"Paul Chael, the Chapter 13 receiver, petitioned the Lake County Court to engage Inland for the auction process to create a fair, transparent, timely and competitive forum for the resolution of this bankruptcy case," says Paul Rogers, SVP and managing Indiana broker of Inland Real Estate Auctions.
The development project includes a 22,000-square-foot retail property that is 85% leased with tenants that include Cold Stone Creamery, Raymond James Financial Services and Z Grill Restaurant. The leases are triple-net and have set rental increases of 3% per year. The asking rental rate for the property is $55.56 per square foot.
The project also includes an 80%-complete shell of an office building. The 28,000-square-foot property can be used for medical, office, government or education. More than $10 million has already been poured into the project.
The winning bidder will also be able to further develop the site. There is an option to build another retail property on a 5-acre commercial site.
"The current market has proved a real challenge to developers, creating an outstanding opportunity for the ultimate new owner and follow-through developer of City Center," Rogers says.
The auction will take place on December 9 at the Radisson Hotel at Star Plaza in Merrillville, IN.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.