CHICAGO—Earlier this year, the national real estate brokeragefirm Sperry Van Ness launched a Chicago-basedfranchise, called AuctionWorks, and the newventure will host a multi-property auction online from June 23 tothe 25th. Potential buyers will have the opportunity to bid onlineor submit pre-auction offers for a diverse collection that includesboth luxury homes and a set of bank-owned properties.

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“Auctions have become a popular choice for sellers of luxuryproperties who are seeking more control over the sale process in atime when traditional sale contracts often fall apart due tofinancing and other contingencies,” said Diana M.Peterson, president of AuctionWorks, in a preparedstatement. She was not available for comment yesterday, butGlobeSt.com will provide an update shortly.

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The 27 properties up for bid will include single-family,multi-family, mixed-use, office, industrial, retail and vacantland. Two luxury homes in Chicago's Lincoln Park and Peterson Parkneighborhoods are included, and six of the properties arebank-owned and will be sold absolute to the highest bidder,regardless of price.

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The single-family brick home at 1727 N. Dayton Ave. in LincolnPark has a suggested opening bid of $1,250,000. The Peterson Parksingle-family residence at 6156 N. Saint Louis Ave. is asix-bedroom, four-bath, brick home on a corner, double lot with asuggested opening bid of $625,000. Pre-auction bids for 1727 N.Dayton Ave are due June 18 and those for 6156 N. Saint Louis Ave.are due June 1.

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Commercial properties and vacant land will also be offered inthe June auction. Bank-owned vacant land parcels that will be soldabsolute include:

  • 5 acres at Route 52 & Frontage Rd. in Shorewood, IL, zonedas an office, research, and light industrial district.
  • 3.88 acres on Chicago's South Side; 2.66 acres in Orland Park,IL; and a 5,944-square-foot lot in Blue Island, IL.

Other properties include:

  • An industrial property at 1530 Hubbard Ave., Batavia, IL, is a23,764-square-foot multi-tenant warehouse on 1.5 acres with aminimum bid of $775,000.
  • A 48,000-square-foot industrial building at 13417 S. HalstedSt., Riverdale, IL.
  • A retail building at 530 Crescent Blvd. in downtown Glen Ellyn,IL, with a minimum bid of $950,000.

“We continue to offer a diverse amount of commercial propertiesspanning several geographic locations, giving investors multipleoptions to bring value to their portfolios,” said Peterson.

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Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.