Inland Real Estate Auctions to Auction James Igoe Building in Chicago West Loop

. June 27, 2007

Auction to Take Place in Public at Midwest Commercial Real Estate Summit

Inland Real Estate Auctions, Inc. announced today it will auction Chicago’s Igoe Building, 600 W. Van Buren St. The 285,000-square-foot loft office building will be auctioned as part of a live auction event at the Midwest Commercial Real Estate Summit, to be held Aug. 14 at the Hilton Chicago.

Named for James T. Igoe, a former U.S. representative who served as Chicago’s city clerk from 1917 to 1923 and later as chairman of the executive committee of Chicago Mercantile Bank, the building is located at 600 W. Van Buren St. in Chicago’s West Loop, just a block from Interstate-90/94 and public transportation. The vintage building, originally constructed in 1928, has been updated throughout the years and is currently undergoing another renovation.

“Properties like this don’t come to auction very often,” said Frank Diliberto, president and CEO of Inland Real Estate Auctions. “This is a first-rate property in a prime West Loop location offering an ideal set of circumstances for any kind of buyer – good income and immediate development upside. When dealing with these kinds of unique properties, the auction process provides an effective marketing tool to attract buyers down the street or across the country.”

With 34,000 square feet of land area, the building offers 225 feet of frontage on the west side of South Jefferson Street and 150 feet of frontage on West Van Buren Street. Parking spaces are available and tenants can lease space in a lot directly north of the property. The building is zoned for office, commercial, public, institutional and residential use with an optimal floor-area ratio. With 31 tenants, the property is 70 percent leased and currently produces $1.6 million in annual income.

“The leases are flexible, perfectly positioning the property as an investment vehicle or for immediate redevelopment,“ said Andy Gloor, a principal with the seller, Sterling Bay Companies. “We are also continuing to improve the building and line up tenants, providing investors with momentum to attract new tenants and increase lease rates.”

Bidders seminars start in early July. Information is available by the calling the auction hotline at (630) 990-5353.

The Midwest Commercial Real Estate Summit is being hosted by Real Estate Communications Group, a division of Law Bulletin Publishing Company, which publishes real estate industry magazines such as Midwest Real Estate News and Illinois Real Estate Journal. To register as an attendee, contact Sue Larson at (888) 516-7939 or visit www.recg.com/conferences.

One of the nation’s top auctions firms, Inland Real Estate Auctions is part of The Inland Real Estate Group of Companies, Inc. (www.inlandgroup.com), which comprises independent real estate investment and financial companies doing business nationwide and has been ranked collectively as one of the top four fastest-growing acquirers of retail property in the United States (Chain Store Age, May 2007), and the fifth-largest shopping center owner in North America (Shopping Centers Today, December 2006). Inland-sponsored companies own and manage in total over 100 million square feet of commercial real estate located in 44 states in the U.S. and Canada, as well as managed assets in excess of $17 billion. The Inland Real Estate Group of Companies, Inc., is based in Oak Brook, Ill.

Category: Auction News

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