Sellers Find Best Offers At, Before Auction

Meanwhile, a 34,412-sf industrial on 1.38 acres in an area of far southwest suburban Mokena, IL targeted for Downtown redevelopment was set to go on the auction block the same day the Eastwood mall was sold. However, a pre-emptive offer "substantially over the minimum bid" of $295,000 was received by Inland Real Estate Auctions, Inc. the previous evening, taking the 90-year-old building off the auction block.

Midwest Real Estate Equities owned the enclosed Eastwood mall for nearly five years, says Inland senior vice president Frank J. Diliberto, had turned it around and leased up vacancies, then attempted to sell it by conventional means. "They eventually wanted to come up with an exit strategy where they could ascertain a closing date," Diliberto tells GlobeSt.com.

After appearing to stall at $1.75 million, the mall was the focus of three-way bidding, and the seller elected to make the auction absolute when bidding hit $2.1 million. Two final bidders nudged the price up further before Indiana-based TG Properties LLC prevailed at $2.22 million.

"The buyer got a good deal and the seller was able to sell the property in a matter of weeks," Diliberto tells GlobeSt.com.

Meanwhile, Southfield, MI-based Donate Real Estate got a cash offer from a private investor for 19806 S. Wolf Rd. in Mokena that was enough to cancel its appearance at the auction. "The seller could've gone to auction, but it's a question of would you rather have one in the hand or two in the bush?" Diliberto explains.

Broker Hal Schwartz represented the purchaser, who has been in contact with Mokena village officials on what could fit into their Downtown redevelopment plans.