Williams & Williams Set To Auction One-Of-A-Kind Industrial Property In Lockport, IL

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Oct 14, 2020, 06:30 ET

LOCKPORT, Ill., Oct. 14, 2020 /PRNewswire/ -- Williams & Williams, a worldwide real estate auction firm and leader in global live and interactive auctions, will auction 180+/- acres of industrial property, just 40 minutes from Chicago. This unique property has the added benefit of CN and BNSF railroads and barge access located adjacent to the property.

Located in the Star Business Park, this property is ripe for development and has tax increment financing (TIF) established to help offset certain infrastructure costs. Details of the TIF can be reviewed in the Redevelopment Agreement available in virtual dataroom. Seller highly recommends all interested parties review the Redevelopment Agreement and associated easement documents ahead of bidding. An additional benefit is an exclusive easement for offsite stormwater storage that enables the majority of stormwater detention to be handled offsite preserving primary land for development.

Water, sewer and other utilities are already available to multiple areas on the site. We highly encourage interested parties to review the due diligence materials already available. The site also contains site both a fabrication shop and storage building:

Fabrication Shop

50'w x 200'l outside dimensions
17'10" inside working height to rafters
3 mechanical bay doors: two doors are 16'w x 14't. one door is 14'w x 12't
3 phase 480v 400 amp and single phase 220v/110v power available

Storage Building

Main Metal Building: 60' x 48' metal
Drywall and insulation with wooden trusses making 12' ceilings with an 8/12 pitch roof
200-amp electrical service, sewer to city system never in use (one floor drain in middle of building, no stains around)
One 8' overhead door

Deed restrictions require that the Property be used for industrial or commercial uses, protecting future development.

Auction will take place on Friday, November 20 at 11:00 a.m. CST at the Hampton Inn & Suites Bolingbrook 165 Remington Blvd, or bid live from anywhere at auctionnetwork.com. The auction is being offered in conjunction with commercial broker JLL.

There is an opportunity to obtain a lease with the Illinois Department of Natural Resources (IDNR), for access to the I&M Canal and the 90-foot corridors on either side, which can support development (e.g. the west side of the I&M Canal corridor is ideally suited for establishment of a road for development of Business Park 3) thereby further preserving primary land for development (Seller has a similar lease, but IDNR leases are not assignable).

Fontana Fitzwilson, Executive Vice President of Williams & Williams, says "We are honored to be selected to assist with the auction of this one-of-a-kind, prime piece of real estate. The adjacent railroads, barge access, and tax increment financing will be main contributors of moving this property quickly. The auction process they have chosen is both effective and efficient, and powered by technology that lets anyone in the world participate."

The auctions are open to the public, with no bidder deposit required to participate. Online bidding is available simultaneously during the live auctions at AuctionNetwork.com. For complete details please visit the auction website https://www.williamsauction.com/lockport

About Williams & Williams
Williams & Williams (www.williamsauction.com) is a worldwide real estate auction firm and the leader in global live and interactive auctions. A full-service brokerage with an operating footprint in all 50 United States and U.S. Territories, the company is part of the Insight One Solutions family of companies. Williams & Williams also cooperatively partners with residential, commercial and land brokers to auction property throughout the United States and abroad.

SOURCE Williams & Williams