Sheldon Good & Company to Auction Auburn Gresham Office Building
Published: August 16, 2012
MINIMUM BID OF $600,000 - PREVIOUSLY OFFERED AT $1,450,000
PROPERTY IS WELL POSITIONED FOR NEW COMMERCIAL, RESIDENTIAL OR INSTITUTIONAL RE-USE
Sheldon Good & Company, a Racebrook Portfolio Company and America’s leading real estate auctioneer, will conduct the sale of a 93,000 square-foot office building located at 8801 South Ashland in Chicago, minutes from the downtown loop. The sale of the four-story structure - which formerly served as an AT&T office building – includes four 20,000 square-foot floor plates and 12,559 square feet below ground and an adjacent 40,000 square-foot paved lot currently used to provide 200 parking spaces. The two parcels total 2.07 acres and have a variety of redevelopment options including office, retail; mixed-use; senior living facility; school campus; multi-family housing; and many other alternative uses. Previously listed for $1,450,000, the property will be sold via a sealed-bid auction at or above $600,000. The deadline for bids is September 19, 2012.
Constructed in 1956 the building is located in the Auburn Gresham neighborhood in a high traffic area that boasts daily traffic counts of 26,700 vehicles. It is surrounded by recently constructed name brand retail businesses including Wal-Mart, Home Depot, Lowe’s and Walgreens. Currently vacant, the building features four equal sized floors that are fully equipped with varying configurations of small offices, conference rooms, washrooms and large open areas. The building also has two passenger elevators, a freight elevator and a fully functioning cafeteria located on the ground floor. The building is conveniently located a few steps from a Metra and CTA stops.
“This building presents a compelling opportunity for a buyer to acquire prime development opportunity at a significant discount to market value. The site affords a developer, investor or private buyer great flexibility to build a commercial or residential space with tremendous potential that will undoubtedly be welcomed by the neighborhood,” said John J. Cuticelli, CEO of Sheldon Good & Company.
The property is available for inspection by registered buyers by appointment only. Bids are due on September 19, 2012 by 3:00 pm CST, delivered to the offices of Sheldon Good & Company, 150 North Wacker Drive, Suite 2222, Chicago, IL, 60606. For additional information on the auction and to view the property by appointment, call (800)-962-0930 or visit www.Auction88thAshland.com.
Posted in Housing/Real Estate