X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

BENSENVILLE, IL-The Village of Bensenville is auctioning off approximately 57 acres of land to spur redevelopment. Nine village-owned properties will be sold on two auction dates, including a more than 50-acre former golf course. Inland Real Estate Auctions Inc., based in Oak Brook, will auction the properties on April 23 and May 23. Village officials did not respond to requests to be interviewed.

The properties are expected to “attract national investors and motivate local developers. However, it is challenging to reach all the buyers at once, and even more challenging to meet certain timing goals,” village president John Geils says in a released statement. Village officials hope that bidders will speak with officials of their plans before the auction. The village is obligated to take the highest bid; however, the village will have to approve site plans and, in some instances, special uses and rezoning requests, says Frank Diliberto, president and CEO of the Inland company.

On May 23, the village will auction Legends of Bensenville, a former golf-course on more than 50 acres at the intersection of County Line Road and Grand Avenue. The property was appraised at $22 million and will be sold with a minimum bid of $11 million, Diliberto says. Eight village-owned properties will be auctioned April 23. A parcel with approximately 525 feet of frontage on Jefferson Street, at 800 E. Jefferson St., will be auctioned with a minimum bid of $395,000. Two properties with more than two acres, and 700 feet of frontage on Jefferson Street, at 500 County Line Rd. and 501 John Street will be sold with a minimum bid of $295,000. Three properties at the corner of Main and Center streets will be sold for a minimum bid of $225,000 and a parcel at 210 W. Irving Park Rd. will be auctioned for a minimum bid of $145,000. Two additional sites, 10 W. Brookwood and 228 W. Irving Park Rd., will be auctioned with no minimum bids, Diliberto says. “The village has committed to sell these,” he says.

The village will also be offering financial incentives, but Diliberto said exactly what type of incentives has not been decided. “There are a number of packages that the village is putting together right now,” he says. Additional properties owned by private entities may also be included in the auction, he says. The auction is expected to draw both regional and national developers, given the location in Bensenville near the O’Hare International Airport. Diliberto would not say what type of developments the parcels are best suited for, stating that they would be a good fit for all property types, such as commercial, industrial and “particularly those that thrive on transportation.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.