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Hawthorn Woods, IL - Commercial Development Opportunity

22662 W. Rt. 176 - Mundelein, Illinois

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Why Buy This Property

Three Corners at Route 176 & Gilmer Road - Near Hawthorn Woods - Retail / Commercial / Residential development opportunity - The property is offered in 4 Auction Tracts.  Bidders may bid for a single tract or the entirety.

Tract A consists of 15.8 acres at the northwest corner of Hwy 176 and Gilmer Road. (Minimum Bid $200,000)

Tract B consists of 1.1 acres at the southeast corner of Hwy 176 and Gilmer Road. (Minimum Bid $50,000)

Tract Cconsists of 18.4 acres at the northwest corner of Hwy 176 and Gilmer Road. (Minimum Bid $130,000)

Tract D consists of a total of 5.6 acres north of Freemont Center Rd. (Minimum Bid $40,000)

These properties are included in the Hawthorn Woods Master Plan. The Village of Hawthorn Woods is seeking commercial/retail development at the signalized intersection of Hwy 176 and Gilmer Roads, together with single-family development north.

NOTE: The Minimum Bids for each parcel are based upon the sum of the bids for all tracts to exceed $420,000

Description

OPPORTUNITY FOR THE ASTUTE INVESTOR:  The opportunity is now to own three of the four corners of the Hwy 176 and Gilmer road signalized intersection. The continuously escalating traffic counts and over 1700 ft of frontage make this an ideal commercial / retail location. Bid for one, or both tracts. Surrounded by luxury homes (Del Webb, Ivanhoe).

LOCATION:   The properties are located in unincorporated Lake County with a Mundelein, IL mailing address.  The properties include three of the four corners at the heavily trafficked intersection of Hwy 176 and Gilmer Road. They are located at the signalized intersections of IL Route 176, Gilmer Road, and Fremont Center Road. These prime development sites total 41 acres.  

ANNEXATION OPPORTUNITY:  These properties are included in the Village of Hawthorn Woods Master Plan for future annexation and development.  The Village is seeking commercial/retail development at the signalized intersection of Hwy 176 and Gilmer Road together with single-family development.

DETAILS:

  • Signalized intersection IL Route 176 and Gilmer Road
  • The intersection of IL Route 176 and Fremont Center Road
  • Thousands of daily commuters: Surrounded by Hawthorn Woods, Mundelein, and Wauconda
  • Almost 4,000 feet of road frontage
  • Total area - 41 acres
  • Included in the Hawthorn Woods Master Plan for retail, commercial and residential development
  • Surrounded by the luxury home communities of Ivanhoe and Grand Dominion by Dell Webb
  • The site is leased as agricultural land
  • Zoning: AG - Agricultural (Lake County)
  • Utilities:  Electric & Gas near site
  • Unincorporated Lake County

 

Property Location

Auction / Date / Time

October 14, 2021 2:00 P.M. CDT

Property Video

Offering Strategy

MINIMUM BID AUCTION - These properties will be sold subject to the Minimum Bids and the Terms of Sale. This is a sealed bid auction event. Bidders may bid for a single tract, any combination of tracts or the entirety.  Bidders are encouraged to ask questions in advance. The purchase of a Bidder's Information Packet and wire-transferred funds to the Title Company listed in the Purchase and Sale Contract advance of bidding. See Bidder's Information Packet for more details.

Inspection Dates

This land is under a farm lease.  Please do not enter upon the land without pre-scheduling an inspection.  Please call (312) 278-0600 extension 101 to schedule your inspection.  

Auction Location

Sealed Bid Auction- This is a sealed bid auction event. Bidders are encouraged to ask questions in advance. The purchase of a Bidder's Information Packet is required to bid. Bidders are required to submit a wire-transferred auction deposit to the Title Company listed in the Purchase and Sale Contract and fill in and sign the auction Purchase and Sale Agreement in order to bid. See Bidder's Information Packet for more details.

Bids are to be delivered to  Fine & Company LLC via email to info@fineandcompany.comon or before 2:00 p.m. Local Time on August 31st. The bidding instructions are contained in Bidder's Information Packet. The Terms of Sale and the Purchase and Sale Contract are important for you to review and understand.  Should you have any questions, please contact Fine & Company at 312.278-0600 extension 101.

Bids received after the bid deadline will not be eligible for consideration and will be returned to the sender.

Details

Certified Funds To Bid : See Offering Memorandum or Bidder's Information Packet

Buyer's Premium (Buyer's Fee) : 8% of the bid price

Order Bidder's Information Packet



A Bidder's Information Packet is required to bid. The packet includes auction and property information, title report, environmental report, survey, real estate tax bill, local information, auction purchase and sale agreement, and terms of sal

Contact Us

  Fine & Company LLC
  Michael A.Fine, CCIM, CAI, AARE
  Illinois, United States
  312-278-0600
  michael@fineandcompany.com

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Other Information

Broker Participation : Buyer's Agent participation is invited!
A 2% referral fee will be paid to th REALTOR®/Broker whose registered buyer closes on this property. Please refer to the Buyer Broker registration requirements in the Terms of Sale. Seller has provided a variable commission rate.

Licensing : Fine & Company LLC, Licensed Illinois Broker

Terms Of Sale : This auction is being conducted subject to the Terms of Sale and Purchase and Sales Agreement contained in the Bidder's Information Packet. 

Disclaimer : The Seller, Broker, and Auctioneer and their agents assume no liability for inaccuracies, errors, or omissions in the auction marketing materials, including the Bidder's Information Packet. All square footage, dimensions, real estate taxes, and common area fees, if any, are approximate. All materials are subject to inspection and verification by all parties relying on them. This offering is subject to prior sale and may be withdrawn, modified, or cancelled without notice at any time. This is not a solicitation or offering to residents of any state where this offering is prohibited by law.

We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap status, familial status or national origin or any other classes under state or local law or intention to make any such preference, limitation, or discrimination.