area with built-in cubicles to accommodate over 50 workstations, separate men's and
women's multi-stall washrooms, a large kitchenette/break room and a server room.
These spaces have elevator access and can be connected for expansion purposes. The ideal users for this space include call centers,
marketing/advertising agencies, architecture firms, or technology companies looking for creative office space.
Pass-Through Expenses:
Real estate taxes were $2.70/SF for 2011 and common area maintenance (CAM) including building insurance is approx. $2.00/SF. Retail tenants
(NNN leases) will be responsible for their pro rata share of these expenses. Office tenants (modified gross leases) will be responsible for their pro rata
share of increases in these expenses over 2011 base year expenses.
AVAILABILITY: IMMEDIATE
LOCATION:
High visibility corner at Irving Park Road and Seeley, just west of the 6-way intersection of Lincoln, Damen and Irving Park in high-traffic location in
North Center. This site has outstanding access to all major transportation modes; CTA bus lines on Irving Park Road and Damen Avenue pass this
site, it is 2 blocks to the Irving Park Brown line subway station, 1.2 miles to the Ravenswood Metra station and 2 miles to both Lake Shore Drive and
the Kennedy Expressway.
TRAFFIC COUNTS:
26,700 vehicles per day (VPD) on Irving Park Road, 15,600 VPD on Damen Ave, 11,700 VPD on Lincoln Ave.
(2009) DEMOGRAPHICS: 1.0-mile 3.0-mile
Population 52,510 560,844
Households 26,415 251,720
Daytime Population 37,691 409,018
Average Household Income $96,609 $81,670
DELIVERY CONDITION:
These spaces will be delivered “as is”, complete with existing fixtures, furnishings and wiring.
PARKING:
The property has 18 parking spaces in an attached garage at the rear of the building. Tenants have a non-exclusive right to their pro rata share of
the parking spaces.
ZONING:
B1-1 (Neighborhood Shopping District)
SALE PRICE:
$2,800,000 to purchase entire building; MOTIVATED SELLER WILL CONSIDER REASONABLE OFFER
1 Center – 804 Total SF – Lease Rate $12 NNN – Sale Price $125,000 ($155/SF-$195/RSF)
1 West - 5069 Total SF – Lease Rate $22 NNN – Sale Price $1,600,000 ($316/SF-316/RSF)
2 Front – 3,559 Total SF – Lease Rate $16 mod gross – Sale price $480,000 ($135/SF-$155/RSF)
2 Rear - 7,225 Total SF – Lease Rate $12 mod gross – Sale Price $720,000 ($100/SF-$109/RSF)
Garage – 6,187 Total SF
Total – 22,844 Total SF, – Sale Price $3,000,000 ($117/SF-$165/RSF)
