MRO Magazine

SVN AuctionWorks to Host Upcoming Real Estate Auctions with More Than 100 Commercial and Residential Properties


March 18, 2015
By Business Wire News

CHICAGO

SVN AuctionWorks has announced the firm will host three upcoming online auctions on March 18-20, April 20-22 and June 17-19 featuring incoming producing residential rental properties, luxury residential, retail, mixed-use, industrial, office and vacant land properties located throughout Illinois, Indiana and Michigan. Many of the auctions’ listings are bank-owned and some will be sold absolute. The firm will also host a sealed-bid auction on June 30 featuring a portfolio sale of 73 Chicago area residential rental properties with $747,135 in annual net income. Pre-auction bids are highly encouraged.

March Auction

The March 18-20 auction includes a cash-flowing mixed-use building in Aurora, a former grocery store in Crystal Lake, a flex building in Wheeling, a former grocery store anchored strip center in Wheeling, a bank owned industrial building in Watseka, a bank owned retail building in Algonquin, three riverfront office buildings in West Dundee, a duplex townhome in the Bridgeport neighborhood of Chicago, a single family home in Oakbrook Terrace, a bank owned note sale and bank owned vacant land located throughout Illinois. More properties are still available and others have been sold. Buyers can bid online or submit offers directly.

“This auction presents not only redevelopment opportunities and immediate income-generating prospects but also move-in ready residential properties,” said Diana M. Peterson, president of Chicago-based SVN AuctionWorks.

The three-story mixed-use building at 1 North Broadway Street in Aurora has $100,000 annual net cash flow. It includes six ground-level fully leased retail units, four one-bedroom apartments and seven studios and a large ballroom that is currently vacant. It has a suggested opening bid of $745,000.

“For investors seeking immediate cash flow, the Aurora property is ideal,” Peterson said. “It is centrally located in downtown Aurora just a few blocks from the Paramount Arts Center and the Hollywood Casino.”

Buyers also have a unique opportunity to acquire a Crystal Lake property and two Wheeling properties either individually or together in bulk from one seller. “There is tremendous redevelopment opportunity in each of the three properties,” Peterson said.

The Crystal Lake property includes a vacant 65,450-square-foot former grocery store. The 6.36-acre site, located along a bustling retail corridor at 5625 Northwest Highway, has a suggested opening bid of $500,000.

One of the Wheeling properties is a 46,262-square-foot shopping center with 12 divisible units, including a vacant former grocery store and two units leased to a liquor store and a laundromat at 1750-1894 West Hintz Road. It has a suggested opening bid of $500,000.

The other Wheeling property is an industrial/flex building at 7150 Capitol Drive with a suggested opening bid of $500,000. The 34,650-square-foot building includes 4,700 square feet of office space, 24,771-square feet of warehouse and 5,179 square feet of air-conditioned processing/manufacturing space. It was most recently used as a raceway track, with a climbing wall, cafeteria, and numerous rooms used for birthday parties.

Industrial listings include an 182,000-square-foot bank-owned building plus 30 acres of surplus land in Watseka with a suggested opening bid is $1.25 million. Another industrial redevelopment opportunity is offered at 5837 S. Ashland Ave., Chicago: a 22,000-square-foot manufacturing facility with a suggested opening bid of $299,000.

April Auction

The April 20-22 auction includes 10 bank-owned, class A office condos in a new development in Libertyville, Ill., a single family home and seven rental properties in Evanston, Ill. one rental property in Chicago, a single-family home in Northbrook on nearly one acre, an almost fully leased strip center on Stony Island Avenue, an industrial building in La Porte, Ind., a free standing building on South King Drive with two kitchens, a banquet area and a single family home in New Buffalo, Mich., located one block from the beach.

The 10 bank-owned, class A office condos are located in Pine Meadows Office Campus, a newly constructed development at 900 Technology Way in Libertyville. The condos will be offered pre-auction in bulk and comprise approximately 25,000 square feet. Alternatively, the entire top floor consisting of approximately 15,000 square feet may be purchased. All 10 remaining units are available for pre-auction purchase and have a minimum bid of $1.76M. The bank-owned building includes 19 office condos, nine of which have been sold. The bank selling the units is willing to provide financing to potential purchasers.

“Pine Meadows Office Campus is an architectural gem,” Peterson said. “The three-story elevator building is perfect for a professional business or a medical user. The never-before-occupied office condos are located in a prime location near Condell Medical Center, Winchester Road and Route 45.”

The seven rental properties in Evanston are all two-unit, income-generating properties.

June Auction

In the upcoming June 17-19 auction, a 10,500-square-foot, seven-bedroom, eight and one half bath Oak Brook mansion will be featured. The fully modernized home is available for pre-auction bidding now with a suggested opening bid of $1.59M. This luxury property offers an elevator, four fireplaces, three decks (including one wrap around), an indoor sport court and a highly-finished 4,500-square-foot lower level featuring an entertainment/media area, second kitchen, second laundry, exercise room, sauna, bedroom, full bath and access to the four car heated garage.

“Located in a gated community of more than 20 custom homes in one of Chicago’s top suburbs, this amazing property is situated on 1.3 heavily wooded acres and boasts beautiful gardens,” said Peterson. “It’s hard to find homes under $2 million with these features anywhere, let alone in highly desirable Oakbrook. The new owner will enjoy marble floors, an open floor plan ideal for entertaining, a recently redone, dream kitchen with top appliances, all new ensuite baths, six bedrooms up (seven total), top-tier luxury finishes and state of the art electronics throughout, including 2 media rooms with projectors, motorized screens and surround sound, 17 flat screen tvs, closed circuit tv whole house monitoring, an entire house sound system and much more.”

Some of the other June auction properties currently include two single family homes in Palatine, Ill.; a 5,400 square-foot, four bedroom, four bath, and a 1,973 square-foot, four bedroom, one and a half bath, a former funeral home in Chicago’s Bridgeport neighborhood with a two bed, two bath rental property on the second floor, a 7,740-square foot office building at the Williamsburg Village office complex on Colonial Parkway in Inverness, Ill., and a 3,195-square-foot, fully built-out Class A medical office condo at 1585 N Barrington Road in the St. Alexius medical campus in Hoffman Estates, Ill.

Finally, the firm is also offering a 73 residential rental property portfolio with net annual income of $747,135. This portfolio sale is scheduled for a sealed bid auction on June 30 but is available for purchase prior to that date.

All of SVN 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.

The firm will continue to add properties to the June auction until late April. Interested parties in the auctions should visit www.svnauctionworks.com to bid and join the mailing list to receive upcoming auction notices.

For more information about SVN AuctionWorks, visit the firm’s website, http://www.svnauctionworks.com/

For SVN AuctionWorks
Mark Thomton, 312-267-4523
mthomton@taylorjohnson.com
Emily Johnson, 312-267-4522
ejohnson@taylorjohnson.com