Inland Real Estate Auctions, Inc. announced today it will auction a 20,000-square-foot building with high-rise development potential at 326 N. Michigan Ave. The three-story Mather building is located just two blocks from Millennium Park in a prime development area and may be the only developable parcel on North Michigan Avenue available in years. The winner of the sealed bid auction will also receive full rights to redevelopment for a venture potentially valued at $93 million on the site, which is ideal for a broad array of retail, office, residential, hospitality and entertainment uses.
“The whole dynamic in that area has changed since Millennium Park opened,” said Paul Rogers, senior vice president and managing broker of Inland Real Estate Auctions. “New condominium developments nearby are drawing a residential component to the area that just wasn’t there before. Around 16,000 pedestrians and 37,000 vehicles pass by this site daily. This activity spurs the need for goods and services including more retail, dining, entertainment and even more residential. The possibilities for the site are endless, and the auction presents retailers, investors and developers who never thought they could buy on North Michigan Avenue with a real once in a generation opportunity.”
The seller, Loukas Development, was drawn to the auction process for its speed and versatility, he added. “Interest in the property is evident without any marketing and the sellers sought the auction process because it will bring that interest to a rapid and defining conclusion,” Rogers said. “It’s highly unusual for a building on this part of Michigan Avenue to be sold conventionally, let alone at auction. Increasingly, the owners of even high-profile properties are turning to auctions as a way to realize immediate value in a volatile market.”
To obtain additional information and a comprehensive bidder information package, contact Inland Real Estate Auctions at (630) 990-5353.
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 full-service national real estate company, Inland Real Estate Auctions, Inc. brings unique depth, experience 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.
