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SKOKIE, IL-A 14,790-site at the southeast corner of Oakton Street and Crawford Avenue, now improved with a vacant 2,271-sf commercial building and 1,682-sf Brown's Chicken operation, is among three suburban properties on the auction block in coming weeks. In addition to the property at the busy corner in this north suburb, Sheldon Good & Co. Auctions is offering a 21,675-sf building in Aurora and the former Mindy's Ribs restaurant on 2.2 acres at 391 S. Bolingbrook Dr. in Bolingbrook.

The two buildings at 3949 W. Oakton St. and 7953 N. Crawford Ave., as well as a former woodworking shop at 148 S. Lake St. in Aurora, are up for auction Dec. 16. The 8,300-sf Bolingbrook building, at the junction of Interstate 55 and Route 53, is being offered by sealed-bid auction, with offers due Jan. 20. "The location has an excellent daily traffic count of 39,000 and 160,000 residents within a five-mile radius," says auction company chairman and chief executive officer Steven L. Good. "With the new Bolingbrook Hospital, a state-of-the-art local high school, and a new Ikea opening soon, Bolingbrook's future is extremely bright."

The suggested opening bid for the Skokie property, zoned for mixed-use development, is $750,000. The new owner could seek approval to continue the Brown's franchise there. If they fail to be approved as a franchisee, the Brown's lease and franchise will be void. The restaurant is on a former gasoline station site, Sheldon Good & Co. notes, but Phase I and II environmental reports have been done. A showroom and artist's studio at 3949 W. Oakton St. will cease operations by closing, the auction company adds, which would aid redevelopment efforts.

"The buildings can be either upgraded or demolished to allow the site to be utilized for a variety of retail, commercial and drive-through opportunities," Good says.

The suggested minimum bid is just $50,000 for 148 S. Lake St., also known as Route 31, a 21,600-sf timber loft building constructed in three phases from 1900 to 1988. Despite the low minimum bid, records indicate the property was mortgaged for $800,000 in 1998. The 25,900-sf site falls under Aurora's business and wholesale district zoning. "The building can be used for most any commercial purpose," Good says.

Although the Aurora and Skokie properties will be available at an open outcry auction, they are being sold with reserve, giving the seller three days to mull the high bid. Closing is set for 30 days after acceptance.

Instant Insights /

Suburban Retail, Industrial Assets Head To Auction

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