Inland Real Estate Auctions, Inc. to Auction Crown Point, Ind. Retail/Office Development

“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,” said Paul Rogers, senior vice president and managing Indiana broker of Inland Real Estate Auctions. “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.”

With near proximity to the Methodist Hospital campus and Purdue University, the 80 percent complete cold shell office/medical building can be finished and utilized for a wide variety of medical, office, government or educational uses. Additional improved sites offer significant retail or office development potential, particularly because they are within three blocks of the new Interstate 65 interchange coming in at 109^th Ave., Rogers said.

The retail building is 85 percent leased and offers immediate cash flow rental income. Retail tenants include Cold Stone Creamery, Raymond James Financial Services, Z Grill Restaurant and Anytime Fitness. The existing leases are triple-net and include 3 percent annual rental increases, offering stable income to the development’s new owner. Future development options include a 5-acre commercial site for additional retail development along 113^th Ave., just behind the existing retail building. Subject to the court-ordered minimum bid of only $2.5 million, and with more than $10 million invested in the property, the sale will provide immediate equity for the purchaser, Rogers said.

Interested buyers can contact Inland Real Estate Auctions at (866) 825-4321 to obtain a detailed bidder’s package with property information. On-site inspections will be held on November 4 and 18 and December 2 from 1:00 p.m. to 1:30 p.m. The auction will take place Dec. 9 at the Radisson Hotel at Star Plaza in Merrillville, Ind.

About Inland Real Estate Auctions, Inc.

One of the nation’s top auctions firms, conducting transactions from coast to coast, Inland Real Estate Auctions, Inc. (http://www.inlandreauctions.com) is a leading provider of accelerated marketing and auction services. As part of The Inland Real Estate Group of Companies, Inc., a full-service national real estate company, Inland Real Estate Auctions, Inc. brings unique depth, experience and resources to the real estate auction industry, with real estate marketing and auction professionals who have more than 70 years of combined experience in the formulation and execution of auction programs for all classifications of real estate.

Joel Cunningham, Inland Communications, Inc.
(630) 218-8000 Ext. 4897 or cunninghamj@inlandgroup.com