A prominent developer hired us to sell his 1.85-acre condominium development site, zoned for 656 units, on Chicago’s Magnificent Mile, Michigan Avenue.
The site was marketed for a few years without success. The seller’s motivation for the sale via an auction marketing and sales campaign was to generate international interest and force parties previously interested in the property – through fear of loss – to take action and comply with the non-contingent auction terms and put in their best offers.
Our team conducted a structured and aggressive eight-week marketing and public relations campaign in order to draw the desired broad-market focus on the property. The property was offered with a sealed-bid deadline and “with reserve,” subject to the seller’s acceptance of the bid.
Our marketing program was cut short after only three weeks of marketing, as we received an offer through our sales efforts that exceeded the seller’s expectations. We sold the property preemptively for a record $43.8 million and closed within a month of receiving the offer.