Property

We were hired to sell one of the last remaining development sites along the Kennedy Expressway in Chicago, just east of O’Hare International Airport. The site had been approved for 994 hotel rooms, or could possibly be rezoned for office, multifamily, senior living, or retail space. Following the economic downturn, the construction of a property of that size was no longer economically feasible, and hotel development in the submarket had become non-existent.  

Situation

The property had been on the market for four+ years, and the seller was now up against a deadline to complete a sale. We were hired to aggressively market the property.  

Strategy

We conducted a regional, national, and partially international five-week sealed-bid marketing and PR campaign in order to achieve the seller’s timing goals while also maximizing price.   

Important Notes

Midway through the sales process, we advised an expedited Chapter 11 process to clear title and accomplish other various goals for the seller.  

Results

The auction was a success, and the property sold to the neighboring property owner who paid more than any other bidder interested.