Sale Process OverviewNRC Realty & Capital Advisors (“NRC”) and Theodore "Ted" S. Prillaman (Independent Broker) are pleased to jointly offer the opportunity for investors, developers, or end-users to buy the fee simple interest in one or all of four properties, in any combination, on behalf of ownership (the “Seller”). The properties are located on the Sterling Park campus in Homan Square, Chicago, Illinois, which is in the path of progress just 10 minutes from downtown and 5 minutes from the Illinois Medical Center.
This is a rare buying opportunity as these properties were previously the headquarters of Sears, Roebuck, & Company and Allstate Insurance. The four properties (individually the “Property”, collectively the “Properties”) available in this portfolio include:
1. Formers Sears Administration Building: 3333 W. Arthington Street (subdivision offers considered)
2. Former Allstate Headquarters: 3245 W. Arthington Street
3. Parking Structure: 3240 W. Arthington Street
4. 3.42 Acre Development Site: 3301 W. Arthington Street
INITIAL OFFER. Initial offers through a Purchase and Sale Agreement, Letter of Intent, or another form are requested to be submitted by email to David Levy (email@example.com) or Ted Prillaman (firstname.lastname@example.org) or by hardcopy to:
NRC Realty & Capital Advisors, LLC
350 W. Ontario Street 4th Floor
Chicago, IL 60654
ATTN: David Levy, Sale 1717
OFFER SUBMISSION CRITERIA. Purchasers are requested to include the following information in their submission:
1. Contact Information: Including company name, principal(s), the authorized representative, phone number, email address, and mailing address.
2. Company Background: Please describe your business and experience
3. Property Selection: Property(s) to be purchased
4. Purchase Price: Please provide an individual bid amount per property.
5. Due Diligence Period: Number of calendar days you will require to conduct your final due diligence, if any.
6. Financial Wherewithal: Please provide evidence of your financial ability to fund the transaction.
7. Escrow Period: Number of days you require, starting from the end of the diligence period, if any, to close the transaction.
8. Earnest Money Deposit: The amount of the deposit you will place in escrow within two (2) business days upon purchase and sale agreement execution.
HIGHEST AND BEST OFFER. Ownership will select, in consultation with NRC and Ted Prillaman, what is believed to be the highest and best offer on the basis of (i) price, (ii) requirements and timeline required to close escrow, (iii) track record of successfully closing large transactions, (iv) financial strength. Ownership may request best and final offers from competitive bidders.
PROPERTY INSPECTION. The Properties will be available for showing by appointment. Please call David Levy or Ted Prillaman to register.
DUE DILIGENCE. A variety of due diligence materials are available on the Property Information page on the sale website, www.nrc.com/1717. These materials are available for download at the bottom of the page, once a user has registered for the sale and logged into their account on NRC.com.
BROKER PARTICIPATION. A fee equal to one percent (1%) of the Purchase Price will be paid upon the closing of escrow of the sale of such Property pursuant to the Purchase and Sale Agreement to any licensed broker or agent whose registered prospect consummates the sale. Brokers must register their prospect(s) before or when submitting an offer on behalf of their client by jointly executing the Co-Op Broker registration in the form provided by David Levy or Ted Prillaman. All such Co-Op Broker registrations are not effective until accepted in writing by David Levy or Ted Prillaman. No commissions will be paid on any Property to brokers participating as a principal in the purchase of the Property or who has a direct or indirect ownership interest in purchaser, and an affidavit may be required stating that the broker is acting solely as broker and not as purchaser and has no direct or indirect ownership interest in purchaser. NO OTHER FORM OR ORAL REGISTRATION IS PERMITTED.
DISCLAIMER. Ownership reserves the right to change the timing or other terms of the offering, to sell any of the Properties at any time without notice, and reserves the right to accept or reject any or all offers at their discretion.
Except as stated above or as set forth in the applicable Purchase and Sale Agreement, the sale of the Properties is on an “AS IS, WHERE IS, WITH ALL FAULTS,” basis. Neither Seller, NRC, Theodore S. Prillaman, nor any of their Representatives make any warranty or representation, express or implied, or arising by operation of law, including, without limitation, any warranty of condition, habitability, or merchantability or fitness for a particular purpose, with respect to the Properties. Buyers will buy the Property or Properties based solely on their own investigations. By accepting title to the Property or Properties, a buyer acknowledges that it has conducted any investigation that it has considered necessary or advisable and that it is not relying upon any representations of Seller, NRC, Theodore S. Prillaman, or any of their Representatives. The materials and information concerning the Properties provided by Seller, NRC, Theodore S. Prillaman, or their Representatives, is based in part upon information and materials obtained from sources considered reliable, without independent verification. Bidders must not base their bids upon that information or environmental studies, repair estimates, other studies, or pro-forma and financial information that Seller, NRC, or Theodore S. Prillaman provides, but must rely solely on their own estimates and studies. No warranty or representation, express or implied, is made by Seller, NRC, Theodore S. Prillaman or either of their Representatives, as to the accuracy or completeness of the information provided to buyers.