Journal-Gazette Building701 S. Clinton StreetFort Wayne, Indiana 46802
OFFERING MEMORANDUMINVESTMENT PROPERTIES
Affiliated Business Disclosure and Confidentiality Agreement
This is a confidential Memorandum intended solely for
your limited use and benefit in determining whether
you desire to express further interest in the acquisition
of the Property.
This Memorandum contains selected information
pertaining to the Property and does not purport to be
a representation of the state of affairs of the Property
or the owner of the Property (the “Owner”), to be all-
inclusive or to contain all or part of the information
which prospective investors may require to evaluate a
purchase of real property. All financial projections and
information are provided for general reference
purposes only and are based on assumptions relating
to the general economy, market conditions, competition
and other factors beyond the control of the Owner and
Sturges, LLC. Therefore, all projections, assumptions
and other information provided and made herein are
subject to material variation. All references to acreages,
square footages, and other measurements are
approximations. Additional information and an
opportunity to inspect the Property will be made
available to interested and qualified prospective
purchasers. In this Memorandum, certain documents,
including leases and other materials, are described in
summary form. These summaries do not purport to be
complete nor necessarily accurate descriptions of the
full agreements referenced. Interested parties are
expected to review all such summaries and other
documents of whatever nature independently and not
rely on the contents of this Memorandum in any
manner.
Neither the Owner or Sturges, LLC, nor any of their
respective directors, officers, Affiliates or
representatives make any representation or warranty,
expressed or implied, as to the accuracy or
completeness of this Memorandum or any of its
contents, and no legal commitment or obligation shall
arise by reason of your receipt of this Memorandum or
use of its contents; and you are to rely solely on your
investigations and inspections of the Property in
evaluating a possible purchase of the real property.
The Owner expressly reserved the right, at its sole
discretion, to reject any or all expressions of interest or
offers to purchase the Property, and/or to terminate
discussions with any entity at any time with or without
notice which may arise as a result of review of this
Memorandum. The Owner shall have no legal
commitment or obligation to any entity reviewing this
Memorandum or making an offer to purchase the
Property unless and until written agreement(s) for the
purchase of the Property have been fully executed,
delivered and approved by the Owner and any
conditions to the Owner’s obligations therein have
been satisfied or waived.
By receipt of this Memorandum, you agree that this
Memorandum and its contents are of a confidential
nature, that you will hold and treat it in the strictest
confidence and that you will not disclose this
Memorandum or any of its contents to any other entity
without the prior written authorization of the Owner or
Sturges, LLC. You also agree that you will not use this
Memorandum or any of its contents in any manner
detrimental to the interest of the Owner or Sturges,
LLC.
If after reviewing this Memorandum, you have no
further interest in purchasing the Property, kindly
return this Memorandum to Sturges, LLC.
© 2018 Sturges, LLC. The information contained in this
document has been obtained from sources believed
reliable. While Sturges, LLC does not doubt its accuracy,
Sturges, LLC has not verified it and makes no guarantee,
warranty or representation about it. It is your
responsibility to independently confirm its accuracy
and completeness. Any projections, opinions,
assumptions or estimates used are for example only
and do not represent the current or future performance
of the property. The value of this transaction to you
depends on tax and other factors which should be
evaluated by your tax, financial and legal advisors. You
and your advisors should conduct a careful,
independent investigation of the property to determine
to your satisfaction the suitability of the property for
your needs.
Sturges, LLC and the Sturges Property Group logo are
service marks of Sturges, LLC. and/or its affiliated or
related companies in the United States and other
countries. All other marks displayed on this document
are the property of their respective owners.
Photos herein are the property of their respective
owners and use of these images without the express
written consent of the owner is prohibited.
Exclusively Listed ByTable Of Contents
04 EXECUTIVE SUMMARY The Offering
06 PROPERTY OVERVIEW Property History & Description Floor Plans Photos & Aerial Tenant Profiles
16 LOCAL MARKET OVERVIEW Market Summary Maps & Traffic Counts
Barry Sturges, CPM®Chief Executive Officer
260 424 [email protected]
John CaffrayVice President of Brokerage
260 424 [email protected]
Brady GardnerBroker
260 424 [email protected]
Sturges Property Group202 W. Berry Street
Suite 500Fort Wayne, IN 46802SturgesProperty.com
EXECUTIVE SUMMARY
J O U R N A L - G A Z E T T E B U I L D I N G
5E X E C U T I V E S U M M A R Y
THE OFFERING
Sturges Property Group has been appointed the exclusive agent for the sale the Journal Gazette Building, located in Fort Wayne, Indiana’s prestigious downtown commercial district. The property, totaling approximately 18,478 rentable square feet on 0.17 acres, is currently 67% occupied.
Zoned as DC Downtown Core, the project is well-located at S. Clinton Street and Main Street, one of downtown’s busiest intersections. The property boasts beautiful Chicago school architecture and stunning views of the historic Allen County Courthouse. The submarket around the Journal-Gazette Building consists of office and
governmental buildings, restaurants, upscale urban condominiums, city parks, and local tourist attractions.
HIGHLIGHTS
• Excellent location in downtown Fort Wayne
• 67% Occupied
• Investment opportunity with upside potential
PROPERTY OVERVIEW
J O U R N A L - G A Z E T T E B U I L D I N G
7P R o P E R T Y o V E R V I E w
PROPERTY HISTORY
The Journal-Gazette Building was built in 1927-1928. It was designed by well-known regional architect Charles R. Weatherhogg.
The structure is a Chicago style 4-story red brick building with limestone trim in the Chicago Style. The building has 13 bays with seven central bays accented with round arches.
The Journal-Gazette newspaper plant was housed in the building until 1951. Large, fixed glass “picture” windows were installed to let passers-by view the working presses. In 1951, the newspaper moved to a new facility, and the building was transformed into multi-tenant office space.
The building was added to the National Register of Historic Places in 1982.
RENDERING, c. 1927
EXTERIOR DETAIL OF MAIN FACADE
8
ADDRESS701 S. Clinton StreetFort Wayne (Allen County), IN 46802
LAND AREA0.17 AC
RENTABLE AREA SQUARE FEET18,478
OCCUPANCY67%
VACANCY33%
YEAR BUILT1928
YEAR RENoVATED1990
RooFFlat
FLooRS3 with additional mezzanine
ELEVAToRS1
ZoNINGDC, Downtown Core
SIGNAGE Tenant Directory signage in lobby
PARKINGOff-site
SEwER SERVICE City of Fort Wayne
wATER SERVICE City of Fort Wayne
ELECTRICAL SERVICEAEP/Indiana Michigan Power
GAS SERVICE NIPSCO
PROPERTY DESCRIPTION
The Journal-Gazette Building is located in downtown Fort Wayne, at the intersection of S. Clinton Street and Main Street. The property is a historic landmark, featuring Chicago style architecture, with red brick with Indiana limestone trim.
The Journal-Gazette newspaper was originally housed in the building. Special picture windows allowed pedestrians to view the presses in action. The newspaper moved to a new facility in 1951, and the building converted into multi-tenant office space use.
J O U R N A L - G A Z E T T E B U I L D I N G
10
FLOOR PLANS
FIRST FLOOR & MEZZANINE
J O U R N A L - G A Z E T T E B U I L D I N G
11P R o P E R T Y o V E R V I E w
HIGHLIGHTED SUITES REFLECT VACANT UNITS
FLOOR PLANS
SECOND FLOOR
THIRD FLOOR
12
PROPERTY PHOTOS
J O U R N A L - G A Z E T T E B U I L D I N G
13P R o P E R T Y o V E R V I E w
AERIAL IMAGE
14
HD MARKETING & DESIGN
HD Marketing & Design is a local web design and internet marketing company specializing in web development,
Search Engine Optimization (SEO), content development, social media marketing, and video production for web and TV.
WAITER ON THE WAY/WOW FACTOR CATERING
Waiter on the Way is Fort Wayne’s premier restaurant food delivery service, making it convenient to have favorite
meals from Fort Wayne’s favorite restaurants delivered to home or office. WoW Factor Catering is a trusted catering
provider in the Fort Wayne area for more than 25 years, providing timely food delivery and exceptional service for groups
of all sizes. Waiter on the Way operates a commercial kitchen from the ground floor of the Journal-Gazette Building.
CHRZAN LAW
Chrzan Law is focused on supporting clients in Family Law, Trusts & Estates and Collaborative Divorce cases.
FORREST LEGAL LLC
Forest Legal LLC is a law firm primarily focused on family law and domestic relations, handling issues of divorce, child
custody, child support, paternity, adoption, surrogate birth issues, and prenuptial agreements, in addition to providing
family law mediation services.
TENANT PROFILES
J O U R N A L - G A Z E T T E B U I L D I N G
15P R o P E R T Y o V E R V I E w
KENDALL & DAVIS, INC.
Kendall & Davis, Inc. is private employment search firm that has been in business since 1978. Their recruiting niche
is information security, data warehousing, business intelligence, database administration, ERP, CRM, and nice subject
matter experts.
JARJOUR LAW OFFICE
Jarjour Law Office serves clients in Indiana, Michigan, and Ohio in the areas of domestic relations, civil litigation,
and criminal law.
GIBSON LAW OFFICE
Gibson Law Office is a team of criminal defense attorneys with offices in Lafayette and Fort Wayne, Indiana. Clients
include people charged with serious felony and misdemeanor crimes, suspects in criminal investigations, and persons
seeking to restrict access, seal, or expunge their criminal records.
WILSON LAW GROUP
Wilson Law Group is a small law firm focused on all areas of intellectual property law, including patent, trademark,
copyright, trade secret, and technology law, led by attorney Jacque R. Wilson.
TENANT PROFILES
LOCAL MARKET OVERVIEW
J O U R N A L - G A Z E T T E B U I L D I N G
17L o C A L M A R K E T o V E R V I E w
MARKET SUMMARY
The Journal-Gazette Building is situated in the downtown area of Fort Wayne, Indiana. The property is located directly across from the historic Allen County Courthouse and within walking distance of many downtown amenities.
Surrounding the Journal-Gazette Building are office buildings, banks, parks, tourist attractions, restaurants, parking garages, and retail outfits. The property boasts superior visibility at one of downtown’s busiest intersections, with a traffic count of over 22,100 vehicles per day on Clinton Street at the Main Street intersection.
Fort Wayne is Indiana’s second-largest city, with a population of more than 260,000 people. Positioned 18 miles west of the Ohio border and 50 miles south of Michigan, Fort Wayne boasts a vibrant arts community, thriving downtown, and high quality of life. These assets combined with an affordable cost of living contributed to Fort Wayne being named the #1 Place to Raise a Family in 2017 (SmartAsset.com).
With a rich history in engineering and entrepreneurship and a deep-seeded Midwestern commitment to service, Fort Wayne’s economy is bustling with successful small businesses, established corporations, and foreign direct investment. As a state, Indiana ranked first in the nation for cost of doing business and infrastructure quality (CNBC 2016).
Businesses in Allen County have a one-day drive to more than one-fourth of the U.S. population and one-fifth of the Canadian population. More than 100 trucking companies serve Allen County using major interstates, U.S. highways, and state roads that cross the county. The Fort Wayne International Airport provides scheduled flights to major Midwestern and Southern cities.
For more information about Fort Wayne, please see the Community Profile at greaterfortwayneinc.com.
Indiana ranked first in the
nation for cost of doing
business and infrastructure
quality by CNBC in 2016,
and businesses in Allen
County have a one-
day drive to more than
one-fourth of the U.S.
population.
ESTIMATED DEMOGRAPHICS 1 MILE 3 MILES 5 MILES
Population 12,963 92,678 180,928
No. Households 5,285 36,390 72,725
Average HH Income $41,416 $44,298 $49,845
Daytime Population 32,098 70,168 125,207
Source: Nielsen, 2018
18
LOCAL MAPS & TRAFFIC COUNTS
TRAFFIC COUNTS AADT
Clinton Street (N of Main) 21,200
Clinton Street (S of Main) 22,100
Main Street (E of Clinton) 12,600
Main Street (W of Clinton) 16,500Source: City of Fort Wayne
JOURNAL-GAZETTE BUILDING
FOR SALE
Contact Us
SturgesProperty.com 202 West Berry Street, Suite 500, Fort Wayne, IN 46802 260 424 8448
Barry Sturges, CPM®Chief Executive Officer260 424 [email protected]
John CaffrayVice President of Brokerage260 424 [email protected]
Brady GardnerBroker260 424 [email protected]
Sturges Property Group202 W. Berry StreetSuite 500Fort Wayne, IN 46802SturgesProperty.com