Real Estate Auction Features REO and Privately Owned Assets

Four floors at 318 W. Adams Street will be on the auction block. Credit: Inland Real Easte Auction.

Inland Real Estate Brokerage & Auctions will hold an auction in September featuring a mix of bank- and privately-owned properties located throughout the Chicago area.

Among the properties featured during the September 12 auction is a recently renovated, 19-story boutique doorman office condo building. The 15th, 16th, 18th, 19th, floors of the Chicago West Loop building located at 318 W. Adams Street will be offered for sale to prospective buyers. Each floor has approximately 8,433 gross square feet and varying degrees of finish, from raw space to partially finished.

According to the Oak Brook, Ill.-based auction company, the minimum bid for this asset is $67 per gross square foot, which is $50 less than the original price.

The auction will also feature a 7,598 square-foot restaurant property located at 312 W. Main Street in downtown St. Charles. The bank-owned property currently includes fixtures and equipment.

In addition, an income-producing self-storage facility with approximately 20,000 square feet of rentable space—including 167 storage spaces and 47 RV/boat storage spaces—positioned at 849 Anita Ave. in Antioch will be part of the auction.   

There will also be a 4,179 square-foot partially leased, divisible and income-producing property up for auction. This REO office building, located in the Pilsen community of Chicago, features two suites. The property has been gutted and renovated, the auction company said on their website.

Additional properties to be sold include a 9,500 square-foot retail strip and a 1.28-acre development site with the potential for large assembly development, both located in West Chicago. The opening bid will be $395,000.

Lastly, a commercial and residential building that includes a 6,575 square-foot restaurant and two-bedroom apartment, located on Archer Avenue near Midway Airport, will be part of the auction.

“This lineup of properties represents the strong diversity we continue to see in the real estate auction market today,” said Paul Rogers, president of Inland Real Estate Brokerage & Auctions. “This auction offers a mix of income-producing and user properties with great potential for utilization and investment.”

The Sept. 12 auction will take place at the DoubleTree Hotel in Oak Brook, Ill. Web simulcast bidding will also be available for preregistered out of town bidders.