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Chicago , IL - Industrial Building / Loft in the Heart of Chicago

2635 S. Wabash Ave. - Chicago, Illinois

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Why Buy This Property

Industrial - Warehouse - Loft - Office - Garage Building

DESCRIPTION: 96,000 SF four-story industrial building with parking for approximately 40-cars; situated on a 38,112 square foot site. The property is presently 40% occupied, making it perfect for a user or investor. The property features one exterior dock and four drive-in doors.

  • 96,000 square feet
  • Floor Size - 24,000 square feet
  • Clear height 10.6 feet
  • (4) 10'x10' drive-in doors
  • (1) loading dock
  • (1) passenger elevator
  • (1) large freight elevator
  • Wet Sprinklers
  • Partially leased
  • 38,112 square foot site
  • Zoning:  MI-3
  • Fenced and Gated Parking for 40 Cars on paved lot

Description

OPPORTUNITIES FOR ASTUTE BUYERSThis partially leased, 96,000 sq. ft. four-story industrial building includes a fenced and gated 40-car parking lot on the north side of the building. The site is 38,096 square feet. The property features 4 drive-in doors, 1 exterior dock, a two-car capacity freight elevator, a passenger elevator, many newer built-out leased tenant spaces with the first and fourth floors vacant - ready for lease or owner/user occupancy.

LOCATIONThis property is located in Chicago’s Bronzeville neighborhood – the best location for accessing the Interstate Highway System which is just three blocks away, along with Lake Shore Drive, McCormick Place, downtown, and Chicago's fantastic lakefront! So if you are seeking an investment opportunity with a diversity of options, this is it.

CONVENIENT ACCESS:  Strategically located at the hub of Interstate Highways I-55, I-90, I-94, and Lake Shore Drive. 

NEW RESIDENTIAL MULTIFAMILY HOUSING ONE BLOCK AWAY: Newly completed residential developments are less than a block away!

NEW ESPORTS VENUE SCHEDULED ONE BLOCK AWAY: One block away is the City Council approved, proposed $30 million Esports arena (called "Surge") featuring an IMAX style video canvass to create a unique viewing experience for up to 800 spectators, gaming competitions, and three kitchens to serve spectators.

BRONZEVILLE REDEVELOPMENT PROJECT AREA TAX INCREMENT FINANCING PROGRAM REDEVELOPMENT PLAN AND PROJECT: The property is located in the Bronzeville TIF District. The Plan assists with the renovation and rehabilitation of existing buildings and housing stock through the redevelopment project area. The proposed land use under the plan for this block and property is industrial.

BRONZEVILLE LAKEFRONT DEVELOPMENT PROJECT: The former Michael Reese Hospital 50 acre development site, owned by the City of Chicago, is four blocks away. The site has received Chicago Plan Commission approval for a $3.8 billion development. Phase One is the ARC Innovation Center. In addition, the plan includes market-rate and affordable housing, retail, green space, and a community center.

ILLINOIS INSTITUTE OF TECHNOLOGY: The Illinois Institute of Technology is less than a half-mile away.

We encourage bidders to perform their due diligence for the latest information on the timing and approvals for the TIF District program and new development projects listed above.

 

Property Location

Auction / Date / Time

August 11, 2021 2:00 P.M. CDT

Offering Strategy

$2,950,000 - MINIMUM BID AUCTION -  August 11 - This property will be sold subject to a Minimum Bid of $2,950,000 and the Terms of Sale. This is a sealed bid auction event. 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

Remaining Inspection Dates: July 28 and August 5 - Inspection tours begin promptly at 10:30 a.m.

On these dates representatives of the auction company will provide tours of the property and be available to answer questions.  Please call (312) 278-0600 extension 101 to schedule your inspection.  

Registration and an acceptable form of government-issued photo identification are required by all persons attending any and all property viewings.

Those inspecting the property are required to wear facemasks and practice social distancing. 

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.com on or before 2:00 p.m. Local Time on the date to be announced. The Sale Contract is 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 : $50,000

Buyer's Premium (Buyer's Fee) : 6% 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 reports, leases, rent roll, revenue and expense reports, survey, real estate tax bill, local information, auction purchase and sale agreement, auction deposit agreement, and terms of sale.



Bidder's Information Packets are available in PDF format for $30.00. To order your Packet click on the link below and download the Bidder's Information Packet Order Form or call

Contact Us

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

Request more information

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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.

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