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News and Information Article
CHICAGO, Dec. 12 // -- Last weeks sale of 1000 S. Michigan, a
development site approved for 656 luxury condominiums across from Grant Park,
is believed to be the largest single-asset sale in downtown Chicago ever
brought to market via real estate auction, according to Steven L. Good,
chairman and CEO of Sheldon Good and Company Auctions LLC, which brokered the
sale.
A pre-auction bid by Oak Brook-based Renaissant Development Group forced
the cancellation of the sealed bid auction, which had a deadline of Dec. 14.
Ultimately, Renaissant paid nearly $44 million for the 1.6-acre
development site, which includes city approval for three condominium towers of
40, 32 and 32 stories; architectural plans; and sales contracts for 240 of the
301 units in Phase I. The seller was an investment group led by Chicagoan Guy
Gardner.
"Preemptive auction sales occur about 20 percent of the time. But with an
opportunity as rare and desirable as this, and with the national interest
generated by this auction, its not surprising that a buyer wanted to step up
and take this property off the market rather than facing the challenges of
other competitive bidders," said Good.
"By using the auction process to market 1000 S. Michigan, we were able to
create a very competitive environment and a deadline that forced an aggressive
move on the part of the buyer. In this case, the race ended before the
deadline, but the seller was happy with the result, the buyer was happy with
the result, and the process confirmed that real estate auctions are an
extremely effective way to sell one-of-a-kind and difficult-to-value
properties," added Good.
Headquartered at 333 W. Wacker Drive in Chicago, Sheldon Good & Company is
the nations largest real estate auction firm for residential and commercial
properties, having sold some 40,000 properties approaching $9 billion in
value.
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