Inland Real Estate Auctions to Conduct Charity Auction in Support of Little Heroes Pediatric Cancer Foundation

. June 28, 2007

Auction to Take Place During Midwest Commercial Real Estate Summit

Inland Real Estate Auctions, Inc. announced today it will hold a charity auction in support of the Little Heroes Pediatric Cancer Foundation. The auction will be held Aug. 13 as part of the opening gala for the Midwest Commercial Real Estate Summit at the Hilton Chicago. Inland Real Estate Auctions will also close the conference with a real estate auction event on Aug. 14, offering three properties at an open outcry auction and giving attendees an up-close look at the auction process.

The Little Heroes Pediatric Cancer Foundation is a non-profit volunteer organization that is fighting for a cure for neuroblastoma, a unique form of pediatric cancer. Founded in 1997, the foundation is dedicated to raising money and awareness in the battle against neuroblastoma and providing a resource for families affected by the disease. Little Heroes is an affiliate of Children’s Memorial Hospital and Comer Children’s Hospital at the University of Chicago.

“Most often these conventions are one-sided real estate-only events,” said Frank Diliberto, president and CEO of Inland Real Estate Auctions. ”A fund-raiser like this provides a good opportunity for us to have a positive effect on issues beyond our industry and to reach out to the general business community and to the public. Not only does the event raise money, it also raises public awareness, and I am hopeful it will call more attention to the children’s hospitals, attention that will last throughout the year.”

Inland Real Estate Auctions will also close the summit on August 14 with one of its summer real estate auction events, offering selected properties from an inventory of over $45 million in available auction properties.

”The auction market is more active today than at any time in recent history,” Diliberto said. “The auction will act as a workshop to conference attendees unfamiliar with the process and its benefits. The globalization of the real estate economy has created a demand for auctions, especially as a creative alternative in a challenging marketplace.”

Properties to be auctioned at the close of the summit include:

— A 285,000-square-foot loft office building, ideal for continued investment ownership or retail and residential redevelopment, located at 328 S. Jefferson St. in Chicago’s West Loop, just a block from Interstate-90/94. The vintage building, originally constructed in 1928, has been updated throughout the years and is currently undergoing another renovation. The property has a current income of $1.6 million at 70 percent occupancy and a $3.4 million pro forma, including new retail space. With 34,000 square feet of land area, it offers 225 feet of frontage on the west side of South Jefferson Street and 150 feet of frontage on West Van Buren Street and is zoned for office, commercial, public, institutional and residential use with an optimal floor-area ratio.

“We have positioned for flexible leases, which make redevelopment an immediate possibility,” said Andy Gloor, a principal with the seller, Sterling Bay Companies. “Our continuing improvements to the building also provide investors with momentum to increase lease rates and attract new tenants. The name of the game today is to position a property for development upside, while still providing stabilized income.” Inspections and bidders’ seminars begin on July 12 at 1:00 p.m.

— A 54,100-square-foot office building, located at 1 Wildlife Way in Long Grove, Ill., is being offered as a direct sale from CenterPoint Properties. Formerly occupied by Ducks Unlimited, a leader in wetlands conservation, the property includes a 10.5-acre land site with 140 parking spaces and a nature pond in a completely landscaped setting. The building, constructed in 1994, is ADA-compliant and well-suited for corporate offices, a medical or training facility or for residential redevelopment. Previously offered at over $5 million, the minimum bid on the property is $2.25 million.

— Twenty-seven Oak Park residential condominiums located in the Avalon, 201-211 W. Washington, a 1920s-style courtyard building in downtown Oak Park, Ill. According to Tracy Snow, marketing director for the project, “the Avalon is a perfect combination of vintage living and modern amenities. The property offers such upgrades as crown moldings and granite countertops, while still preserving a vintage feeling.” Open houses begin on Saturday, July 7, from 1 p.m. to 4 p.m.

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 the single fastest-growing acquirer of retail property in the United States (Chain Store Age, May 2006), 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.

Category: Auction News

Comments are closed.