This vacant, bank owned, approximately 177,000 sf industrial building set on 55 acres presented multiple disposition challenges.
255 West Fleming St. ,Watseka, IL 60970
Bank Owned Real Estate
Sale Price: $270,000
This vacant, bank owned, approximately 177,000 sf industrial building set on 55 acres presented multiple disposition challenges:
- Remote location in central Illinois
- Significant roof repair/replacement requirements (est. $1MM+)
- Failed/incomplete Phase 1-2 environmental reports
- 30 excess acres located in a flood plain
- Situated near an area that recently experienced 100 year high flood levels
The AW team recommended an asking price of $350,000 (given the roof condition and other challenges this property posed) and aggressively marketed the property for sale, targeting owner user buyers.
The AW team received several offers from owner user buyers and connected them with local government contacts to pursue tax abatements and building and zoning code changes. The AW team ultimately achieved a 30 day cash close and satisfied the bank’s need to get this property sold. The sale also benefited the village by saving a manufacturing facility that the buyer could repurpose and put in use, creating new local job opportunities.