Industrial Site in Seneca, Ill. Sold for $2.85 Million

. December 5, 2008

Inland Real Estate Auctions, Inc. has announced the successful sale of a 65-acre industrial development site in Seneca, Ill. During the recent auction, the property sold for $2.85 million, or nearly $44,000 per acre, around 60 percent higher than the minimum bid of $26,000 per acre. The property also sold for more than its last appraised value of $40,000 per acre.

“The auction process allows the marketplace to determine the value of a property, and in this case the buyers were clearly drawn to a site with excellent development potential,” said Paul Rogers, senior vice president and managing broker of Inland Real Estate Auctions. “Out intensive six-week marketing program attracted the attention of all potential buyers, and the result was clearly a very good one for the seller.”

The development site is adjacent to the approved 1,650-acre intermodal facility in Seneca, and located in a tax increment financing district in a high-growth corridor of Grundy County. The property was auctioned as part of a court-ordered partition sale.
About Inland Real Estate Auctions, Inc.

One of the nation’s top auctions firms, conducting transactions from coast to coast, Inland Real Estate Auctions, Inc. is a leading provider of accelerated marketing and auction services. As part of The Inland Real Estate Group of Companies, Inc., a full-service national real estate company, Inland Real Estate Auctions, Inc. brings unique depth, experiences and resources to the real estate auction industry, with real estate marketing and auction professionals who have more than 60 years of combined experience in the formulation and execution of auction programs for all classifications of real estate.

Auction info www.inlandgroup.com

Category: Auction News

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