AuctionWorks will host its largest online auction to date Nov. 24-26. Nearly half of the auction’s more than 90 listings are bank-owned properties, including 17 that will be sold absolute. The auction includes office, medical office, industrial, retail, mixed-use, single-family, multi-family, and vacant land. Buyers can bid online or submit pre-auction offers. Also included are entire portfolios of properties (apartments, homes, retail/office buildings, notes and lots) available for pre-auction bulk purchase.
“The sheer volume of properties in this online auction speaks to the firm’s success and demonstrates how many owners and brokers are now turning to AuctionWorks to sell their properties in an efficient and timely manner,” said Diana M. Peterson, president of Chicago-based AuctionWorks. “Banks especially have found our online auctions to be an ideal venue for selling their REOs.”
One large bank-owned property in the auction is an 182,000-square-foot industrial building on approximately 55 acres with 30 acres of surplus land in Watseka, Ill., about 20 minutes southeast of Kankakee. The minimum bid is $1.5 million.
“The Watseka property has most recently been used as a sheet metal fabrication facility,” Peterson said. “It has 11 loading docks and 15,000 square feet of office space.”
Another significant bank-owned property is 1600 E. Algonquin Road in Algonquin, Ill., a 30,454-square-foot building ideal for retail, office or warehouse use. Built in 2001, it contains a large showroom with a small warehouse area and two loading docks, and can be subdivided into eight units. The minimum bid is $1.43 million.
“Its corner location along heavily-trafficked Algonquin Road makes this an ideal retail location,” Peterson said.
A unique industrial redevelopment opportunity in La Porte, Ind. located at the base of the iconic La Porte water tower and only minutes from I-80/90 is also up for auction. This 8.1-acre site contains two multi-tenant manufacturing and warehouse buildings totaling approximately 280,000 square feet and onsite parking for 100 vehicles. It has a suggested opening bid of $725,000.
Majestic Theatre in the heart of downtown Kankakee, Ill., is also in the auction. The landmark, a hotspot for Vaudeville in the early 1900s, was recently restored and remodeled in art deco style. The renovation included the addition of new ADA elevators, HVAC systems and public restrooms. The venue currently hosts weddings, banquets, office events and musical entertainment. It features a full stage, a 16-foot screen, second- and third-floor balconies, lighting and sound systems. It also includes 19 office and restaurant spaces, all but one of which are currently leased.
On the retail front, the auction also offers a 6,100-square-foot strip center on Stony Island Avenue on Chicago’s South Side that contains five stores, four of which are leased. It has a suggested opening bid of $585,000. It also includes a free-standing, 10,000-square-foot building with restaurant and banquet spaces at 8020 South King Drive in Chicago. The minimum bid is $456,500.
Other commercial opportunities include a 13,578-square-foot, three-suite brick building in Arlington Heights ideal for owner/user, office or medical use; a 10,000-square-foot building on Chicago’s South Side; a fully-leased office/retail/light manufacturing building on Archer Avenue in Summit, Ill.; a 96,000-square-foot, bank-owned industrial warehouse at 13417 South Halsted in Riverdale, Ill.; a 22,000-square-foot industrial redevelopment opportunity at 5837 South Ashland Ave. in Chicago, with a minimum bid of $299,000; the bulk sale of 11 ground floor commercial spaces in a recently constructed condo high-rise near the Metra station in downtown Franklin Park, Ill.; a street-level storefront space on Wabash Avenue in Chicago’s South Loop; a bank-owned retail strip center in Lansing, Ill.; and two mixed-use buildings: one in Joliet, Ill., and the other on Chicago’s West Side.
The auction also includes three adjacent riverfront properties in downtown West Dundee, Ill. that present an excellent redevelopment opportunity ideal for retail and/or office use.
Numerous vacant commercial lots, most of which are bank-owned, are also up for auction including a fully-improved 1.22-acre land parcel in a retail area in Montgomery, Ill.; five acres in Shorewood, Ill. zoned for office and light industrial, as well as commercial lots in Mundelein, Ill., Port Barrington, Ill., Yorkville, Ill., Blue Island, Ill. and Crestwood, Ill.
Several bank-owned single-family homes will be available, including an investment opportunity in New Buffalo, Mich. for a cash-flowing beach house. The six-bed, four-bath house receives $40,000 a year in rental income. The suggested opening bid is $350,000. The auction also includes a two-bed, two-bath house in East Chicago, Ind. and a single-family redevelopment opportunity in Oakbrook Terrace, Ill.
More than 45 bank-owned residential lots will be available in either the note sale and/or the auction, including 28 platted and improved single-family lots on an 8.5-acre parcel in South Holland, Ill. as well as vacant residential lots located on the South and West Side of Chicago. Other finds include a 1.12-acre residential lot on a cul-de-sac in Flossmoor, Ill., that will be sold absolute, vacant land zoned R-1 in Downer’s Grove, Ill and an Orland Park, Ill., residential lot.
The auction includes 11 Chicago apartment buildings, ranging from two- to four-flats; and 12 single-family homes located throughout Chicago’s South Side and south suburbs. These properties, many of which are cash flowing, investment properties, are part of two privately held portfolios that are available for pre-auction bulk purchase.
All of AuctionWorks’ online bids are placed by actual prospective purchasers who are registered to bid, and the firm never bids on behalf of the seller. This process creates the most open and transparent online bidding experience, Peterson said.