3 Stores, 7 Lots on the Block

Chicago area sites to be auctioned Oct. 25

Published in CSP Daily News

OAK BROOK,Ill. -- Three convenience stores with gas offerings and seven development sites in the general Chicago area will be part of a wide-ranging auction to be held Tuesday, Oct. 25.

The three gas stations in Munster and Merrillville, Ind., are currently branded Gas City. The opening bids range from $395,000 to $700,000. The seven development sites total 17.5 vacant acres and will be auctioned individually.

Each site comes with broad commercial zoning, allowing for a wide range of retail, commercial and residential [image-nocss] development options. These lots are located in Frankfort, Tinley Park, Monee and Lemont, Ill., and Merrillville and Hammond, Ind. Opening bids range from $50,000 to $595,000.

The auction will be held by Inland Real Estate Auctions Inc., Oak Brook, Ill. Inland said the owner of the properties is one of Chicagoland's largest gas station and convenience store operators but would not name the company.

Other offerings from private and corporate sellers to be sold during the auction include:

A mixed-use River North loft building in the heart of one of Chicago's hottest neighborhoods

A 150-room Clarion Hotel in St. Joseph, Mich.

A 135-room full-service hotel in Ottawa, Ill.

The Heritage Community Bank building in Glenwood, Ill.

"This collection of properties shows the expanding popularity of the auction process to sell real estate," said Frank Diliberto, president and CEO of Inland Real Estate Auctions. "Sellers of every kind of property -- from top-flight mixed-use property to operating hotels and development land -- are finding auctions are the most efficient way to move property while minimizing the cost of carry and maximizing return."

All of the properties, unless otherwise noted in the list above, will be auctioned on Oct. 25 at the DoubleTree Hotel Chicago Oak Brook, 1909 Spring Road in Oak Brook, Ill., at 7 p.m. Registration begins at 6 p.m. Potential buyers are required to inspect the properties before bidding. Call (630) 990-5353 or consult www.inlandreauctions.com for inspection dates.