For Immediate Release - Thursday, January 11, 2007
Inland Real Estate Auctions sells Jos. A. Cacciatore & Co.-owned timber loft development property in UIC neighborhood for $6.25 million
Oak Brook, Ill. –Inland Real Estate Auctions, Inc. has successfully auctioned a key development property within the Halsted and Cermak Road corridor, sold on behalf of Jos. Cacciatore & Co., one of the top real estate names in Chicago. The property, a 200,000-square-foot timber loft building that will be leased for office uses by its new owner, also has strong future development potential as it is located in one of the city’s most promising neighborhoods for development growth: the University of Illinois at Chicago neighborhood.
Founded in 1906, Jos. Cacciatore & Co. Real Estate is one of Chicago's oldest and most successful real estate companies. With a century's worth of experience in commercial, residential and industrial real estate markets, Jos. Cacciatore & Co. has developed, constructed, owned, managed, sold and bought thousands of real estate transactions in the Chicago area. Its development and construction successes include hundreds of town homes on Chicago’s near west side, the Oak Park Country Club, Champion Square single family homes in Bridgeport (Chicago), luxurious condominiums in River Forest, Oak Park, Brookfield, Illinois, and Ocean Reserve in Miami, Florida, a 400-unit condo high-rise. Cacciatore, based at 527 S. Wells, is also one of the South Loop’s major business presences.
“The auction program provided our company with the ability to mass market our property around the country within about 8 weeks. Our ability to control the terms and direct buyers to complete due diligence as part of the program provided an accelerated closing for cash,” according to Joseph P. Cacciatore, its CEO.
The auction offered bidders a unique opportunity to acquire a key property in the Pilson neighborhood. “Inland Real Estate Auctions’ national media program attracted interest from several states,” according to Frank Diliberto, President & CEO of Inland Real Estate Auctions, Inc. “Partly driven by the aggressive nature of the auction and partly due to the significance of this newly up-trending marketplace, the number of prospective bidders tallied over 150.”
The approximately 200,000-square-foot timber loft complex fronts on Cermak Road, just a few blocks south of the UIC campus. The property has been partially renovated and is approximately 60 percent occupied.
With the tightening real estate market and economy, Inland Real Estate Auctions, Inc. is seeing an increase in the use of auctions in Chicago and nationally.
“This auction provided Jos. Cacciatore & Co. the opportunity to define the value of the property through a competitive bidding process. This is important when property values are increasing due to growing markets, or when there are multiple uses for the property,” said Diliberto.
Inland Real Estate Auctions, Inc. has garnered significant media attention recently for several notable auctions, including the internationally publicized sale of an Intel facility in Puerto Rico. One of the nation’s top auctions firms, Inland Real Estate Auctions (www.inlandreauctions.com) is part of The Inland Real Estate Group of Companies, Inc. (www.inlandgroup.com), which comprises independent real estate investment and financial companies doing business nationwide. Inland is one of the nation’s largest commercial real estate companies. Inland’s national headquarters is in Oak Brook, Ill.