FOR SALE: $12,800,000

(1)

PORTE DE L’EAU PLAZA | 9.5 % CAP RATE

88,588 SF | 94.4% OCCUPIED | CHICAGO MSA

2000-2046 45

TH

ST., HIGHLAND, IN

MARK JONES, CCIM | Senior VP, Investment Sales

[email protected] | 312.335.3229

FOR SALE:

$12,800,000

Jameson Commercial Real Estate

425 W. North Avenue | Chicago

www.jamesoncommercial.com

MARK KISHTOW | Senior Vice President

[email protected] | 312.867.2265

(2)

PROPERTY HIGHLIGHTS

• Porte De L’eau Plaza, an iconic neighborhood community center.

• Diversified tenant mix with no Big Box leasing exposure, units range from 1200-4,500 SF.

• Center maintained 90% Occupancy during Covid pandemic.

• ~90,000 SF, historically high occupancy of nearly 93% on 9.2 acres of land.

• Beautifully maintained, no deferred maintenance, 35-year ownership.

• Easy Access, strategically located within 3 miles of 80/94 and immediately west of US 41.

LAND: 9.02 ACRES

OCCUPIED GLA: 77,938 SF

NOI: $1,214,532

ASKING PRICE: $12,800,000

CAP RATE: 9.5%

PROPERTY DESCRIPTION

Porte De L’eau Plaza built in 1984 is located on 45th Street in Highland, IN. The center offers

approximately 90,000 square feet of retail leased space and hosts approximately 45 tenant

spaces. Evidencing the stability of the existing tenants, the center’s current occupancy is

90% +. The center with historically high occupancy (93%+), enjoys a diverse mix of tenants,

many long term. Spaces currently range from 800-5,905 SF, thereby eliminating investor

leas-ing risk associated with bigger box stores. The center provides abundant surface parkleas-ing

for customers with easy access to 45th Street and Indianapolis Blvd. Traffic counts of over

40,000 VPD on Indianapolis Blvd. at 45th.

Porte De L’eau Plaza is strategically located in Highland, IN in Lake County just a few miles

south of access to Chicago via 80/94 and immediately west of Indianapolis Boulevard. Lake

County, considered the center of commerce in NW Indiana, is a part of the Chicago

metropol-itan area. Highland is surrounded by Hammond to the north, Munster to the west, Schererville

to the south and Griffith to the east.

(3)

FINANCIALS

2000-2046 45

TH

_ST.

HIGHLAND, IN

©Jameson Real Estate LLC. All information provided herein is from sources deemed reliable. No representation is made as to the accuracy thereof & it is submitted subject to errors, omissions, changes, prior sale or lease, or withdrawal without notice. Projections, opinions, assumptions & estimates are presented as examples only & may not represent actual performance. Consult tax & legal advisors to perform your own investigation.

Proforma

2018

2019

Base Rent Income

$

1,461,658

$

1,527,282

$

1,526,079

*

Real Estate Tax Reimbursements

$

7,153

Gross Income

$

1,461,658

$

1,527,282

$

1,533,232

Expenses

Repairs & Maintenance

$

45,647

$

39,851

$

42,749

*

Lawn & Snow Services

$

28,782

$

24,776

$

26,779

Uilities

$

14,804

$

12,318

$

13,561

Garbage Services

$

3,294

$

3,245

$

3,270

Cleaning, Fees & Permits

$

1,169

$

-

$

585 Insurance

$

11,542

$

18,720

$

15,131

Adversting

$

1,363

$

2,624

$

1,994

Office & Bank Charges

$

1,992

$

2,395

$

2,194

Professional Fees

$

2,635

$

8,615

$

5,625

Real Estate Taxes

$

163,066

$

158,569

$

160,818

Total Operating Expenses

$

274,294

$

271,113

$

272,704

*

Management

3% of Gross Income

$

45,997

Net Income

$

1,187,364

$

1,256,169

$

1,214,532

* Notes:

Base Income includes rent for Units 2062 & 2128 effective 3/1/21 and Unit 2042 effective 5/1/21

Proforma Expenses are the average of 2018 & 2019 expenses, 2021 not yet available

Cap Rate

Asking Price

9.5%

$

12,800,000

Proforma Net Income does not include any rent on current vacancies.

Actual

Porte De L'eau Plaza

2018 & 2019 Expenses & Proforma

(4)

RENT ROLL

2000-2046 45

TH

_ST.

HIGHLAND, IN

Suite

Tenant

Size SF

Share

%

Move In

Date

Tenancy

Yrs of

Lease

Start

Lease Exp.

Suite

Tenant

Size SF

Share

%

Move In

Date

Tenancy Lease Start

Yrs of

Lease

Exp.

2000 McColly Realtors, Inc

5,905 6.67% 12/1/2001

19 9/1/11

9/30/23

2108

Amber Gold Salon

800 0.90% 7/1/2013

7 7/1/13

6/30/24

2004 Honey Baked Ham Café

2,400 2.71% 6/1/1994

26 6/1/11

5/31/25

2110-16 Priority Fitness

3,240 3.66% 5/1/2017

3 5/1/17

5/31/22

2008 Yoga on 45th

1,200 1.35% 4/1/2013

7 4/1/13

4/30/22

2118

Mr. Cuts

800 0.90% 9/1/2017

3 9/1/17

12/31/20

2010 KS Systemic Learners

1,200 1.35% 10/1/2014

6 10/1/14

9/30/24

2120

Relax Station

1,700 1.92% 3/1/2017

3 1/1/19

11/30/21

2012 Bushwackers

1,200 1.35% 11/1/1984

36 11/1/07

10/3/23

2124

Heartland Blood Center

2,080 2.35% 11/1/2011

9 11/1/12

11/30/21

2014 Tasty Olive Company

1,200 1.35% 3/1/2013

7 3/1/13

2/28/21

2128

Fat Burrito

1,600 1.81% 12/1/2018

2 1/10/19

2/28/24

2016 Direct Mortgage Loans

1,200 1.35% 8/1/2010

10 6/19/17

6/30/21

2130

Baum's Natural Food

1,200 1.35% 7/1/2018

2 7/17/18

8/31/22

2018 Vacant

750 0.85%

2132

Merle Norman Cosmetic

1,200 1.35%

19 1/1/2014 12/31/22

2020 Healthy Harvest

1,650 1.86% 6/1/2013

7 6/1/13

10/31/21

2134

Vacant

1,200 1.35%

2022

Paun Family Chiropratic and

Wellness, PC

1,320 1.49% 9/1/2007

13 9/1/11

8/31/21

2136

One Main Financial Services 1,800 2.03% 5/1/2008

12 5/1/08

4/30/23

2024 Just Pedal Cycle Studio

2,980 3.36% 10/1/2017

3 9/1/17

8/31/22

2140

Generation Next Preschool

2,800 3.16% 9/1/2009

11 9/1/09

8/31/21

2030 Vacant

1,600 1.81%

2144

Orthopedic Balance and

Therapy Specialists

1,500 1.69% 4/1/2018

2 4/1/18

3/31/23

2032-34 Integrity Trade Services

2,400 2.71% 10/1/2013

7 10/31/13 10/31/23

2146

AccuQuest Hearing Center

2,309 2.61% 3/1/2007

13 6/1/08

8/30/23

2036 Chiro's Family Restaurant

3,700 4.18% 7/27/2020

new

7/27/20

7/31/22

2150

Lee Nails

1,200 1.35% 10/1/2009

11 10/10/14

9/30/22

2042-46 Middle Eastern Grocery

2,500 2.82% 1/1/2021

new

1/1/21

12/31/25

2152

Salon Capellani

1,200 1.35% 5/1/2008

12 5/1/11

4/30/21

2048

Fidelity National Title

Insurance

1,920 2.17% 1/1/2002

18 1/1/10

12/31/21

2154

Region Ballons

1,200 1.35% 9/1/2020

new

9/1/20

8/31/23

2052-54 Vacant

1,400 1.58%

2156

Fresh Market

1,200 1.35% 5/1/2007

13 5/1/13

4/30/21

2056 QR Express

1,000 1.13% 12/16/2020

new

12/16/20 12/31/22

2158

The UPS Store

1,200 1.35% 12/1/2008

12 7/1/16

6/30/24

2058-60 Novapsect Holdings, Inc

2,700 3.05% 12/1/2014

6 12/1/14

11/30/22

2162

Coldwell Banker Residential 4,800 5.42% 6/1/1992

28 6/1/10

5/31/21

2062 Texture Pointe Salon

1,320 1.49% 3/1/1999

21 3/1/09

2/28/24

9722

Just A Dash Catering

4,480 5.06% 5/1/2014

6 5/1/14

4/30/21

2064

The Women's Center of NW

Indiana

1,350 1.52% 5/8/2017

3 6/1/17

5/31/23

9725

BT Video Systems, LLC

2,000 2.26% 1/1/2016

4 1/1/16

12/31/25

2100-04 Pediatric Dental Associates

3,484 3.93% 10/3/2014

6 10/3/14

1/31/25

9732

Chicago Title Company

2,700 3.05% 8/1/2016

4 8/1/16

7/31/21

2106 Mrs. Dornbuerg's Culinary

2,000 2.26% 3/1/1996

24 2/1/15

1/31/25

Totals

88,588

S/F

%

# of Units

Annualized

Vacant

4,950

5.6%

4 Occupied

83,638 94.4%

41 Total

88,588 100.0%

45

(5)

SURVEY

2000-2046 45

TH

_ST.

HIGHLAND, IN

(6)

PHOTOS

2000-2046 45

TH

_ST.

(7)

PHOTOS

2000-2046 45

TH

_ST.

HIGHLAND, IN

(8)

PHOTOS

2000-2046 45

TH

_ST.

(9)

REGIONAL & LOCAL MAPS

2000-2046 45

TH

_ST.

HIGHLAND, IN

q

PORTE DE L’EAU PLAZA

q

(10)

RETAIL MAP

2000-2046 45

TH

_ST.

HIGHLAND, IN

q

(11)

TRAFFIC MAP

2000-2046 45

TH

_ST.

HIGHLAND, IN

Traffic Count Map

2020 45th St, Highland, Indiana, 46322

Prepared by Esri

Rings: 1, 2, 3 mile radii

Latitude: 41.53734

Longitude: -87.47941

August 06, 2019

(12)

DEMOGRAPHICS

2000-2046 45

TH

_ST.

HIGHLAND, IN

Executive Summary

2020 45th St, Highland, Indiana, 46322

Prepared by Esri

Rings: 1, 2, 3 mile radii

Latitude: 41.53734

Longitude: -87.47941

1 mile

2 miles

3 miles

Population

2000 Population

11,073

35,194

70,680

2010 Population

12,178

36,249

74,900

2019 Population

12,333

35,626

73,694

2024 Population

12,259

35,113

72,630

2000-2010 Annual Rate

0.96%

0.30%

0.58%

2010-2019 Annual Rate

0.14%

-0.19%

-0.18%

2019-2024 Annual Rate

-0.12%

-0.29%

2019 Male Population

47.6%

48.4%

48.2%

2019 Female Population

52.4%

51.6%

51.8%

2019 Median Age

46.3

46.8

44.6 In the identified area, the current year population is 73,694. In 2010, the Census count in the area was 74,900. The rate of change since

2010 was -0.18% annually. The five-year projection for the population in the area is 72,630 representing a change of -0.29% annually from

2019 to 2024. Currently, the population is 48.2% male and 51.8% female.

Median Age

The median age in this area is 46.3, compared to U.S. median age of 38.5.

Race and Ethnicity

2019 White Alone

78.4%

84.2%

82.2%

2019 Black Alone

6.9%

3.7%

5.4%

2019 American Indian/Alaska Native Alone

0.2%

2019 Asian Alone

8.4%

6.0%

4.7%

2019 Pacific Islander Alone

0.0%

2019 Other Race

3.5%

3.6%

4.7%

2019 Two or More Races

2.6%

2.3%

2.6%

2019 Hispanic Origin (Any Race)

13.5%

14.0%

16.1%

Persons of Hispanic origin represent 16.1% of the population in the identified area compared to 18.6% of the U.S. population. Persons of

Hispanic Origin may be of any race. The Diversity Index, which measures the probability that two people from the same area will be from

different race/ethnic groups, is 50.3 in the identified area, compared to 64.8 for the U.S. as a whole.

Households

2019 Wealth Index

130

134

110 2000 Households

4,539

14,028

27,411

2010 Households

5,077

14,907

29,784

2019 Total Households

5,254

14,902

29,714

2024 Total Households

5,253

14,758

29,412

2000-2010 Annual Rate

1.13%

0.61%

0.83%

2010-2019 Annual Rate

0.37%

0.00%

-0.03%

2019-2024 Annual Rate

0.00%

-0.19%

-0.20%

2019 Average Household Size

2.35

2.38

2.45 The household count in this area has changed from 29,784 in 2010 to 29,714 in the current year, a change of -0.03% annually. The

five-year projection of households is 29,412, a change of -0.20% annually from the current five-year total. Average household size is currently 2.45,

compared to 2.49 in the year 2010. The number of families in the current year is 19,971 in the specified area.

Data Note: Income is expressed in current dollars. Housing Affordability Index and Percent of Income for Mortgage calculations are only available for areas with 50

or more owner-occupied housing units.

(13)

DEMOGRAPHICS

2000-2046 45

TH

_ST.

HIGHLAND, IN

Executive Summary

2020 45th St, Highland, Indiana, 46322

Prepared by Esri

Rings: 1, 2, 3 mile radii

Latitude: 41.53734

Longitude: -87.47941

1 mile

2 miles

3 miles

Mortgage Income

2019 Percent of Income for Mortgage

14.2%

13.3%

12.8%

Median Household Income

2019 Median Household Income

$77,679

$79,022

$72,113

2024 Median Household Income

$84,746

$86,411

$79,621

2019-2024 Annual Rate

1.76%

1.80%

2.00%

Average Household Income

2019 Average Household Income

$98,622

$98,872

$88,941

2024 Average Household Income

$108,723

$109,268

$99,563

2019-2024 Annual Rate

1.97%

2.02%

2.28%

Per Capita Income

2019 Per Capita Income

$42,192

$40,953

$35,972

2024 Per Capita Income

$46,753

$45,461

$40,451

2019-2024 Annual Rate

2.07%

2.11%

2.37%

Households by Income

Current median household income is $72,113 in the area, compared to $60,548 for all U.S. households. Median household income is

projected to be $79,621 in five years, compared to $69,180 for all U.S. households

Current average household income is $88,941 in this area, compared to $87,398 for all U.S. households. Average household income is

projected to be $99,563 in five years, compared to $99,638 for all U.S. households

Current per capita income is $35,972 in the area, compared to the U.S. per capita income of $33,028. The per capita income is projected to

be $40,451 in five years, compared to $36,530 for all U.S. households

Housing

2019 Housing Affordability Index

155

169

175 2000 Total Housing Units

4,699

14,478

28,278

2000 Owner Occupied Housing Units

3,421

11,471

22,837

2000 Renter Occupied Housing Units

1,119

2,556

4,574

2000 Vacant Housing Units

159

451

867 2010 Total Housing Units

5,294

15,495

31,088

2010 Owner Occupied Housing Units

3,882

12,239

24,696

2010 Renter Occupied Housing Units

1,195

2,668

5,088

2010 Vacant Housing Units

217

588 1,304

2019 Total Housing Units

5,446

15,668

31,298

2019 Owner Occupied Housing Units

4,053

12,454

25,139

2019 Renter Occupied Housing Units

1,201

2,447

4,575

2019 Vacant Housing Units

192

766 1,584

2024 Total Housing Units

5,527

15,824

31,584

2024 Owner Occupied Housing Units

4,067

12,404

25,051

2024 Renter Occupied Housing Units

1,186

2,354

4,361

2024 Vacant Housing Units

274 1,066

2,172

Currently, 80.3% of the 31,298 housing units in the area are owner occupied; 14.6%, renter occupied; and 5.1% are vacant. Currently, in

the U.S., 56.4% of the housing units in the area are owner occupied; 32.4% are renter occupied; and 11.2% are vacant. In 2010, there

were 31,088 housing units in the area - 79.4% owner occupied, 16.4% renter occupied, and 4.2% vacant. The annual rate of change in

housing units since 2010 is 0.30%. Median home value in the area is $188,264, compared to a median home value of $234,154 for the U.S.

In five years, median value is projected to change by 1.56% annually to $203,398.

Data Note: Income is expressed in current dollars. Housing Affordability Index and Percent of Income for Mortgage calculations are only available for areas with 50

or more owner-occupied housing units.

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2019 and 2024. Esri converted Census 2000 data into 2010 geography.

August 06, 2019

(14)

GRAPHIC PROFILE

2000-2046 45

TH

_ST.

HIGHLAND, IN

Graphic Profile

2020 45th St, Highland, Indiana, 46322

Prepared by Esri

Ring: 1 mile radius

Latitude: 41.53734

Longitude: -87.47941

2019 Population by Race

12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0

White Black Am.Ind. Asn/Pac Other Two+

78.4%

6.9%

0.2%

8.4%

3.5%

2.6%

<5

5-19

20-24

25-34

35-44

45-54

55-64

65+

2019 Population by Age

4.1% 16.7% 4.7% 10.9% 11.8% 13.9% 15.4% 22.4%

2019 Percent Hispanic Origin: 13.5%

Households

6,000

5,000

4,000

3,000

2,000

1,000

0 Census 2010

2019

2024

5,077

5,254

5,253

<$100K $100-199K $200-299K $300-399K $400-499K $500K+

2019 Home Value

4.5% 33.7% 36.2% 12.1% 5.5% 8.1%

2019-2024 Annual Growth Rate

Pe

rc

en

t

2

1.5

1

0.5

0 -0.5

Population

-0.12

Households Median Household Income Owner Occupied Housing Units

(15)

GRAPHIC PROFILE

2000-2046 45

TH

_ST.

HIGHLAND, IN

Graphic Profile

2020 45th St, Highland, Indiana, 46322

Prepared by Esri

Ring: 2 mile radius

Latitude: 41.53734

Longitude: -87.47941

2019 Population by Race

35,000 30,000 25,000 20,000 15,000 10,000 5,000 0

84.2%

3.7%

_0.2%

6.0%

3.6%

2.3%

<5

5-19

20-24

25-34

35-44

45-54

55-64

65+

2019 Population by Age

4.1% 16.0% 4.8% 11.2% 11.6% 13.6% 16.1% 22.7%

Households

18,000

16,000

14,000

12,000

10,000

8,000

6,000

4,000

2,000

0 Census 2010

2019

2024

14,907

14,902

14,758

<$100K $100-199K $200-299K $300-399K $400-499K $500K+

2019 Home Value

3.9% 40.6% 31.0% 12.4% 5.4% 6.7%

2019-2024 Annual Growth Rate

Pe

rc

en

t

2.5

2

1.5

1

0.5

0 -0.5

-1

Population

-0.29

Households

-0.19

Median Household Income Owner Occupied Housing Units

1.80 -0.08

2019 2024

Household Income

Pe

rc

en

t

20

15

10

5

0

_<$15K _$15K-$25K _$25K-$35K _$35K-$50K _$50K-$75K _$75K-$100K _$100K-$150K _$150K-$200K _$200K+

Source: U.S. Census Bureau, Census 2010 Summary File 1. Esri forecasts for 2019 and 2024.

August 06, 2019

(16)

GRAPHIC PROFILE

2000-2046 45

TH

_ST.

HIGHLAND, IN

Graphic Profile

2020 45th St, Highland, Indiana, 46322

Prepared by Esri

Ring: 3 mile radius

Latitude: 41.53734

Longitude: -87.47941

2019 Population by Race

70,000 60,000 50,000 40,000 30,000 20,000 10,000 0

82.2%

5.4%

_0.2%

4.8%

4.7%

2.6%

<5

5-19

20-24

25-34

35-44

45-54

55-64

65+

2019 Population by Age

4.6% 16.6% 5.4% 11.9% 12.0% 13.2% 15.2% 21.1%

Households

35,000

30,000

25,000

20,000

15,000

10,000

5,000

Census 2010

2019

2024

29,784

29,714

29,412

<$100K $100-199K $200-299K $300-399K $400-499K $500K+

2019 Home Value

9.2% 47.5% 25.6% 8.9% 4.0% 4.8%

2019-2024 Annual Growth Rate

Pe

rc

en

t

2.5

2

1.5

1

0.5

0 -0.5

-1

Population

-0.29

Households

-0.20

Median Household Income Owner Occupied Housing Units