CHALLENGE

The REO department of Old Second National Bank in Aurora, IL hired Colliers International to market and sell Plaza on New York and Lehigh Station, a mixed-use residential and commercial /retail development.  The assignment consisted of 8.5 acres of commercial/retail land, approximately 9 acres containing 60 townhouse pads and approximately 12 acres of condo/apartment pads for 525 units.  The improved properties were being offered to the marketplace in an “as is where is” condition with no bank liability.  The development is located in a very mature commercial/retail corridor with a regional mall directory across the street and a Metra commuter station one mile away.

Strategy

The marketing team developed a complete electronic marketing package which included all available due diligence items provided by the bank.  The property was not a distressed asset and the bank had the luxury to “wait out the market” for an acceptable offer.  The team looked for multiple buyers who would acquire the retail land, the townhouse land and the condo/apartment land.

RESULTS

The Colliers team coordinated the sale of 60 townhome pads, 12 acres of apartment land for 525 units and two acres of retail. The remaining 6.5 acres of retail is currently under contract.