The property could be redeveloped for retail, restaurant, health club or office use, suggests Sheldon Good & Co. president Alan R. Kravets. It is located just west of Barrington Road, a major north-south thoroughfare in the northwest suburbs. Besides an industrial park and residential neighborhood to the north, the theater complex is part of a retail strip that includes a Wal-Mart and Sam's Club nearby.
The property changed hands in November 1999 for $4.9 million, according to property records, in a deal involving two Loews entities. However, the $670,835 property tax bill is based on an assessment that places a $6.72-million market value on the building and surrounding acreage, according to the Cook County Assessor's office.
"Real estate auctions are increasingly used to sell desirable properties that are not easily valued," Kravets adds.
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