The strip center of Elmwood Plaza at Lathrop and Durand Avenues will do up on the auction block March 7 and is expected to sell at a huge discount.
Currently owned by Highland Park Terrace Corp. out of Oak Brook, IL, Elmwood Plaza is less than 30 percent occupied and is assessed for $3.8 million, a story in The Journal Times reads.
The property last sold in 2005 for $8.2 million and was mostly occupied at the time, the story continues. It has a total of 281,582 square feet available for lease (including current tenants) and over 50,000 of unfinished basement space.
Auction.com notes that the net operating income at Elmwood Plaza is in the black, making the purchase of it a solid investment.
“Even with the low occupancy, the property is operating with a positive NOI enabling the investment to carry itself while it is being stabilized or redeveloped,” the site notes.
Details listed at auction.com put the total occupied space at 46 percent, with most of it in the front-facing units while the back units are empty. The largest tenant is Family Dollar, which recently signed a five-year contract, and there are 915 parking spaces available.
“The property offers an opportunity to add significant value by either securing a new anchor for the property and continuing to lease up the retail portion of the property, or by redeveloping the site,” the auction.com description reads. “Additionally, the property has received a zoning variance allowing for additional uses to the site including self storage.”
The newspaper notes that U-Stor-It announced in 2014 it was going to put $1 million into the property and even obtained a zoning variance but never moved past that point.
Anyone interested is required to put down a bid deposit of $10,000. Property tours are available by appointment on Feb. 18 and Feb. 25 and can be arranged by contacting the listing agent, Bruce J. Harris at 312-224-3118 or BHarris@ngkf.com. The auction runs from March 7 through March 9.