Commercial Waterfront Property At Lockport, Ill., To Be Auctioned November 20
An industrially zoned waterfront property in Lockport, Ill., 40 minutes from Chicago, is due to be auctioned November 20 by Williams & Williams Real Estate Auctions.
The auction is to be held at the Bolingbrook, Ill., Hampton Inn, but bidders need not be physically present. They can bid virtually, but they are required to first review due diligence materials posted on the company’s website, after signing a confidentiality agreement, before being allowed to register to bid virtually. Fontana Fitzwilson of Williams & Williams said this type of auction can sometimes draw global audiences.
The property consists of 180 acres belonging to a former Texaco refinery. It has rail access, with opportunity to obtain a lease for barge access “adjacent to the property,” according to Williams & Williams, along a 90-foot frontage corridor.
The property was part of a 580-acre parcel that has been environmentally remediated down to bare earth, with the Illinois Department of Natural Resources declaring “no further action needed” for 520 acres.
The property comes with water, sewer and other utility hookups and includes a 50- by 200-foot fabrication shop and a sheet-metal storage building with drywall and insulation. It also comes with an existing easement for offsite stormwater storage.
Under the terms of this type of auction, properties are sold “as is.” Successful bidders must put up a non-refundable 10 percent of the total purchase price and close the deal within 30 days. According to Fitzwilson, the area is part of a tax-increment financing (TIF) district, allowing tax incentives for improvements made to the property that lead to job creation.