Fine & Company LLC has announced the auctions of two investment properties for private sellers: a NN leased office building in Homewood with $177,004 of annual net income and the landmark former Carson’s Ribs location on Ridge Avenue in Chicago.
The auction date for the Homewood property is March 25 and May 21 for the former Carson’s Ribs redevelopment site in Andersonville.
“Following the past few years where auction clients had shifted to primarily financial institutions, we are pleased to see that with the strengthening of the real estate development market, there is a trend for private investors once again to utilize the accelerated auction marketing process to sell quality real estate through our strategically designed programs,” Michael Fine, principal of Fine and Company, said. “These auctions provide rare opportunities for investors to acquire exceptional real estate investment and development properties through competitive bidding. In the fourth quarter of 2013 and now in the first quarter of 2014 Fine and Company is representing all private sector sellers.”
The Homewood NN leased office building is leased for the past 12 years to Schneider Electric, a worldwide publically traded company with a current net operating income of $177,004. The property will be sold subject to a minimum bid of $750,000. The landmark former Carson’s Ribs location is a half-acre site on Ridge Avenue just west of Clark Street in Andersonville and well suited for redevelopment for retail or mixed-use residential and retail development.
“Previously, we had this property listed conventionally, but decided that the time to sell is now so that we can redirect our resources toward other development opportunities on our radar screen,” said Mark Lambert, president of The Crown Group, managing partner for the ownership of the Schneider Electric property. “The auction allows us to set the terms of the sale and the date and plan for a sale on a time certain date in order to make commitments to other planned investments.”
17475 Palmer Boulevard is located in the Palmer Lakes Business Park. The building is 18,632 square feet, primarily office. The tenant, Schneider Electric is responsible for virtually all of the annual costs of maintenance. At the minimum bid of $750,000 an investor will acquire this investment at the equivalent of a 24 percent CAP rate or $40.25 per square foot.
Other companies in the Palmer Lakes Business Park local area include: Mijack Products Inc., a producer of intermodal cranes for the railroad and port intermodal industry, Lanco Corporate Offices, CFT Chicago, a non-profit organization providing support to individuals with development disabilities, AB&D Custom Furniture Inc., and the Children’s Hunger Fund.
“This auction offers a great opportunity for the astute investor seeking a property with an investment grade tenant, minimal landlord responsibilities, a desirable lease structure and future expansion potential,” Fine said.
