Inland Real Estate Announces Homes, Office, Retail and Land Auctions

. April 20, 2010

Inland Real Estate Auctions, Inc. announced a collection of retail, residential, office and development property that will be sold during an auction event on May 19 in Lombard, Ill., including a 49,978-square-foot multi-tenant office building in Rolling Meadows, Ill. that has been appraised at $3 million but will be sold subject to a minimum bid of just $1.75 million.

“This office building, currently 62 percent occupied and producing income, is just one example of the outstanding values that exist in the auction market today,” commented Paul Rogers, senior vice president and managing broker of Inland Real Estate Auctions. “In the current real estate market, motivated sellers have turned to auctions to immediately divest their real estate assets, creating terrific opportunities for user/occupants and investor buyers.”

Additional properties to be auctioned on May 19:

Richton Park, Ill. bank-owned office/strip center building. Appraised at $510,000, the 8,620-square-foot building is being sold at the order of the lender subject to a minimum bid of $119,500 and is ideal for re-tenanting or redevelopment.
Merrillville, Ind. multi-tenant commercial building, sold pursuant to Circuit Court of Lake County court order. Currently 80 percent occupied, it is income-producing with 35,000-square-foot of commercial/flex space. Appraised at $1.3 million, it will be sold absolute, subject to court confirmation.
Orland Park, Ill. bank-owned residential development site. Zoned residential and ideal for 2-3 home sites, this 38,134-square-foot property, originally priced at $599,900, is being sold subject to a minimum bid of $97,500.
Lemont, Ill. development site. Preliminary approval for an upscale subdivision is in place for this 16-acre development site, which is also ideal for a wide array of development options. Previously valued at more than $2 million, the site is being sold by court order, subject to a minimum bid of $600,000.
Sugar Grove, Ill. luxury model home and home sites. Located in the 200-acre Prairie Glen community, the home sites were previously priced to $131,000, and at least six will be sold subject to minimum bids of $20,000. The 3,414-square-foot model home, previously priced at $483,000, will be auctioned with a low starting bid..
Frankfort, Ill. bank-owned estate home sites. Located in the prestigious Lighthouse Pointe community, the home sites, previously priced to $79,000, will be sold subject to minimum bids of $27,500.
New Lenox, Ill. bank-owned 1.25 acre industrial development sites. Located on Moni Drive and previously priced to $115,000, the sites will be sold subject to minimum bids of $47,500.
Michigan City, Ind. bank-owned resort home site. Located on Lakeshore Drive, this home site, previously priced to $159,000, will be sold subject to a minimum bid of $45,000
Interested bidders can contact Inland Real Estate Auctions at (630) 990-5353 for more information or to obtain the Bidder’s Information Package specific to each offering.

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. (http://www.inlandreauctions.com) is a leading provider of accelerated marketing and auction services. As part of The Inland Real Estate Group of Companies, Inc., a national real estate company, Inland Real Estate Auctions, Inc. brings unique depth, experience and resources to the real estate auction industry.

Category: Property

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