Loop Building Hits Auction Block

CHICAGO-A three-story building in Chicago’s Loop is being sold via a sealed-bid auction. The building, located at 175 W. Washington, is being auctioned by Inland Real Estate Brokerage Inc.

“This is a rare opportunity to purchase a highly visible Loop location,” says Paul Montes, senior commercial broker for Inland. “Because the zoning is so flexible, the property lends itself to many redevelopment opportunities. In addition to the auditorium and office space, the property offers a valuable retail component. The purchaser can use the upper floors and generate revenue from renting the retail space.”

There is no minimum bid for the property and it’s being sold with reserve. Bids are due by February 1, 2010. Montes, along with colleagues Eric Spiess and Doug Tarr are handling the auction.

Montes says a wide variety of buyers have expressed interest in the building, including music venues, schools, universities, a law firm and a foreign consulate. A bar, restaurant, or bank could also locate in the facility.

“While we have seen a slight increase in commercial sales activity during the fourth quarter of 2009, the auction process will create an accelerated selling environment,” Montes says. “We are currently working with several interested parties, and the auction platform will further increase our exposure and reach.”