Inland Real Estate Auctions, Inc. to auction prime I-294 development site in Alsip, Ill.

. January 3, 2008

Inland Real Estate Auctions announced today that it will auction a key I-294 development parcel, located at the Cicero Avenue exit in Alsip, Ill., a community in the midst of a massive redevelopment plan. The company will also spearhead a comprehensive marketing effort to stimulate immediate leasing activity for the project, which is anticipated to be a retail lifestyle center. The Jan. 31 auction will offer between six and 12 acres of land, with potential for over twice that amount by assemblage.

The auction aims to accelerate the sale of at least 12 acres of development property, ideal to complete the first phase of the lifestyle-type retail plan, said Frank Diliberto, president and CEO of Inland Real Estate Auctions. Phase I would include a wide range of store sizes, with ideal restaurant sites, built around a courtyard.

The village government is offering a number of financial incentives to help offset the cost of development, making the project more attractive to potential buyers. “These properties are located within a TIF and enterprise zone,” said Greg Palumbo, village finance director. “Additionally the village would consider other incentive programs, such as the establishment of a business district or special service area, on a case-by-case basis.”

The village of Alsip, under Mayor Pat Kitching, has made development a priority and, as a result, is achieving a substantial influx in its economy. “It’s our attitude of pro-development and our ability to place new business and development on our radar screen, that will cause Alsip to take a lead role in major economic improvements throughout the southwest suburbs,” Kitching said.

Currently the development sites to be auctioned are occupied by a motel and restaurant and a one-story office building. Current ownership has positioned the properties for delivery within a few months, making development possible in the first quarter of 2008.

“This is one of the finest available retail sites in the region, yet one of the most underutilized,” Diliberto said. “In today’s market, developers are sensitive about risk and therefore only the best properties make sense for them. This is one to buy.”

The property offers unparalleled location, just off I-294 and a few minutes from I-55, near the recently completed Quarry Plaza, a nearby retail center anchored by Home Depot and L.A. Fitness. Over 46,000 cars pass the property each day. Palos Heights and Oak Lawn border the property and one of the southwest suburb’s newest Metra rail station developments is located only minutes away. “Property values have escalated due to major redevelopment,” Palumbo said. “However, there is plenty of opportunity to capitalize on future values offered by these locations.”

In addition to launching the development by auctioning the property, Inland will spearhead a comprehensive marketing plan to stimulate immediate leasing activity for the project.

“Inland has been retained by the ownership to implement a marketing plan that will provide the property’s new owner with a jumpstart on leasing,” Diliberto said. “A quick lease-up will benefit this immediate development, and the entire Cicero Avenue retail corridor.”

Bidders seminars and property inspections will begin on January 9 and interested bidders are asked to call the auction line at (630) 990-5350 for further information and to receive a bidder’s information package. Attendance at a seminar is a requirement to bid.

One of the nation’s top auctions firms, conducting transactions from coast to coast, Inland Real Estate Auctions is part of The Inland Real Estate Group of Companies, Inc. (www.inlandgroup.com), a group of separate companies which collectively have been ranked as the 5th largest shopping center owner in North America, the 5th largest property manager in the United States and 16th largest Financial Intermediary in the United States. Inland is one of the nation’s largest commercial real estate companies. Inland’s national headquarters is in Oak Brook, Ill.

Category: Auction News

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