Multiple Bank-Owned Property Sales
Podolsky|Circle CORFAC International announced the completion of multiple recent sales transactions in the Chicago market on behalf of a regional bank.
- 1932 15th Avenue, Melrose Park, IL, a 26,183 sq. sf. manufacturing building, was sold to MNS Warehouse LLC (MNS). The property features five docks, a drive-in door, heavy power and a fenced lot. MNS will use the building for the sale and distribution of kitchenware.
- 600 N. IL Route 31, Crystal Lake, IL, a 5,280 sq. ft. single story multi-tenant office building, was sold to the Blackhawk Area Council (BAC) of the Boy Scouts of America. BAC will use the building as its regional headquarters.
- 2000 W. Hubbard Street, Chicago, IL, a 6,768 sq. ft. rarely available infill land site, was sold to a private individual who bought the property as an investment to satisfy a 1031 exchange. The well located site has frontage on both Hubbard and Damen Avenues with a daily average traffic count of 12,500 cars. It is in close proximity to the United Center as well as numerous restaurants and retail establishments and public transportation.
- 3209-3215 N. Elston Avenue, Chicago, IL, a 12,000 sq. ft. land site in the Avondale neighborhood, was sold to Dolyva Development, LLC, an investor and residential developer. Dolyva plans to build a multi-story residential building on the site. The high visibility site has Elston Avenue frontage and is adjacent to the intersections of Belmont, California and Elston. Its Mixed Use zoning makes it ideal for a plethora of possible uses.
- 1809-1835 W. Devon Avenue, Chicago, IL consists of two graded gravel lots totaling 28,744 sq. ft. Due to the residential density of the surrounding area, the high visibility site adjacent to the corner of Devon and Ridge Road garnered a high level of interest from self-storage operators. The site ultimately sold for approximately 25% above the asking price. The Buyer, Banner Acquisitions, plans to develop a self-storage facility on the site.
“Podolsky|Circle’s 28-plus years’ experience representing bank-owned properties makes us the ideal partner for banks looking to dispose of distressed property,” stated Homsher. “We possess the industry tools and market reach to achieve property-specific solutions that satisfy both our clients and the purchaser.”