Story posted Wednesday, November 18, 2009
Uptown Park Ridge Offices Avoid Auction
The Tuesday auction for the building that houses Chase Bank and American Eagle in Uptown Park Ridge was cancelled after the owner accepted an offer.
"We had an offer that came in ahead of time that was substantially higher than the opening bid and the owners accepted it," explained Richard Ranft of United Country-Beloit Auction & Realty Inc.
United Country planned to auction the building on Nov. 17 with a planned opening bid of $2 million, $2.2 million including the 10% buyer's fee. "Sometimes people don't want to take it to auction; they don't want the competition of the auction," Ranft said.
Ranft could not reveal the purchaser, but said the buyer is based within 25 miles of the building. The cash offer should close in mid-December, he added.
The building, 1 S. Northwest Highway, is located at the corner of Touhy Avenue and Northwest Highway and is a well-known landmark in the city with its clock tower and white cupola on the roof. United Country received at least 30 requests for confidentiality agreements from potential bidders.
The building is currently owned by Brookfield, LLC, an investment company that owns many properties. It covers 55,000 square feet, has five stories, and includes more than 50 parking spaces.
Ranft would not speculate if Brookfield would have received more or less money in an auction. "I'm a firm believer in auctions," he said, but added, "You never know. It's always a crap shoot."
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