OFFERing process

1685 N. Throop Street and 6705-6857 S. Wentworth Avenue are being offered on an ‘as-is, where-is’ basis. The prospective purchaser(s) will be selected by the City of Chicago in consultation with Cushman & Wakefield on the basis of (i) price (ii) track record of successful closing (iii) financial strength (iv) level of discretion to invest funds and (v) extent to which the development plan aligns with the City’s framework plan. The City of Chicago reserves the right to accept an offer prior to this date or to remove the Property from the market at any time.

Recipient represents that no broker or agent represents or will represent them in any possible transactions involving the Property unless disclosed in writing to Cushman & Wakefield prior to the receipt of the Evaluation Material and fully agrees to compensate their broker or agent. Neither Cushman & Wakefield nor the City of Chicago are responsible for any compensation to be paid to Recipient’s broker or agent.

INSPECTIONS

Property tours must be scheduled through a Cushman & Wakefield team member. All potential purchasers must be accompanied by a Cushman & Wakefield team member while on site.

OFFER STRUCTURE

In addition to highlighting your company’s recent acquisition activities, operations and capabilities, please include in your offer information the following specifics:

BID DATE: An official bid date has not been set. Registered investors will be notified once a date has been identified.

BUYING ENTITY: Please specify all buyer partners (if any).

PURCHASE PRICE: Please specify purchase price on an all cash basis.

CLOSING TERMS/DEVELOPMENT OF NEW FACILITY: Please provide proposed terms for developing the new facility prior to closing; or for the City to occupy the Throop building post-closing, while the new facility is constructed. 

USES: Please provide an overview of the proposed development and the potential uses.

CAPITAL SOURCES: If an advisor to an institutional fund, please specify the client.

DEBT: Please provide structure of acquisition debt financing including identification of any lender and their amount required to review.

BUDGETED EXPENSES: Please provide detail related to demolition, environmental or any other expenditures in your underwriting.

APPROVAL PROCESS: Please summarize approval process in terms of timing and identification of any decision makers that may still need to tour (both equity and debt).

EARNEST MONEY: Please identify the amount and time/conditions at which it becomes non-refundable.

DUE DILIGENCE: Please specify when it is to commence and when it will end.

CLOSING: Please specify the amount of time required to close the transaction after completion of due diligence.

OTHER: Please specify any other terms and/or conditions necessary in order to close the transaction including committee approvals and specific due diligence items required to close the transaction.

OFFER CONFIDENTIALITY AGREEMENT: In order to access the offering data, please download and sign the Confidentiality Agreement.