The parcel includes the D-Lux Budget Motel at 12340 S. CiceroAve. and a closed restaurant on the same property, in addition to asingle-story office and industrial building at 12400 S. Cicero Ave.The buildings were constructed between 1960 and 1979 and theproperty was previously farmland, Diliberto says. The owneracquired the motel and restaurant site about a year ago and closedlast month on 12400 S. Cicero, Diliberto says. The owner of theproperties is reportedly M & B Motel Management LLC, whichacquired 12400 S. Cicero Ave. for reportedly more than $1.5million. There are some tenants in the office and warehousebuilding that are on a month-to-month lease, Diliberto says.

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The auction will occur on Jan. 31. "This is a parcel that isdifficult to value," Diliberto says. "There is a lot of developmentgoing on along Cicero Avenue." Quarry Plaza, a 237,000-sf retailcenter anchored by Home Depot and LA Fitness, is being developed byOak Brook, IL-based Interstate Commercial Real Estate, andChicago-based Harlem Irving Co., is nearing completion near 119thStreet and Cicero Ave., as previously reported by GlobeSt.com. Theproperty's owner decided to auction the properties because he needsto sell them quickly for a tax-trade exchange, he says. Dilibertowould not give an estimate of how much the property could beauctioned for and said that there is not a minimum bid requirementat this time. Some parcels along Cicero Avenue have sold forbetween $800,000 and $900,000 while others have sold for between $1million and $1.5 million, he tells GlobeSt.com.

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The 12-acre parcel is expected to be the site of the first phaseof a retail lifestyle center. "This is the minimum amount of landto finish phase one," he says. The first phase could have up to144,000-sf. Inland is already in discussions with possible usersfor the site, Diliberto says. Retailers would likely includeclothing retailers, restaurants and boutique retail such as a spaor boutique shoe store, he tells GlobeSt.com. Other parcels, up toan additional 12 acres, could be available for sale but addresseswere not disclosed as they are "operating businesses," he says.Likely parcels include a strip mall located to the north of theproperty at 12300 S. Cicero Ave. and McAllister Equipment Co. at12500 S. Cicero Ave.

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The property has already been rezoned by the village soconstruction on the first phase could begin within six month afterthe auction, he says. Construction will likely take between 12 to18 months but some retailers could be open within 12 months of theauction. The parcel is in an Enterprise Zone and the village ofAlsip had approved a TIF, which could be renewed, when a big boxretailer had planned to build in the area around 2001, Dilibertotells GlobeSt.com.

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Inland has received interest from local users, regionaldevelopers and national developers because of the site's "Main andMain" location, he says. The site is on Cicero Avenue near theinterchange for Interstate 294 and will have visibility from theexpressway. More than 47,000 cars pass the parcel on Cicero Avenuedaily and approximately 109,000 vehicles pass the parcel daily onInterstate 294, he says.

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