of Michael Jordan's restaurant, is
one of a multitenant portfolio on
the sales block.
CHICAGO-Hilco Real Estate of Northbrook, IL, which is handling the disposition of troubled Qualteq Inc.’s commercial real estate portfolio, has announced a call for bids on the real estate assets by Jan. 10, 2013. Among the collection is a 17,400-square-foot building in downtown Chicago that, according to Chicago Real Estate News, was once the site of Michael Jordan’s restaurant.
According to a press release sent out by Hilco Real Estate, Valid USA Inc. (a wholly owned subsidiary of Valid SA of Brazil), acquired Qualteq’s operating assets during the week of Nov. 26. Upon acquiring those assets, the release noted, Valid entered into new, five-year leases for properties to be sold by Qualteq with an aggregate annual base rent of approximately $1.7 million.
GlobeSt.com reported in September 2012 that the portfolio included approximately 665,000 square feet of manufacturing/warehouse and retail buildings in Downers Grove and Hillside, IL. Also for sale are
- A 225,000-square-foot manufacturing/warehouse asset at 325 Marmon Dr., Bolingbrook, IL
- The 353,000-square-foot North Park Mall, 270 W North. Ave in Villa Park, IL
- The 190,000-square-foot Meadowbrook Shopping Center, 2009 63rd St., in Downers Grove
- The downtown restaurant building at 500 N. LaSalle
“Because of the diversity that exists within the Qualteq portfolio, this sale will attract real estate investors from across the spectrum. With leased industrial, value-add shopping centers, a historic downtown bar/restaurant, and more; there’s a little something for everyone.” said Joel Schneider, senior vice president of Hilco Real Estate in a press release. “Prospective buyers are encouraged to submit offers on one, some, or all of the properties in the offering.”
As reported by GlobeSt.com, Qualteq Inc. is involved in a Chapter 11 bankruptcy case, with the buildings’ sale anticipated to bring some resolution. Chicago Real Estate News goes on to point out that Qualteq, a company that makes credit and gift cards, was part of a group of companies that was once ranked among the top five largest minority owned Chicago-area businesses before running into financial trouble, the article notes.