FOR IMMEDIATE RELEASE Contact: Douglas Johnson 312.935.1484 douglas.johnson@cbre.com ILLINOIS RETAIL INVESTMENT OPPORTUNITY TO BE SOLD AT AUCTION BY CBRE + 35,120 Sq. Ft. on + 2.82 acre site almost 40% occupied Opening Bid $500,000 less than $15 per Sq. Ft. Chicago, IL – June 16, 2014 – Douglas Johnson, Managing Director, CBRE Auction Services, announced that the former grocery anchored retail center at 403 E. State St., Sycamore, Illinois, will be sold at auction. The ±35,120 sq. ft. center, situated on 2.82 acres located just east of the Sycamore city center and US Hwy. 23, is 37% occupied. Approximately 25,794 sq. ft. of contiguous space is available and divisible at the retail center. The online auction will be held on July 22, 2014. The opening bid is $500,000 equating to less than $15 per sq. ft.
“This retail center represents a rare opportunity to acquire a great property with a tremendous value add potential upon an aggressive lease up. The currently vacant ±25,794 sq. ft. is contiguous and divisible. This flexibility allows the new owner to lease to a new retail anchor or divide the space adding diversity to the retail center,” said Mr. Johnson.
The property is located at the east end of Sycamore, roughly three blocks east of the city center/downtown business district. The current high traffic tenants in the center include Family Dollar Store, Resource Bank and the United States Postal Service. This neighborhood consists primarily of the central Sycamore business district. This downtown center has historic structures as well as in-line storefronts. This area is one of the primary commercial centers in DeKalb County.
Sycamore is the county seat of DeKalb, a county with a population of almost 110,000. As county seat, Sycamore has attracted and become home to several law firms and financial institutions such as American National Bank of DeKalb, The National Bank and Trust Company and the Illinois Community Credit Union.
According to Patrick Connell, Managing Director of CBRE Auction Services, “This is a great opportunity for a retail developer, or an astute private investor to acquire an asset which is well located and offers high traffic counts.”
According to Mr. Johnson, “The opening bid which is less than $15 per sq. ft., demonstrates the selling entities’ desire to transact the property and CBRE Auction Services is confident that this property will trade at auction.”
The auction’s opening bid is $500,000 and an initial bidding registration deposit of $50,000 is required in order to participate. The online auction will be held on July 22, 2014. Property inspections will be held by appointment only. CBRE representatives will be available to answer questions about the auction process and procedures, as well as the property. Detailed property information will also be available for review including the purchase and sale agreement. For this and other information about the auction, including the terms and conditions of the auction and a brochure, prospective bidders should visit www.cbre.com/auctionservices, or call CBRE Auction Services at 800-815-1038.
CBRE Auction Services assists lenders, investors and other owners in the disposition of commercial real estate assets. The group joins forces with experts in each of CBRE’s business lines to develop a comprehensive marketing program designed to achieve client goals and the selling of the asset(s) on a date certain. More information on CBRE Auction Services can be found at www.cbre.com/auctionservices.
About CBRE Group, Inc. CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
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