OAK BROOK, Ill. -- Inland Real Estate Brokerage & Auctions, Inc., has announced an auction to be held here on June 6. It will feature a mix of retail, multi-family, office, business, mixed-use, lots/land, residential, and industrial properties located throughout Chicagoland and Iowa. Among the properties set to be sold are a residential development sites in Evanston, Ill., a restaurant property in Villa Park, Ill. and a multi-tenant light industrial property in Naperville, Ill.
“This auction event reflects the increased activity we’re seeing across all property types as banks begin to unload assets,” Paul Rogers, president of Inland Real Estate Brokerage & Auctions Inc., said in a statement “The mix of properties present an excellent buying opportunity for developers, retailers and investors.”
Properties up for auction include:
• Residential development sites with four adjoined lots located on the northeast corner of Dempster Street and Asbury Avenue in Evanston, Ill. The area is currently zoned for single-family homes and is situated near Northwestern University, public transportation and local shopping centers. All infrastructure is in place. Appraised at $660,000, the property will be auctioned subject to a bulk minimum bid of $250,000.
• A 7,808-sq.-ft. office building property, presently divisible for three tenants located at 5119 Utica Ridge Road, in Davenport, Iowa. This parcel is part of Coventry Place, an upscale mixed use office/retail development close to I-74 and 10 minutes from Quad Cities International Airport. Previously priced at $900,000, it will now be auctioned with the opening bid of $450,000.
• A 6,420-sq.-ft. restaurant property located at 541 W. North Ave., in Villa Park, Ill. This single-story, freestanding turn-key property includes all existing furniture, fixtures and equipment. Previously offered at $2.4 million the bidding will open at $575,000.
• A 19,040-sq.-ft. multi-tenant, income-producing light industrial property located at 10S371 Normantown Rd., in Naperville, Ill. A divisible, fully-leased property that sits on 1.55 acres, this space features two loading docks, two drive-in doors, an 18-ft. clearance and ample storage and outdoor parking. The property was on the market for $1,800,000. It will be auctioned with an opening bid of $665,000.
In a separate announcement, the firm said it placed on the market two multi-family properties located in Chicagoland, including a converted and leased condominium courtyard building in Evanston and an apartment complex in Glendale Heights. Both properties offer in-place tenants and income, presenting excellent investment and sale opportunities.
The bank-owned, 32-unit Evanston condominium property is a landmark courtyard building located at 632-640 Hinman Avenue. The newly renovated units feature hardwood floors, granite countertops, stainless steel appliances and fireplaces. Four of the units have been sold to date at prices as high as $450,000, while the remainder offer in-place rental income.
Stonegate Apartments in Glendale Heights is a stabilized 420-unit suburban apartment complex that has recently been upgraded with over $5 million in capital improvements. The property features historically strong occupancy and offers an investment upside through annual rent increases.